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Bitcoin Price To Slide Further?.........Following 'Bitcoin Gold' Fork Currency Creation


There has been a slide in the price of Bitcoin in response to fork creation of Bitcoin Gold.  The price continued to fall to a five-day low today, though the reasons are not exactly clear for now.

But, for industry analysts including Blockchain Capital's Spencer Bogart, a former head of research and Needham and Co., the decline could be a sign investors are moving money to alternatives now that bitcoin gold has initiated the fork. Bogart's argument is that bitcoin rallied ahead of the launch in anticipation that holders would be credited with bitcoin gold.

Fireinthebone gathered that the price deep could mean the new cryptocurrency cloned from bitcoin, bitcoin gold is now in the process of "forking" to a new blockchain (with new rules), a process by which the bitcoin blockchain is copied and new digital assets are distributed to existing bitcoin owners.

However, it's unclear whether this could be the case. As the new cryptocurrency was not yet distributed, investors may have simply switched out of bitcoin positions on the basis further sell pressure is ahead on the distribution.

Bitcoin gold aside, the retreat from the record highs above $6,100 can also be credited to overbought technical conditions, and in this light, considered to qualify as a healthy correction.

At press time, the bitcoin-US dollar (BTC/USD) exchange rate is $5,710, up from a daily low of $5,560. As per CoinMarketCap, week-on-week, BTC is up 3.3 percent, while on a monthly basis, it's up 55 percent.

But, while it's too early to tell, the next question is simply, is the pullback in bitcoin over?  

There are indication the price will slide further before a rebound.

Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart, strength and might.  Love your neighbour as yourself, hold no offence, no bitterness - the Lord is near you to help you!


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