Bitcoin price falls as miners meet core developers

Bitcoin’s price dropped by $30 this morning as market uncertainty increases due to an on-going closed door meeting between Bitcoin miners and Bitcoin Core developers.



Details are sparse as no media representatives or independent observers have been invited to arguably the most important meeting in bitcoin’s almost eight-year history.



What is known is that the meeting is attended by seven Chinese miners or representatives of mining companies and 20 Bitcoin Core/Lightning Network developers. No one has been invited from the Bitcoin Unlimited or Bitcoin Classic team.



Although the meeting is publicly referred to as a “social event”, at the top of the agenda is likely to be on-chain scalability, particularly in light of earlier indications that bitcoin miners may move to a different client on or around August the 1st.



The price drop may suggest that the market expects no resolution on on-chain scalability, but it may be just a response to the current uncertainty of outcome or, perhaps, just insider trading.