2017 has been the year for Bitcoin, as it’s been hitting headlines a lot of late. Earlier, this year, Bitcoin was in the news for reaching its record high and crossing the $2,000 mark for the first time – in May 2017.
It then soared and by June, the digital currency had almost reached $3,000, only to crash again. Now, the currency has crossed the $3,000 mark and a couple of exchanges even listed the currency as 1 BTC = $3,200 today.
A few days back, Bitcoin was in the news as the Bitcoin fork had taken place, leading to the creation of a new crypto-currency, known as Bitcoin Cash. Exchanges haven’t been accepting Bitcoin Cash and this is the primary reason for the surge in BTC and the drop in BCC.
The value of BCC fell over 30% in trade today and is currently being valued at 1 BCC = $200-$210. However, this seems like a good time to buy BCC as the acceptance rate could increase in the time to come. Expect BTC to fall sharply as well.
Not a lot of exchanges (including Coinbase) have accepted Bcash which means that there is a slot of uncertainty over the rates of BTC and BCC recently and the uncertainty will continue for the ext few days/weeks. I would personally stay out of trading in Bitcoin at the moment.
Watch this space for more updates on the Bitcoin story!