It turns out it wasn’t your average “sell the news” event.
While bitcoin set a new all-time high of $7,879 in the aftermath of affirmation a controversial software proposal had been scrapped, its price fell just as quickly, erasing gains to hit a low of $7,070. But for analysts, the $1,000 range was a case of bitcoin’s traders pricing in complex news: a group of miners and businesses would no longer seek to update bitcoin’s software or otherwise form their own cryptocurrency.
In this way, market observers admitted the charts showcased something that hasn’t been seen since September when China moved to ban ICOs and shutter its crypto exchanges – an unexpected shock.
As profiled by CoinDesk, the software proposal called Segwit2x, had been expected to be introduced to the network in mid-November, and many new buyers were said to have been allocating capital into bitcoin in anticipation of a split, thinking new coins would be created…
Read Full: Where to, Bitcoin? Price Sees $1,000 Spread As ‘2x’ Averted
