Bitcoin’s moment of relative stability ended abruptly Wednesday.
the entire world’s largest cryptocurrency hit its lowest level of the year, falling as much as 9 percent to a low of $5,390.12, according to data coming from CoinDesk. Bitcoin had been trading comfortably around the $6,400 range for the majority of the fall, a stark contrast coming from the rest of its volatile trading year.
some other cryptocurrencies fared even worse on Wednesday. Ether fell as much as 13 percent while XRP, the third largest cryptocurrency by market capitalization, dropped 15 percent, according to CoinMarketCap.com.
The rout is actually likely being spurred by uncertainty around bitcoin cash, according to founder as well as CEO of BKCM, Brian Kelly.
which cryptocurrency was down 18 percent ahead of a “hard fork” scheduled for November 15. The two digital currencies will split into “Bitcoin ABC,” or core Bitcoin Cash, as well as “Bitcoin SV,” short for “Satoshi’s Vision.” Bitcoin Cash itself is actually a result of a fork coming from bitcoin, after a disagreement on the best way to scale a digital currency.