Bitcoin And Ethereum Down By 11% – Experts React

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Bitcoin And Ethereum Down By 11% – Experts React
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As you may have seen, cryptocurrency markets have taken an abrupt downturn this afternoon, with prices of leading cryptocurrencies Bitcoin and Ethereum down by 11% and 14%, respectively, over the past 24 hours. We have included comments on the topic from several cryptocurrency and blockchain experts below on the forces that may be driving the current dip.

Mati Greenspan, Senior Market Analyst, eToro:

“Three main factors are contributing to today’s drop in Bitcoin price.

“First, the Bitcoin Cash hard fork is turning out to be an arms race among bitcoin miners. It may not have direct impact on price but it’s something people are concerned about — there is a fear that miners might be diverting mining power away from bitcoin into Bitcoin Cash. On paper, however, bitcoin has more than enough hash rate to maintain their transaction rate.

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