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RE: Why Are Bitcoin & Cryptocurrency Prices Getting Hammered This Week?
Crypto as an asset class is known for its volatility due to its nascent status. So swings of 7% aren't really unexpected or surprising. In fact some fiat currency pairs can move just as much on a daily basis. As crypto currencies mature though, I think you will start to see more correlation between different pairings as well them reacting to macro rather than micro events.
Are you worried about a fork at all? Do you think things will actually split? I'm really confused by how to get your coins back on after a fork and claim both coins. I've read some guides but seems very confusing.
What we have coming up is a rerun of the BetaMax vs VHS argument. But I think there is a way through before we all have to pin our colours to the mast. The SegWit fork comes into force on the 21st and there will be a week in which the network decides weather it wants to adopt the new protocol. If the magic number of 80% is reached we avoid a hard fork. If it isn't widely adopted and UASF supporters dont back down then we will have a hardfork. As I remember when Eutherum split into 2, several exchanges temporarily run the two protocols and gave their customers an opportunity to choose which one to back. However there is no telling at that stage which one will win out, so there is risk in the whole process. I think that risk is leading to uncertainty at the moment which is what is feeding the volatility. Whatever coin you choose if there is a folk, the market will automatically reprice although its anyone's guess at what level. Its like a company splitting in two and relisting on the stock market.