*By Jacqueline Corba*
Bitcoin dropped back below $8,000 this week, prompting the cryptocurrency's defenders to explain the seemingly rapid fluctuations (prices fell about $500 on Tuesday).
"Probably the biggest thing driving Bitcoin's price where it is today is in fact the 'Bitcoin fork,'" a technical change in the currency's transaction protocol, said Brock Pierce, the Bitcoin Foundation's chairman. "There's uncertainty on what is Bitcoin?"
The most recent sell-off comes after Bitcoin hit an eight-week high on July 24.
"There was a nice moment there where it felt like we were going from this kind of bear, stagnant market back into a bull state," Pierce said in an interview Thursday on Cheddar's Crypto Craze. "But obviously that was a little premature."
Pierce, who started investing in Bitcoin in 2011, said he remains "incredibly bullish" on the digital currency, calling it "Gold 2.0."
For more on this story, [click here](https://cheddar.com/videos/crypto-pioneer-brock-pierce-shares-outlook-on-bitcoin).
‘Taco’ chance on the markets’ volatility, this is nacho average opportunity! Plus: Southwest, Boeing, Disney, Nvidia, Stellantis, McDonalds, Warner Brother
The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court’s decision.
Macy’s sales and profit slipped in its first quarter and the department store, citing more cautious customers and the impact that a trade war launched by the U.S., trimmed its profit forecast for 2025.
