Published On: Mon, Nov 13th, 2017

Bitcoin price LIVE update: Bitcoin CRASHES 22 percent as does Bitcoin cash – bubble burst

Bitcoin fell to as low as $5,555 on Sunday in a weekly fall of 22 per cent, its biggest since early July as some traders dumped it for a clone called Bitcoin Cash.

Some sceptics have called Bitcoin’s rapid advance a bubble but the digital currency has become too big for many to ignore. 

Even after shrinking by as much as $38 billion since Wednesday, the cryptocurreny boasts a staggering market value of $101 billion.

However supporters of bitcoin “are now switching support to bitcoin cash,” according to Mike Kayamori, head of Tokyo-based Quoine.

He said: “There’s a panic about what’s happening. People shouldn’t panic. Just hold on to both coins until we see how it plays out.”

The switch comes after a technology upgrade for Bitcoin that was due last week was cancelled.

And many have used the cancellation to choose between the two bitcoin currencies.

As the original bitcoin plummeted 22 per cent, bitcoin cash soared to a record high of around $2,477 overnight, before crashing about 50 per cent to a low near $1,224 Sunday afternoon, according to CoinMarketCap.

But the volatility of the market has raised questions about whether the digital currency can become a sustainable investment in the future.

Bitcoin cash split off from bitcoin this summer after a minority of developers decided to implement an upgrade that increased the block size to eight megabytes from one megabyte. 

Block size limits transaction speeds, and the cancelled SegWit2x upgrade would have raised the block size to two megabytes.

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