Bitcoin tanks to its lowest level in over a year

Bitcoin was getting demolished Wednesday afternoon, down more than 10% and at its lowest level in over a year.

The world’s largest cryptocurrency touched a low of $5,550 a coin, its weakest since October 2017, as widespread selling wreaked havoc on the crypto space ahead of the coming fork in the rival bitcoin cash.

Ethereum, XRP’s ripple, and litecoin were all trading down by about 10%, while bitcoin cash was lower by 13%.

On Thursday, bitcoin cash, the fourth-largest cryptocurrency by market cap, is set to experience a hard fork amid a fight that is playing out between its two biggest proponents, Craig Wright and Roger Ver.

“Both Roger and Craig are advocating a different version of Bitcoin Cash,” according to Mati Greenspan, the senior market analyst at eToro.

“The end result will most likely be a split in the network resulting in two different versions of Bitcoin Cash when both upgrades go into effect this Thursday.”

It has been a tough year for digital-currency investors, who saw prices explode in 2017 as cryptomania swept over the world. Bitcoin, for example, began 2017 worth less than $1,000 a coin before soaring more than 2,000% to a high of $19,511 a coin.

This year has been a different story, however, with the cryptocurrency’s value having plunged by 60%.

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