After a scaling solution decided to close up shop, Bitcoin just plummeted below $7,000 for the first time since Tuesday.
Bitcoin Classic, one of the various forks in the main Bitcoin currency, stated that the project would end because it had been replaced by Bitcoin Cash.
Classic was one of the numerous projects that aim to increase the block size of Bitcoin, with a suggested target of 2MB instead of 1MB.
However, a hard fork in the cryptocurrency produced Bitcoin Cash earlier in 2017, which allows for block sizes that are adjustable and a default of 8MB.
Bitcoin dropped 4.9% to $6,795, down from its opening price of $7,146.78. The cryptocurrency hit $7,330 earlier today.
The shut down of Classic follows the suspension of Segwit2x, another split after the community was not able to agree on the upgrade. The proposed increase in the block size was suggested as a scaling solution for Bitcoin. However, it proved to be unpopular with many buyers of Bitcoin.
Near the start of November, Bitcoin smashed the $7,000 barrier, continuing aggressive improvements over the past year which has continued despite of various dramatic drops in its value.
Leaders of Financial services are split regarding the potential of the cryptocurrency, with Jamie Dimon, the JPMorgan boss, repeatedly warning against it and calling cryptocurrencies a “fraud.”