Last Minute Weekend Bitcoin Price Jump

Written by tac in Trading

After entering the weekend relatively stable trading at just under $5,800, bitcoin price quickly jumped around $400 Sunday evening and currently trades at just under $6,200. Bitcoin Cash saw its value take a quick jump over the weekend and now trades at around $440, up over 30% from its lows on Friday. Investors remain cautious ahead of the contentious SegWit2x hard fork expected in mid-November. There are conflicting reports from exchanges and miners about what to expect.

Unlike the Bitcoin Cash hard fork, which seems to have created a stable coin with investment value or the Bitcoin Gold fork which appears less and less likely to see adoption, the upcoming SegWit2x fork could possibly disrupt the entire bitcoin market. There is no overwhelming consensus on which fork will actually maintain the bitcoin name. This uncertainty places downward pressure on pricing while the potential of receiving yet another free coin with potential value has some investors buying.

Expect a narrow trading range over the next several days as the market tries to sort out conflicting pressures.

tac

TC first began coding on TRS-80’s in high school in 1979. He has been around since the early days where you had to create a function if you wanted your computer to do something. From there to Atari, Commodore, Apple, and PC, he’s written code for them all. Trained in medicine rather than tech, he kept up with the tech world by writing the occasional utility to help with medical training. He also got involved in tech investing early, and managed to avoid the boom/bust cycle in the 90’s because he recognized that many companies didn’t serve a product that consumers needed. Now he applies this background, training and investing approach to cryptocurrency. He shares his thoughts here while providing educational resources for beginner to intermediate cryptocurrency investors and users.

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