As of Tuesday morning, it seems the downward trend has ended, with all major cryptocurrencies reporting rising rates again: Bitcoin is back over $2,000 once more, with Coin Market Cap reporting the currency is now trading at $2,307 (9:00 EST), while Ether has risen from a low over the weekend to a current value of $196.58.
For one, the proposal concerns the possibility of increasing the cryptocurrency’s block size, (a decision which has divided miners and investors).
At any rate, and regardless of the eventual decision, the uncertainty right now has caused many investors to liquidate their virtual assets.
Third, the presence of amateur sellers that the bitcoin market attracts through its fundamental lack of regulation and policing can have a multiplier effect on every market movement, namely through frantic, if not occasionally panicked, buying and selling practices.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets.