zerohedge.com / by Tyler Durden / Nov 13, 2017
Well, that de-escalated quickly…
All the hopes and dreams of Bitcoin Cash officianados have been dashed in the last 24 hours. After its mega spike from $600 to over $2400, the forked cryptocurrency has crashed back to around $1000 overnight as traders switch back to the mainstream Bitcoin branch, sending it surging back above $6600 – erasing all the weekend’s “the end is nigh” losses…
The result of a giant publicity effort from its proponents, BCH saw mass investment as it heads towards a potentially contentious hard fork set for just after 7 p.m. GMT today.
The failure of SegWit2x, coupled with endorsement from the soon-to-be-defunct Bitcoin Classic team meant BCH became the major ‘competitor’ to Bitcoin overnight.
Its rapid rise has ignited the community, with widespread condemnation of lead supporters Roger Ver and Jihan Wu coming in tandem with public praise from Ethereum creator Vitalik Buterin.
As BCH approached its highest-ever point Nov. 11, Buterin delivered his “congratulations” to Ver on Twitter, adding it was a “key reason why he is now so confident in crypto.”
A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches.
-mdash; Vitalik Buterin (@VitalikButerin) November 12, 2017
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