It can decrease even further, to $580 in the mid-term. The price of the cryptocurrency is probably affected by the meeting of Bitcoin Core developers with leading miners, which has taken place in California.

Bitcoin price started to fall rapidly on Sunday 31 July when it lost $20 sliding from $654 to $634 in just four hours. The next downmove was noticed overnight on 1 August when the bitcoin rate reached a local minimum of $616 before correcting to $623.

Bitcoin system market capitalisation went below the psychological threshold of $10 bln, down to $9.84 bln.

The daily trade volume has not changed significantly and stands at $101 bln, which is slightly lower than that of last Monday 25 July.

Analysts say the current downward trend can bring bitcoin price to $580 in the mid-term. Some even suggest that the cryptocurrency rate can lower to the structural support level of $450, Cryptocoinnews reports.

The bitcoin rate decrease can reflect the investors’ concerns regarding the major Chinese mining pools switching to a different protocol in case if Bitcoin Core developers do not release a new client with the increased block size of 2 Mb.

A closed-door meeting between Chinese miners and Bitcoin Core developers was held in California on 31 July. As CoinFox previously reported, such industry leaders as Bitmain / AntPool, Blockstream, HaoBTC and F2Pool were supposed to take part. In mid-July, the Bitcoin Core team announced they were planning to make some materials available for the public, to avoid the event being seen as a sort of conspiracy. Nevertheless, no public information regarding the process and the subject of the closed-door discussion has emerged yet.

Elena Platonova