Bitcoin Price Slides 7% As Bitcoin Cash Emerges - Fork Fears?

Bitcoin is again falling Tuesday as last week’s miraculous gains look set to correct downwards. Cross-exchange data from Coinmarketcap shows a seven percent drop in the USD price per Bitcoin at press time, with 1 BTC worth $2,562.A rally last week, much of which centered on Thursday’s trading, saw prices on some exchanges shoot up over $500 within hours. Much of the optimism focused on the lock-in of BIP 91, a way forward for the Bitcoin network which would avoid a hard fork. On Twitter, commentators and investors were cautious.View image on Twitter

Twitter Ads info and privacy: The rise of Bitcoin Cash over the past few days could present an antidote to the recent calm on the hard fork topic.Bitcoin Cash, supporters of which demand a fork of the Bitcoin Blockchain, could well go ahead next week, reintroducing uncertainty and ‘versions’ of Bitcoin feared by opponents to drive down prices in the long term.Meanwhile across the top ten cryptocurrencies, broad losses triggered, with Ethereum down almost 10 percent and Ripple almost 12 percent. Ethereum Classic, which had been slower than most to grow last week, also fell, dropping below $15 to reach its lowest levels since mid-May.

https://cointelegraph.com/news/bitcoin-price-slides-7-as-bitcoin-cash-emerges-fork-fears

Bitcoin.com owner and entrepreneur Roger Ver has appeared to support the future of prospective Bitcoin fork Bitcoin Cash.In a tweet Monday, Ver, who was a major proponent of the now-struggling Bitcoin Unlimited, suggested projects such as CounterParty would choose the Bitcoin Cash chain over another were it to come into existence.

What chain will coins that operate on top of Bitcoin like Omni and @CounterpartyXCP choose? https://t.co/uxvIhIujrP #BitcoinCash— Roger Ver (@rogerkver) July 24, 2017

Ver linked to a Bitcoin Cash explainer written by developer Jimmy Song in which he noted a fork of Bitcoin to create the concept would likely be pushed through.“BCC looks like an appeal to the segment of the Bitcoin users that don’t like SegWit,” Song continued.

“Since SegWit is getting activated on Bitcoin, this fork gives many of these people a place to go.”

Reacting to Ver’s support, commentators on Twitter were skeptical. Suggestions included that Ver was favoring BCC simply because Bitcoin Unlimited was now facing an uphill struggle for recognition.Nonetheless, fellow entrepreneur Alan Silbert weighed in on the issue, responding that Ver had told him Unlimited was “extensively tested" and "ready now.”

He told me BU was "extensively tested" and "ready now" — Alan Silbert (@alansilbert) July 24, 2017

Bitcoin Cash is already trading, with ViaBTC currently listing a price of 0.165BTC ($417).