As traders braced for a “civil war” in the blockchain community over fears that miners would reject bitcoin’s new SegWit scaling protocol, Bitcoin crashed below $1,900 over the weekend for the first time since May 2017, Segwit refers to the new set of rules that decide whether a transaction is valid or not.
On Tuesday, over 63% of bitcoin’s hash power signaled it would support the activation of Segwit, thus minimizing the potential of a hard fork and subsequent split of 
Still, the crypto-market has been hit hard by the scaling debate, with a slew of altcoins also taking the plunge. Ethereum and Litecoin have been especially volatile as of late, reflecting broader uncertainty about the future of the crypto-sphere.
The global cryptocurrency market was valued at around $84 billion on Wednesday. Its market cap crashed toward $63 billion over the weekend.
Digital payment systems rose a staggering 300% between April and June, as investors rallied behind the idea of a globally decentralized exchange. That promise remains, but the euphoria has cooled as market participants dialed back their excitement.