Imminent Bitcoin Cash schism triggers cryptocurrency selloff

Many people doubt Craig Wright's claim to be Bitcoin founder Satoshi Nakamoto. (credit: BBC)

Bitcoin's price has fallen more than 12 percent over the last 24 hours to $5,400, the lowest price for the popular cryptocurrency in more than a year.

Bitcoin's plunge is part of a broader cryptocurrency sell-off. Ethereum has fallen more than 15 percent over the last 24 hours, while Bitcoin Cash is down 18 percent.

Cryptocurrency markets are jittery ahead of a high-stakes "hard fork" of Bitcoin Cash. Rival factions are pushing different, mutually incompatible versions of the spinoff cryptocurrency, and the two versions are scheduled to create separate, competing versions of the blockchain starting on Thursday. The schism could create confusion among users and damage the reputation of the cryptocurrency.

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