Bitcoin slipped in trading on Tuesday following volatility in cryptocurrency trading. The slid came after the expected software update of Bitcoin split, SegWit2x which was widely expected and was cancelled, this would have made transaction fees cheaper and doubled Bitcoin’s block weight limit size from 1Mb to 2 MB.
On the Bitfines exchange Bitcoin was at $6,436.4 a fall of 29 percent from record highs of $7,900.
However Bitcoin cash which was generated from a software split on August 1st surged on Sunday to a record high of $2,790 making it the third largest valuable cryptocurrency with a market capitalization of $22 million, as traders looked for an alternative. It also slipped 4 percent on Tuesday to $1,293.10.
Bitcoin known for its volatility and its ability to rebound quickly has a total market cap of around $108 billion, rising over 500 percent so far this year.
Legitimacy for Bitcoin
The announcement by CME Group, the world’s largest derivative exchange operator that they would launch bitcoin futures later this year, giving bitcoin legitimacy. The futures move will allow investors to short bitcoin, making it possible to make two way bets.
There has also been a substantial interest in the cryptocurrency markets by Financial markets and banking institutions.
Ethereum, the 2nd most valuable cryptocurrency gained 2.87 percent at $322.21.
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