Bitcoin passes the crater and crawls back to the surface

It appears that the price drop seen during the past week was a temporary setback, as now Bitcoin is $7322.89. Sheba Jafari previously suggested that the consolidation price was going to be $8000, and this still might come true. Crawl out through the fallout, Bitcoin.

The price setback we have witnessed during the past 6-7 days happened almost certainly due to the cancellation of SegWit2x controversial protocol update and the subsequent decision of a huge part of miners who supported it to move to Bitcoin Cash — a currency which was in the shadow of Bitcoin and Ethereum before. Bitcoin Cash has grown in price considerably, so that some short-sighted minds started to believe this cryptocurrency is actually going to be the new Bitcoin.

However, what the director of Xapo initially said about the dangerousness of following the Bitcoin Cash hype turned out to be true: during the past 6 days, it went from $600 to $2000, but, fulfilling the prediction, dropped to $1352 shortly after that. Then, after correction, it continued to fade in price, at the press time costing $1103. All aforementioned numbers come from Coinmarketcap statistics.