- Bitcoin tumbled over 10% in Wednesday trade on Wall Street. It’s at its lowest level in over a year.
- The selling comes as traders ready for a hard fork in the rival bitcoin cash.
- Watch bitcoin trade live.
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.
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%.