Trade Magnates - Bitcoin fell after reaching to its highest record over the weekend at 6,100$ to be trading at around 5.840$ on Monday.
Traders have increased the value of Bitcoin to its highest record in history with a trading spike of $2.11 billion in hopes to benefit from the upcoming split “hard fork” in bitcoin. The split of the Bitcoin’s blockchain is likely to create a new cryptocurrency called Bitcoin Gold that will be distributed freely to current bitcoin holders which will increase the demand of holding the most popular crypto currency, Bitcoin.
The main reason of creating a hard fork in bitcoin is lowering the possibility of mining monopolies and to give mining back to the users who can start using CPUs and GPUs to mine, as Jimmy Song, prominent Bitcoin Developer said.
Blockchains has stated that the top six mining pool by global processing power are Chinese with more than 60% of computational power on the bitcoin network.
Meanwhile, Ethereum, the second largest cryptocurrency fell by around 3.80%.