Bitcoin surges above INR 200,000 on all major Indian Bitcoin exchanges. The prices of Bitcoin have more than tripled since the start of the year. The prices increased by about 16 percent over the weekend itself. What has caused the sudden surge in the prices?
The answer is simple, the long awaited Bitcoin fork or in simple words, split of Bitcoin into Bitcoin (BTC) and Bitcoin Cash (BCC) is over. It was feared and speculated that the split could cause major concerns and miners may tilt towards BCC, weakening the traditional BTC network. However, as it turns out, most of the major miners supported the hard fork (split) and stood by BTC. To read more about what is hard fork, click here.
Investors holding BTC at the time of the split should have received an equal amount of BCC tokens, and were able to trade it on Tuesday. BCC plunged nearly 36 percent on Friday and further over the weekend. It was trading in the range of $ 700-900 but is currently in the range of $200-300.
If reports are to be believed BCC mining has dropped significantly in the last few days (by some estimates 60-80 percent) and most of the mining activity is now again concentrated on the original bitcoin (BTC).
Irrespective of how the fate of BCC turns out, one thing that becomes clear is that a major hurdle in the growth of BTC is over for now, and the cryto may see further surge in days to come. However, it may be worth remembering that the hard fork may just be a temporary respite and changes to the Bitcoin code may be proposed by the miners in the times to come.