Bitcoin dives 14%, slumping below $5,000
On Tuesday, crypto assets dived, with Bitcoin decreasing below the psychologically crucial $5,000 mark for the first time this year…
Bitcoin and Ethereum inch down
On Tuesday, Bitcoin went down, while Ethereum, Bitcoin's closest counterpart, tumbled too.
Bitcoin sank to $2,690.3, on the U.S.-based GDAX exchange, sliding 2.56%.
The previous week Bitcoin tacked on, climbing to a maximum of $2,953.5 on July 19, shrugging off its record peak of $3,000 reached in June.
Prices grew after the previous week Bitcoin dodged a split into two independent currencies when its network backed a proposal on upgrading to its software for the purpose of speeding up transactions on the Bitcoin network.
According to reports, the upgrade to Bitcoin's network won’t occur until autumn.
The support of Bitcoin miners, making up almost 80% of Bitcoin’s computer power turned to be crucial in ‘locking-in’ the software upgrade, known as Bitcoin Improvement Proposal 91.
At the same time, Ethereum mirrored Bitcoin’s dip, sagging 5.18% to $215.00, rebounding further from its all-time maximum of $419.3 hit on June 11.
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