Today is a bleak day for cryptocurrencies everywhere as Bitcoin (available on Coinbase) hits the lowest level of the year thus far. Where Bitcoin (available on Coinbase) goes, the rest of the market tends to follow, and indeed, the index shows us all the top-ten coins are experiencing double-digit losses.

Bitcoin (available on Coinbase) Hits Lowest Level of the Year

Currently, Bitcoin (available on Coinbase) is down over 10% and has touched a low of $5,550 a coin. This price is the weakest the coin has been since October 2017 and also puts an end to what was the steadiest period the coin experienced in months. Bitcoin (available on Coinbase) has been trading comfortably around the $6,400 range for the majority of Autumn and volatility was at an all-time low.

The market is placing the blame on tomorrow’s Bitcoin (available on Coinbase) Cash hard fork for the selloff across the exchanges today. As stated, the damage is widespread, and Bitcoin (available on Coinbase) Cash itself is suffering the hardest, with losses just shy of 17%. Ethereum (available on Coinbase) is down -13.5% and Litecoin (available on Coinbase) is down -13.05%, but the entire top-ten are hurting.

Bitcoin (available on Coinbase) Cash Hard Fork

The Bitcoin (available on Coinbase) Cash hard fork will result in a network being split into two different versions of Bitcoin (available on Coinbase) Cash. One upgrade will follow the Roger Ver-favored Bitcoin (available on Coinbase) Cash ABC protocol, and the other will follow Craig Wright’s preferred protocol, the Bitcoin (available on Coinbase) Cash SV.

According to Mati Greenspan of eToro:

“Both Roger and Craig are advocating a different version of Bitcoin (available on Coinbase) Cash […] The end result will most likely be a split in the network resulting in two different versions of Bitcoin (available on Coinbase) Cash when both upgrades go into effect this Thursday.”