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Bitcoin saw its biggest drop in over a year following weeks of stability.
As of 4:30 pm EST, the price of Bitcoin was sitting at $5587. The price had fallen nearly 13% over the past 24 hours.
The selling comes as traders ready for a hard fork in the rival bitcoin cash. A further drop is possible.
The digital currency now accounts for as much as 70% of all online gambling transactions at some wagering sites. Due to volatile price changes, Gambling911.com advocates for quick cashouts from secure wallets to one's bank account for anyone not looking to invest in cryptocurrencies.
Other digital currencies used less by online gambling sites witnessed steep dropoffs as well.
Ethereum, XRP's ripple, litecoin, and bitcoin cash were lower by about 16%.
From MarketInsider.com:
On Thursday, bitcoin cash, the fourth-largest cryptocurrency by market cap, is set to experience a hard fork amid a fight that is playing out between its two biggest proponents, Craig Wright and Roger Ver.
"Both Roger and Craig are advocating a different version of Bitcoin Cash," according to Mati Greenspan, the senior market analyst at eToro.
"The end result will most likely be a split in the network resulting in two different versions of Bitcoin Cash when both upgrades go into effect this Thursday."
- Aaron Goldstein, Gambling911.com
