Wow! Bitcoin’s price dropped about 2k this weekend. Why? There was supposed to be an improvement in Bitcoin’s transaction fee and speed, this was called SegWit2x2 and had rumours of a November 12 launch date. The goal of SegWit2x was to increase bitcoins 1 megabyte block size to 8 megabytes- making faster for transactions to be cleared. It’s estimated that the equivalence of about 7.1 million USD are waiting to be cleared. Many were excited about this launch that it caused the price of bitcoin to surge to its highest peak of about $7,700 USD. However, the launch of SegWit2x was cancelled last minute. This set the crypto market into a frenzied weekend.
Investors were dumping their Bitcoin at fast rates and investing in other coins. Others were buying, sell high- buy low (Side note I bought some). Making the graph look like this:
My lesson this weekend: Invest money in different platforms and coins. Don’t panic and hodl. Bitcoin is not going anywhere, and the price will continue to rise.