Bitcoin Takes A Dive

Bitcoin has taken a dive in the last week following what I expect to be a reaction to the cancelled Segwit 2x fork that was originally planned for the 16th November.

The fork, along with a number of other factors had initially led to an incredible bull run with BTC reaching a historical high of $7009 but in the face of an overwhelming rejection from the Bitcoin community, the decision was made to no longer go ahead with the proposed split.

2017 has without doubt been another strong year for the Cryptocurrency as it continually seems to break its own records. In addition to this Litecoin has been making strong progress bobbing around the $60 mark.

What happens next, in very much the same fashion as the last 6 years, is very uncertain. The naysayers, in very much the same fashion as the last 6 years, have been claiming the bubble will burst any day now. Those calling 'Tulipomania' however, may very well need to strap in and enjoy the ride for at least the next few months as BTC has already showed signs of a recovery. Have Cryptocurrencies and the technologies behind them become too big to fail? We'll see.

If you'd like to learn more about the history behind Bitcoin, check out this cool infographic provided by Bitcoin Play