After shocking the markets last week with record new highs above $7,000, Bitcoin eased off to levels in the $6,000 area, and on Sunday suffered a new drop below it.
The popular cryptocurrency reached a bottom of around $5,426, the lowest level in three weeks. It since managed to recover a bit and cross over the level of 6,000 USD once more, but is still pretty far from last week’s highs.
The sudden change in the currency was caused by the cancellation of a planned fork in the cryptocurrency - it was widely expected that it would be divided, so as to be processed faster and charge lower transaction fees as a result. However, since this planned change was called off, investors were disappointed and instead renewed their interest in Bitcoin cash, something was itself the result of an earlier fork in Bitcoin.
Bitcoin Cash managed to reach an all-time record high at 2,790 USD, but has since retreated to around 1,700 USD. Amid cryptocurrencies, Bitcoin Cash holds the third place in value.
