Bitcoin Hovers at $6,300 as Bitcoin Cash Soars, and Bitcoin Classic Shuts Down
Defiantly, Bitcoin struggles to keep itself above $6,300 USD after the Segwix2x hard-fork flop. Indeed, after the cryptocurrency dropped below $6,273 USD on November 11, 2017, Bitcoin staggers and crouches, as if to gather the impulse to break the $6,500 USD psychological resistance level again. Still, at $6,300 USD, Bitcoin remains poised to become the undisputed best-performing currency for 2017 with a colossal gain of over 750 percent.
Concurrently, Bitcoin Cash reached an all-time high above $1,300 USD. Moreover, Bitcoin Classic shut down, and Bitcoin Gold is getting ready to be launched on Sunday, November 12, 2017.
Bitcoin Cash Reached an All-Time High and Bitcoin Classic Shuts Down
In the aftermath of the Segwit2x flop, many significant events have occurred. For example, the calling off of the Segwit2x hard-fork, which was to take place on November 16, 2017, caused Bitcoin’s price to plunge to below $6,300 USD from an all-time high of $7,770, which was reached on November 8, 2017.
Additionally, and most notably, during the last 24 hours, Bitcoin Cash has been attracting all the attention as its price surpassed the record high of $1,310 USD, on November 11, 2017.
Bitcoin Holders Have Already Received Bitcoin Cash Coins
Bitcoin holders at the time of the hard-fork that created Bitcoin Cash on August 1, 2017, received an equal number of Bitcoin Cash coins. That is, at the time of the hard-fork, if you owned two Bitcoins, you received two Bitcoin Cash coins after the hard-fork.
However, Coinbase Bitcoin exchange subscribers will have to wait. They will not receive their equivalent of Bitcoin Cash until January 1, 2018. In this connection, Coinbase issued the following directives soon after the hard-fork, on August 2, 2017:
- Both Bitcoin and Bitcoin Cash remain safely stored on Coinbase.
- Customers with balances of Bitcoin at the time of the fork now have an equal quantity of Bitcoin Cash stored by Coinbase.
- We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.
Bitcoin Classic Disappears and Bitcoin Gold Gets Ready to Enter the Stage
Another consequence of the Segwit2x failure is that Bitcoin Classic will cease to exist. Tom Zander, the Release Manager of Bitcoin Classic, issued the official statement announcing the closure of Bitcoin Classic on November 9, 2017.
On the other hand, a new fork of the Bitcoin blockchain, Bitcoin Gold, is scheduled to go live on November 12, 2017. According to the website, the purpose of Bitcoin Gold is not to compete with Bitcoin but to “make Bitcoin mining decentralized again.”
These are revolutionary times and several critical events are affecting the cryptocurrency ecosystem. In this regard, the battle for supremacy among Bitcoin, Bitcoin Cash, and now Bitcoin Gold is intensifying. However, as of this writing, Bitcoin is once again displaying how astonishingly resilient it can be. Perhaps, after this crisis, Bitcoin might emerge even stronger.
Do you think Bitcoin is resilient enough to overcome the calling off of the Segwit2x hard-fork? Let us know what you think in the comments below.
Images courtesy of Shutterstock and Bitcoin Gold