The dip in the market today was not something bad that requires a sense of gloom. The question of what happens August 1st still looms. It is most likely that no hard fork will happen and we will have a smooth transition to a more scalable Bitcoin. Even though the most likely thing to happen is revered as the most likely outcome by most of the most prominent devs, traders and investors we still have the human psychology that plays a role in this.
BCC poses absolutely no threat and is a ridiculous idea.Even though this is true and has been explained thoroughly by Jimmy Song, Andrew DeSantis, and other crypto leaders we still have fear and uncertainty factoring into the price drops in the market.
To blame one event or one single variable as the sole cause of a movement in the market is absurd. There are a lot of variables that I did not account for that go into the price movement of bitcoin. So I covered one aspect of the human psychology variable. There is also all of the fear that is coming from recent hacks that could push investors out. Also, people doing their due diligence to actually start researching and finding out that crypto is very much still in alpha stage.To add to that development does not get sped up by pouring money on top of it. These things take time and require much trial and error; the error being people losing money. So with that being said, it is too early to be a doomsday theorist.