Yes – there has already been recorded a massive sell off until now (Nov 10), the second day after the cancellation.
Today, Bitcoin has fallen over 9.2%, which is a huge decline – from $7,123 to $6423.
Immediately after the news about SegWit2X call off, Bitcoin continued its uptrend as if nothing happened.
However, today, the effect is visible – Bitcoin lost over $700 since morning.
It seems that the downtrend has some room, and no-one knows where is the support level.
But, it should be good news for those who want to enter the market, as the ideal point to buy Bitcoin is when the market demonstrates sharp bearish trends.
You can see how Bitcoin is cyclical these months:
Can it push even higher in the medium-term future?
The important thing is to avoid a panic that would trigger more and more sells in Bitcoin.
Another interesting thing is Bitcoin Cash – today it added 50% (!) This is very serious, as some people seem to switch to the “original Bitcoin”, as Bitcoin Cash is that old Bitcoin version, while Bitcoin is the updated version based on SegWit.
BCH rose from around $623 to $966, after hitting over $1000! And I don’t know where it can reach when you read it.
So – Yes, there is a massive Bitcoin sell off, and it seems that part of it goes to Bitcoin Cash.
“You can see people playing back and forth between bitcoin and bitcoin cash trading depending on where they think near-term catalysts may be,” said Chris Burniske, author of “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond.” “It’s been a battle of investors versus traders that were stockpiling bitcoin to get their ‘bitcoin2x dividend.'”
It is interesting to see how all of this continues.