Bitcoin 2X hard fork has been suspended indefinitely. As a result, Bitcoin spiked initially (and has since corrected quite a bit). This might seem odd given the overall notion of the market was that Bitcoin 2X is “free money.” Why would price rise when there is no more free money?
Recall that Bitcoin has price memory and that it is affected by incremental news. While on the surface this may seem like bad news for Bitcoin, it removes a substantial amount of instability in the overall network. There was a lot of uncertainty surrounding the 2X Hardfork:
1) Which will be the “real” Bitcoin?
2) How would the network handle replay attacks?
3) How would the network handle a schism of hashing power (miners) and the developers (Core)?
4) How many users would use each forked cryptocurrency?
5) What would the exchanges call “Bitcoin”?
6) What would Wall Street call “Bitcoin”?
7) What would investors bid up?
All of these uncertainties were just removed from Bitcoin. In the short-term, that results in a huge spike in price. Remember that increased risk and uncertainty, by nature, must reduce the price of any given asset. However, Bitcoin may still not be near “fair value” (whatever that is). Regardless, from a trading perspective, it is overdue for a 15% dip and I’d like to see it go down to at least $6,500 before buying.
I continue to hold altcoins (especially Ethereum) and am looking to buy into Bitcoin if we see a nice dip now that the uncertainty around 2X is gone. Dollar cost averaging is the way to go if you are too emotional to handle the impacts of lump sum investing.
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