Bitcoin prices edged up on Thursday to $5,840, raising 6 percent across global exchanges in 24 hours. Earlier in the week it hit a record high of $6,100 with investors cashing in ahead of the launch of bitcoin gold (BTG) and investing in other cryptocurrencies such as Ethereum and Litecoin. Bitcoin gold did not meet the expectations of investors this resulted in investors reinvesting in bitcoin.
Bitcoin Gold Not in a Functional State
News reports suggest that the development team of Bittrex have said the code base of Bitcoin Gold is incomplete, unaudited and untested, in other words not in a functional state. They also said that they will not commit to opening a trading market for Bitcoin Gold.
Warnings of Risks and Security
With regards to the security and risks, Bittrex said that for the safety of their users Bitcoin Gold does not satisfy their criteria and that they will not commit to opening a Bitcoin Gold trading market. The information and codebase which was presented by bitcoin Gold is not in a functional state. Warnings from exchanges such as Bittrex, who are the third biggest in cryptocurrency by trading volume with warnings of lack of replay protection and security was most likely the cause of investors not wanting to deal with Bitcoin Gold.
Tuur Demeester a prominent bitcoin investor together with some analysts believe that a similar trend can be expected prior to the SegWit2x hard fork in mid-November. This could affect the price of bitcoin negatively and possibly larger than it did Bitcoin Gold.
A strong rally in Bitcoin is expected prior to the hard fork as rumours of institutional investors are entering the cryptocurrency market including billionaire investors such as Mike Novogratz.
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