Bitcoin Price Pulls Back After Bitcoin Gold Snapshot

After topping $6,000, the Bitcoin price has pulled back to around $5,500, now that the Bitcoin Gold snapshot of Bitcoin block 491407 has occurred. Holders of Bitcoin who controlled their own private key at the time of the snapshot have locked in their entitlement to receive an equivalent quantity of free Bitcoin Gold (Bgold) in November.

A percentage of those who bought into the Bitcoin market, or increased their holdings, with the specific intent of obtaining free Bgold, are now selling. Whether this is in exchange for fiat or alternate cryptocurrencies, the result is a slight decrease in demand for Bitcoin and a lowering of the price.

Will we see another spike leading into the Segwit2x fork next month? It's certainly possible, however, unlike the friendly Bgold fork, Segwit2x has anything but pure motives.