Investors in Bitcoin saw a split in the blockchain on Tuesday that led to the creation of Bitcoin Gold, with holders getting one unit for every coin they own, informs Bloomberg. But not everyone is that lucky, says the same source.
Gavin Yeung, chief executive officer at investment company Cryptomover, thinks that the hard fork determined the cryptocurrency to record a drop from what was a record high, a situation similar to the one when stocks fell after going ex-dividend.
A significant price rise for ETH was registered
While this happened, other major digital currencies, like Ethereum, rose, meaning that bitcoin investors searched for other alternatives. Well, at least ETH owners had one small reason to be happy today.
“It’s very healthy for the ecosystem to be able to say, I am an investor, I collect my dividend, and then I can do what I want with my investment,” said Young on Tuesday. But he isn’t entirely right, because to get the additional Bitcoin Gold, users have to use a wallet or exchange that goes with what the new asset has to offer.
To complicate things further more, Coinbase, one of the largest exchange markets, announced that it won’t support Bitcoin Gold. Surely newly owners were a bit disappointed by this.
Will Coinbase accept the new currency soon?
The main reason was that its developers have not made the code available to the public for review, so major security risks are involved and Coinbase can’t afford to jeopardize its customers. But Coinbase also had no intention to support bitcoin cash, so the company may, at some point, change its mind, monitoring the development of Bitcoin Gold to see how its security improves.
The Gold traded at $97 on the exchange Bitfinex this afternoon in Hong Kong, while Bitcoin saw a 0.5 percent drop to $5,568, after going down as much as 5.9 percent on Tuesday.