Bitcoin price drops more than $200 over the past 24 hours, marking the second large drop in a two week period. Starting the day at a strong $2,760, it quickly dropped to around $2,450 then recovering to $2,565 later in the day. This makes a nearly $210 drop in a 24 hour period, making many question the future value of bitcoin.
The last drop saw bitcoin plummet to less than $2,000 the lowest its been since May of this year. After hovering around that mark for a few days, it skyrocketed back up to over $2,700, still far from the peak of over $3,000 we saw earlier in July.
The price drop could likely be due to the announcement to fork bitcoin, effectivly splitting it into two coins. The new coin will exist on a new block chain entirely, one that Coinbase says it doesn’t even plan to support.
Let’s hope bitcoin is able to retain most of its value over the coming weeks, else many investors will be very unhappy. Stay tuned for more updates on bitcoin and other cryptocurrencies.