Bitcoin drops almost $1,000 in less than 24 hours. Here is why

Bitcoin drops almost $1,000 in less than 24 hours, while its offshoot bitcoin cash also loses half its value after soaring to a record high.

This meant that Bitcoin dropped in price to 29 percent from a record high, on speculation some traders were buying its offshoot amid a struggle over the digital currency’s future.

Bitcoin also dropped to as low as $5,605 on Monday, from a record high $7,882 reached on Wednesday.

Bitcoin cash in its own case rose to $2,426 on Sunday, before plunging to $1,379 as of 9:32 a.m. in Hong Kong, according to

Bitcoin has slumped since the cancellation of a technology upgrade to increase its block size, amid speculation supporters of the proposal bid up bitcoin cash to undermine the original bitcoin.
“It’s the bitcoin cash pump,” said Arthur Hayes, chief executive officer of BitMEX, a cryptocurrency exchange based in Hong Kong. “It’s obviously a coordinated action of certain individuals who have a vested interest in bitcoin cash.”

At the time of publication, price recovery is already seen as bitcoin is presently above $6,000.

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