This week saw Bitcoin fall a total nearing 20%+. The fall was at first, seemingly unprovoked after a few wild months for cryptocurrency assets that saw prices surge to record highs. However, the news of today has made it clear that this further price drop seems to be a result of a recent story, in which the possibility of a Bitcoin double-spend was raised.
Earlier in the day, BitMex Research posted a tweet that stated that a double-spend occurred. This sent crypto markets spiraling, shaking confidence in Bitcoin, which was once thought to be a rock-solid asset with a solid use case and impressive code. Though many people are speculating that a double-spend occurred, it was later clarified that the competing transactions did not constitute a true double-spend, because one block was orphaned while the other continued to exist.
Since then, the Bitcoin markets have yet to bounce back. However, it is expected that the bullish price trend will continue into the coming weeks and recover from recent rocky developments. It will be worth paying attention to the double-spend story to determine how institutional and retail investors will react.
