Despite the decision to split the bitcoin blockchain into two earlier this week, the BTC/USD pair was able to keep its footing and is headed to close the week nearly $100 higher around $2830.
On Tuesday, a new crypto currency called “bitcoin cash” was created. Although the new currency quickly rallied following its introduction, it fell sharply during the rest of the week as fresh developments showed that customers would have to wait until January 2018 to gain access to their tokens, as reported by CNBC. According to the data published by Coinmarketcap.com, bitcoin cash lost nearly 30% against the greenback on Friday alone, bringing the total weekly loss to 57%.
Until the uncertainty surrounding the bitcoin cash is eliminated, the bitcoin could continue to find demand as a safer alternative digital currency in the short-term.
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The founder of WhyLose.com is a Technical Advisor at Digitex Futures.