Despite avoiding the anticipated hard fork scheduled for August 1, the schism in the bitcoin community is yet to be healed. Certain experts believe the split is still inevitable but this time will happen due to different technical factors.
Amid concerns about the future of the first cryptocurrency, bitcoin lost as much as 10% of its value, rolling back to $2 487. The rate is lowest since last Tuesday, when the currency hit $2 276. Despite volatility spikes bitcoin made little overall progress, either positive or negative, during the month of July. Bitcoin is currently trading at a level slightly above $2 500.
Another technical issue the owners of bitcoins and potential investors currently face is the implementation of 2MB blocks, that should be solved by November this year. Otherwise the currency will split, sending shockwaves to the market.
According to Goldman Sachs specialists, bitcoin is behaving according to the previous estimates. “At this point, it seems reasonable to assume that the market is in a corrective process until there’s been real evidence of an impulsive advance,” he says.
