This day might be remembered in the history books as a major milestone for cryptocurrency diversification or as another colossal indicator of the altcoin bubble. There are now three cryptocurrencies with over a $100 billion market cap each. Bitcoin, ethereum (ETH) and ripple (XRP) are worth today a combined total of about half a trillion USD.
Ethereum long term investors and short term speculators are celebrating alike today as the smart contracts altcoin has broken through the $1,000 per coin psychological barrier. Standing at about $1,040 at the time of writing, the overall value of all ETH in circulation is now over $100 billion. It is the third cryptocurrency in this exclusive club, behind only bitcoin and ripple.
And despite all the warnings about ripple being centralized and freezable speculators keep pouring in to XRP. After rising about 160% from just a week ago and 28% in the last 24 hours alone, its market cap is now well over $140 billion. With a price of just under $4 per coin, part of this movement has to be due to penny stock mentality of new traders seeking a “cheap bitcoin” to bet on.
Altogether, with bitcoin over $250 billion market cap, the three top cryptocurrencies are now worth just shy of $500 billion. Putting this mind boggling number into perspective, its just about 10% below the combined stock value of Visa (NYSE:V $265 billion), Mastercard (NYSE: MA $166 billion), American (NYSE: AXP $87 billion), and Discover (NYSE: DFS $28 billion).
Entering a Multi-Polar World?
Bitcoin has been able to maintain an impressive price level at $15,000 and a quarter trillion USD market cap in the face of this altcoin onslaught, but its market share has suffered. The BTC Dominance Index is now just above 32%, a new all time low, which means that bitcoin is for first time worth less than a third of the crypto market.
While some of ripple’s staunch supporters, as well as fans that heard about it a week ago, are cheering on for “The Rippening” maybe its time to forget about the term and any other Flippening. It is possible that we are simply seeing a paradigm shift in the market, from one leading cryptocurrency and a thousand copy cats to a top heavy, multi-polar landscape. This can probably only be validated in the next big correction, when all the short term speculators will scatter away and either bitcoin will remain alone at the top or not.
Do you think that bitcoin will continue to lose its market dominance to altcoins in 2018? Share your predictions in the comments section below!
Launched in December 2005, Renren has been dubbed “The Facebook of China” with its Facebook-like features and its popularity among students in the early years. It represents one of the most important and successful “real-name registration” SNS companies in China.
Over the years Renren has seen rise of new players such as microblog platform Sina Weibo and Tencent’s mobile app Wechat. Unlike the two blooming products, Renren is losing traction in appealing to the new masses of Chinese Netizens. The only solution is constant product innovation. And the social company decided to turn its strategic attention to the blockchain industry.
According to the whitepaper released by Renren, they will develop a blockchain-based open source platform that can record user interactions and trading behavior. And the token RR Coin will be used in multiple scenarios from rewarding users who contribute content to charging for advertising.
RR Coin has 1 billion coins in total, among which 40% will be used for ICO sale, 25% for the RR Coin Foundation, 15% will be given to the team for marketing and development and the remaining 20% for business expansion. “The project is going to raise 100,000 ETH,” said a Beijing-based ICO investor. “I think it’s highly overvalued. RR Coin is more like QQ coin of Tencent that is totally centralized. They are just selling a new concept to make users active again.” But it seems that new concepts work. Renren’s stock (NYSE: RENN) spiked around 19% in reaction to the news.
Companies Continue Rebirth in Blockchain
In just a few months, China’s top dot-com companies are all making blockchain a powerful new solution across their businesses.
The fifteen-year old Xunlei Networking Techinologies（NASDAQ: XNET）started a new service that is completely divorced from its fundamentals. The company launched “Wanke coin mining” cryptocurrency project on October 12th, and its stock went from less than $5 per share to nearly $25 per share, and continued to witness a 475% gain in less than two months.
Qihoo 360, a leading antivirus software provider recently went all-in with its futures plans for the cryptocurrency and blockchain industry. On December 20th, the company launched a blockchain research center to explore how the technology can be used to improve financial services. The President of 360 Finance noted: “The research center will create a mode of ‘Blockchain Plus Finance’ that integrates distributed ledger with smart contracts, asymmetric encryption and consensus mechanisms.”
Then on Decemberr 29th, it launched a brand new website covering cryptocurrency news and price analysis. The website consists of a live cryptocurrency price chart, detailing trading volume and price change over the past 24 hours, which resembles that of coinmarketcap. At the bottom of the web page, it notes that the website copyright belongs to 360 Internet Security Center. However the website has been inaccessible since January 2nd.
Do you think these top Internet giants will pose a threat to small-sized blockchain startups? Leave your comments below.
Transaction fees, a bugbear for many in the bitcoin community, are on their way down. Spiraling fees were a contentious issue that reached fever pitch in the twilight of 2017. But with the dawn of a new year, bitcoin has been blessed with reduced fees, set against a backdrop of increased Segwit adoption.
Fees Have Halved from Their December Peak
After spending the final quarter of 2017 ramping up, transaction fees on the bitcoin network have finally begun to decline. Bitcoinfees.info indicates an average fee of $15.79 to have a transaction mined within the next six blocks, rising slightly to $16.54 for the next three blocks and $17.29 for the next block. The median withdrawal fee from exchanges such as Bitfinex this week has been closer to $14 however.
While $14-$16 is still more than many people would like to spend, it’s an improvement at least over the $30 bitcoin fees that were reached during December. Estimatefee.com quotes an average of 358 satoshis/byte to move a transaction within the next six blocks. The number of transactions in the mempool waiting to be confirmed is now below 90,000, from a peak of over 115,000 on December 30.
More Bitcoin Wallets Add Segwit Support
In the last 24 hours,many sites have added Segwit support to their wallets. In a blogpost, mining pool and bitcoin wallet provider BTC.com wrote: “As a BTC.com wallet user, you will experience a drop in the transaction fees and faster transaction times when you send bitcoin to another address.” It has now added this functionality to both its mobile and desktop wallets.
Peer-to-peer exchange and online wallet LBC has also followed suit. The site is used extensively in countries as diverse as the Dominican Republic and Poland, and has reached record weekly trading volume of almost $140 million in the US. It will be a while before recent Segwit adoption by wallet providers filters through and impacts upon average bitcoin fees across the network. Segwit adoption is only around 11%, showing there is still a long way to go before the scaling technology nears universal adoption.
As always, the greatest absentee from Segwit is Coinbase, which has yet to formalize plans for introducing the Segregated Witness technology. CEO Brian Armstrong appears to be more interested in experimenting with ethereum Dapp browsers, much to the chagrin of many Coinbase users. Bitcoin pioneer Nick Szabo, meanwhile, has been urging the community to favor Segwit, endorsing a Whalepool tweet listing Segwit wallets.
2018: The Year of Cheaper Fees?
Bitcoin fees are likely to remain a hot topic throughout 2018 as efforts to lower the median cost of transacting the decentralized currency intensify. With the Lightning Network now having been successfully tested live, there are hopes that the off-chain scaling solution could be introduced sooner than initially expected, bringing with it the prospect of lower fees for all.
The high cost of sending bitcoin has forced many to look elsewhere, either to bitcoin cash, with its famously low fees, or to other altcoins which can be sent for less than a cent in many cases. In bitcoin’s earliest days, when blocks were empty, it was equally easy to complete low-cost transactions. The cryptocurrency markets are no exception to Metcalfe’s law, however, and should any altcoin start to approach the size of the bitcoin network, it will succumb to the same problem: a growing number of users trying to use a resource that can only process a finite number of transactions per second.
Speaking of laws, prominent bitcoin thinker Tuur Demeester cited Kleiber’s law, which governs the size of the world’s largest cities. Applying it to cryptocurrencies, he tweeted:
If “Bitcoin City” remains the largest of cryptocurrencies, Kleiber’s law suggests that over the long run it will be the ecosystem where resources are allocated in the most efficient way.
Fees and transaction times are still higher than desired, but if Kleiber’s law applies, it’s only a matter of time until the bitcoin metropolis becomes a model in city planning.
Do you think bitcoin fees are still too high? Let us know in the comments section below.
On Sunday, November 19th, $30,950,010.00 in Tether tokens were stolen from our treasury wallet through malicious action by an external attacker. While we are in the process of co-ordinating and co-operating with law enforcement on this matter, we are satisfied that we have found the cause of the breach of Tether’s systems. We are taking measures to recover the Tethers and are migrating the platform to a new infrastructure. More information about our initial response to this breach is here.
No customer funds were stolen as a part of this security breach; only Tether tokens were taken, and only from the Tether hot wallet. We have told Tether integrators that those Tethers will not be redeemed by Tether. This breach was planned and premeditated as a market disruption event and an attack on our customers, our business, and our community.
Those of us who care about our community must fight against hackers as well as those enemies using misinformation to create chaos and sow distrust.
We are a privately held corporation with significant assets. Our books are currently under audit by Friedman LLP, one of the fifty largest accounting firms in the United States. While the audit is taking longer than we would have liked, the reality is that the interim consulting memorandum they produced shows clearly that Tether has the resources to back Tethers that have been issued. Friedman looked at our bank statements and other documents underpinning these issuances.
We have strong customer and shareholder relations and tens of thousands of you know the importance of our community and this journey we are on together. We work closely with financial regulators, law enforcement agencies, compliance personnel, bank officials, and tech academics, among others, to ensure that we are protecting our customers and meeting our obligations.
As with other financial institutions worldwide, and in order to safeguard your assets, we do not redeem Tethers from terrorists or other criminal elements. In order to protect our customers and the community, we must keep language in our terms of service preventing bad elements from sullying our systems. In any event, our terms of service inform our customers of what the law already provides: that we cannot and will not issue Tethers to or redeem Tethers from criminal elements. Nevertheless, we believe in being as straightforward and honest as possible about what you are dealing in. We are willing to review our terms of service to see if we can make this point more clearly.
Similarly, we will not endanger our customers by revealing our banks. As those of you who are active in cryptocurrency know, there is pressure from large correspondent banks in the U.S. to bully other institutions not to accept the community’s business. We do, however, bank at major financial institutions and will continue to do so.
Tethers are being ‘printed’ or issued because there is demand for them. This process is explained in the Tether whitepaper. When Tethers are issued, assets are debited (added) to the assets on Tether’s balance sheet, and Tethers are credited (added) to the business’s liabilities. The consulting memorandum demonstrates that these mechanisms are in balance. Every Tether is fully backed by the fiat underpinning it upon issuance.
We are proud to have been one of the first to market with a product. Some of the main actors in the digital token space have adopted it. We believe it works well.
We are proud of the business that we have built, and of its resilience in the face of threats from those trying to attack our community. We always have room for improvement, and we will continue to work hard to continue to earn your trust and confidence. We understand trust must always be earned and we will continue to work hard as a business to improve our communications.
Bittrex and Poloniex users took to social media to voice their concerns: something is wrong at the third largest cryptocurrency exchange in the world. Customers openly complain they’re having issues with withdrawals, and this has been going on for weeks. Certainly every popular platform has had its share of problems with runs in the wake of price spikes, but until yesterday the exchange offered no formal, public explanation.
BittrexPoloniex hasn’t Tweeted since 30 November. Its Facebook page hasn’t been updated since Summer. Customers are starting to worry, loudly.
Important Information About Identity Verification, published the evening of 5 December, the exchange explained, “We are committed to making sure our services are not used to launder money, support terrorism, commit fraud or other illegal activities,” citing the Bank Secrecy Act and other regulations as catalyst.
Describing their services as “frustrating or a hassle,” the exchange blamed, essentially, lack of customer literacy in the identity verification process. Stressing they “cannot do this without the help of our customers,” the post then lists “common mistakes or issues that arise.”
Included are problems such as “Creating multiple accounts associated with a single individual or entity; Name mismatch; Unreadable IDs; Non-Latin characters on the Government IDs; [and] Opening multiple support tickets.”
Signed by The Team, the post ends: “We trust that you understand Bittrex is committed to following the law and ensuring that it has a robust compliance program. We ask for your patience and cooperation throughout this process.”
So, Criminals can Deposit but Not Withdraw?
Curious to outsiders, infuriating to customers, is the notion of the exchange taking orders, money, seemingly without issue … only to cover itself in cloaks of legalisms at withdrawal time.
Indeed, a user told Business Insider how “This is a big deal because when you sign up with Bittrex, they allow you to deposit funds into your wallet and even allow you to trade without Verification. But then you cannot withdraw your funds.”
The exchange has been around since 2014, and is based in Las Vegas though its mailing address is Seattle. Its daily trading volumes hover near 1 billion USD. As of this writing, it ranks second in daily volume among exchanges.
Though not Better Business Bureau (BBB) accredited, Bittrex nevertheless has a dedicated page of mounting complaints. Users have gone public with their stories, and most have documented something like the following, “Last night I tried to withdraw and got this: ‘Unverified account withdraw limit has been reached. Please try again in 24 hours. To increase your limits, please verify your account,’” Russia Today noted. There’s even a Twitter hashtag, #BittrexTrouble.
These are not the first problems for Bittrex, nor are they alone in this regard. Bitcoin’s price, as well as the value of the crypto space generally, has risen beyond expectations. It could just be the case of not being prepared. In these pages, flashes and run-ups were reported at Kraken, Coinbase, Tether, Gemini, among others.
Problems like these are not only worrisome for those unable to access their funds, but they’re also excuses for tighter government controls and regulations. With Wall Street and assorted whales headed crypto’s way in the coming months, readers can be sure such problems will not be tolerated.
As a matter of plain justice, however, in a volatile market, losing precious seconds, much less weeks or months, could literally financially break enthusiasts.
If you are looking to Buy/Exchange E currencies:Most Trusted and Instant Excahnger
On December 7, at 9 am EDT the price of bitcoin broke a new record as one BTC is now worth US$15,000 across global exchanges. Bitcoin trade volume has been exponential with over $14.7Bn BTC being swapped on trading platforms worldwide.
Bitcoin Reaches $15,000 Commanding a $250Bn Market Cap
The price of bitcoin has been on a tear over the past week and even more so during the past three days. In the last 72-hours, the price has moved over $3,000 in gains, and markets are showing feverish buy support. On December 6 when the price tackled $13K and then $14K, a large portion of volume stemmed from South Korean exchanges, most notably Bithumb. The KRW volume has dropped a touch, and the EUR has gained some significant steam. However, the Japanese yen still dominates bitcoin’s global markets at 47 percent. The top exchange today trading the most BTC is Bitfinex, as Bithumb has settled back into the second position. Following the Korean exchange is GDAX, Bitflyer, and Coinone. On Bitstamp, one bitcoin is roughly around $15,200 at the time of writing.
Looking at charts show the price has been extremely volatile with large swings over the course of the past 24-hours. The two Simple Moving Averages (SMA) still have a nice gap, but the 100 SMA and 200 SMA look as though they are getting closer. This indicates some sell-off may happen soon. Order books show massive resistance beginning at $15,300 all the way to $15,700. If bulls persist in breaking these zones, then the price could go upward even more at warp speed. Again since our last price report, charts indicate that buy walls are much thinner than the sell wall side. Which means the price could slide downwards with ease, and not much resistance on the way down. At press time there’s a strong foundation around $13,400.
Bitcoin proponents are either super happy or extremely skeptical as a fast run up like this one is causing some concern for a deep correction. Some bitcoin proponents believe the time has “finally come” and bitcoin is cementing itself into history. Others believe the decentralized currency has passed through a phase of maturity and is searching for its “fair market price.” Then there’s those speaking the word “bubble” regularly, and they expect bitcoin and cryptocurrency markets, in general, to burst at the seams.
Then there are those who think institutional money is coming into bitcoin due to the upcoming futures markets coming shortly from Cboe, CME Group, and other firms that have expressed interest. Whatever is driving this demand is causing individuals to buy up bitcoin at the highest price it’s been all year. And $15K per bitcoin is quite the feat!
Where do you see the price of bitcoin heading from here? Let us know in the comments below.
Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Segwit wallet integration has been bumped to the top of Bitfinex’s to-do list, with an exchange staffer declaring that the job should be completed next week. Despite the scaling technology having been available since August, a number of exchanges have dithered. Now, there are signs that progress is being made in activating BIP141.
Segregated Witness, as it’s officially known, has been available on the bitcoin network since August 24, and has been activated for certain altcoins such as litecoin and digibyte for much longer. After the backwards-compatible network upgrade locked in, Segwit transactions began to show up on the bitcoin blockchain. This number grew to 10% of all transactions within the first week of October, but has since fallen.
The blockchain has grown increasingly congested of late, culminating in fees reaching an all-time high last week, when the mempool filled with over 130,000 unconfirmed transactions. While not everyone in the bitcoin community is enamored with Segwit, it is hard to assess the technology’s efficacy until it has been widely rolled out. Various wallet developers have been Segwit-compatible for weeks, but exchanges haven’t been so quick off the mark. Kraken and Blockchain are among the major players that are still Segwit-less.
First Bitfinex, Then Deribit
Bitfinex is one of the world’s largest exchanges, with a 24-hour trading volume of 96,000 BTC. In belatedly embracing Segwit, Bitfinex’ actions may spur other exchanges into following suit. Shortly after a Bitfinex staffer confirmed that Segwit activation was on its way, Amsterdam’s Deribit exchange signaled that it too was working on Segwit.
Due to a transaction malleability fix that is built into Segwit, more data can be squeezed into each block – theoretically raising the size from 1MB to around 1.8MB. Despite this facility, block sizes on the bitcoin network have been averaging around 1.1MB, showing that Segwit’s full capacity has yet to be utilized. The major absentee from the Segwit activation party is of course Coinbase. Were the Californian player to commit to the scaling technology, the number of Segwit transactions would shoot up.
Do you think widespread Segwit activation will lead to lower fees and less congestion? Let us know in the comments section below. Join Our Telegram
The price of bitcoin (BTC) has been on a bearish run over the past 72 hours, after reaching $7,900 the day the Segwit2x fork was ”canceled”. Since then bitcoin’s market cap has shaved off over $20B, and the price per BTC is hovering just above the $6,475 range. Moreover, while bitcoin has been dipping, at the same time bitcoin cash (BCH) has been rallying hard as the currency has reached a high of $1,300 per BCH on November 11.
Bitcoin Markets See Some Bearish Sentiment
Market action on Saturday, November 11 is mirroring the day before, where traders saw bitcoin markets plummet over 7 percent in value to a low in the $6,400s range. When markets in Japan and South Korea opened, the price rebounded a touch coming close to capturing $7K, but traders failed to reach that point. During the earlier hours of Saturday morning, bitcoin’s price started diving again, dropping seven legs down to a low of $6,300. BTC trade volume is still holding steady and has been capturing roughly $5B or more in trades over the past 72 hours. The top five exchanges pushing significant trade volume this weekend include Bitfinex, Bithumb, Bittrex, Bitflyer, and GDAX.
BTC Technical Indicators
Bitcoin’s weekly and daily charts are not looking that great as red candles continue to dominate. The two Simple Moving Averages (SMA) crossed paths during the late evening of November 10. Now the long-term 200 SMA is well above the 100 SMA, indicating the road back to the upside is a long ways away. So far bitcoin’s price has corrected to levels bulls obtained on the first of November. Both the Relative Strength Index (RSI) and Stochastic oscillators have been heading south for hours, confirming bitcoin’s bear market might be just getting started. Order books show consolidation could happen in the $6,300-6,400 region as there is some good temporary support in that zone. After that, we could see a bounce back to $6,600-6,700 if buyers manage to take the reigns. If prices continue in bear mode, then a price below the $6K region could be on the cards. The key zone to watch is if the Displaced Moving Average (DMA) breaks $6150. If it does the downward push will likely follow suit.
The Top Five Cryptocurrency Markets
Digital asset markets, in general, are following bitcoin’s drop except for bitcoin cash, ethereum classic, and tether. Ethereum (ETH) markets are down 3.4 percent, currently averaging $298 per ETH. Ripple (XRP) markets are down 1.4 percent reaching a low of $0.20 per coin. Lastly, the fifth highest digital currency market cap held by litecoin (LTC) is down 3.2 percent as one LTC is $59 per token. Bitcoin dominance among the entire $197B cryptocurrency market cap is 53 percent, dropping from its previous high of 60 percent. One notable spike this weekend comes from ethereum classic markets which have seen ETC rise by 25 percent.
Bitcoin Cash Bulls Push BCH Markets Up Over 57 Percent
Bitcoin cash (BCH) markets have been on a tear all week long and even more so after the Segwit2x hard fork was canceled. BCH trade volume has surpassed BTC’s volume at $5.2B worth of BCH trades over the past 24-hours. The currency’s market cap is commanding $20B right now, and is just $8B away from knocking ethereum out of the second highest position. The top exchanges swapping bitcoin cash this weekend include Bithumb, Bitfinex, Bittrex, Coinone, and Korbit.
BCH Technical Indicators
BCH weekly and daily charts show the bullish momentum is strong but could see a slight correction in the short term. In contrast to BTC charts, the Simple Moving Averages for BCH are opposite. The 100 SMA is above the long-term 200 trendline, indicating the upside swing is not over just yet. However, RSI and Stochastic trends are showing oversold conditions as we speak and some resistance may lead to some temporary pullback. Order books show a nice floor in the $900-1,000 range if BCH markets see some sell-off. If BCH bulls manage to break resistance above the $1,200 region, then some smooth sailing to $1,350-1,450 could be on the cards.
Overall the cryptocurrency community is focused on the intense market action happening all across the boards. Since the hard fork was allegedly canceled, global cryptocurrency markets have gone haywire. Most of the digital assets besides bitcoin cash and ethereum classic are in the red seeing market losses. Over the past 72 hours, BCH markets have increased by 57 percent, showing a thrilling correlation between BTC markets. The upcoming week should be interesting to see if the Segwit2x fork still happens with a rogue group of miners, and the introduction of bitcoin gold markets into the overall cryptocurrency market cap. Bitcoin gold (BTG) futures are up 55 percent, averaging $285 per BTG this Saturday. Cryptocurrency markets going forward will likely see some more volatility over the course of the upcoming week.
Where do you see the price of bitcoin (BTC) going from here? What do you think about bitcoin cash (BCH) markets reaching $1,300 per BCH? Let us know what you think in the comments below.
Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither http://blog.easypaypakistan.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
The controversy surrounding the correlation between the release of new Tethers (USDT) and dramatic price spikes led by Bitfinex trading continues. 20 million new USDT were released shortly before a single market buy of approximately $13.5 million USD worth of bitcoin was executed on the 8th of November. The sudden spike in buying pressure quickly drove the price of bitcoin from $7075 to $7350 in less than 60 minutes. Since then, an additional 20 million USDT have been released into circulation on the 9th, and another 30 million USDT on the 10th of November.
Approximately 110 Million USDT Have Been Released Since November 3rd
Many traders are noting an increasing correlation between the release of significant quantities of Tether and sudden movements in the price of bitcoin, with some expressing concerns at the speed with which a large volume of margin trades are executed following the release of new USDT.
Notorious Bitfinex critic Bitcrypto’ed has documented the market action that took place immediately following the release of 20 million USDT on the 8th of November. According to data shared by Bitcrypto’ed, $25 million USD worth of margin longs were executed in less than 30 minutes including a single market order estimated to be valued at $13.5 million USD. As a consequence, the price of bitcoin shot from approximately $7075 USD to roughly $7350 in less than one hour.
During 2017, the Number of Tethers in Supply Has Increased by More Than 3400%
The total supply of Tether has risen from less than 15 million in January to over 550 million as of this writing – comprising a more than 3400% increase since the start of the year. To some, this dramatic rise in the number of Tether has appeared significant as Bitfinex, a majority shareholder in Tether, appears to have failed to attain banking services since Taiwanese banks associated with Wells Fargo terminated the processing of wire transfers to the exchange, shortly after which Tether posted the following statement on their website:
“Tether is currently expecting continued delays in processing international wires to and from tether. to users… Since April 18, 2017, all incoming international wires to Tether have been blocked and refused by our Taiwanese banks. As such, we do not expect the supply of tethers to increase substantially until these constraints have been lifted.”
Although Phil Potter of Bitfinex has sought to distance the relationship between the two companies, stating that “Tether is a completely separate entity [from Bitfinex],” he has conceded that Tether “operates through the same money service money operator license that Bitfinex operates under in Hong Kong.” In response to questions regarding Tether’s banking relationships, Mr. Potter of Bitfinex has previously stated that Tether “ha[s] several banks in multiple jurisdictions, our principal banking relationships are in Taiwan.” Notably, however, he has failed to reveal what banking institutions provide services to the company since April, further arousing suspicions.
What do you make of the vast quantities of USDT that have recently been released? Share your thoughts in the comments section below!
It’s been a crazy week for cryptocurrency enthusiasts as the digital asset ecosystem is still reeling over the canceled Segwit2x fork that was expected to take place on the Bitcoin network next week. Over the course of the past few weeks leading up to the planned 2MB Segwit2x hard fork, Bitcoin Cash (BCH) markets have doubled in value after hovering around $300 per BCH for weeks. Now the market has stabilized around the $625 region as the BCH network participants prepare for their own fork that’s just four days away.
Bitcoin Cash Network and Markets Remain Vigilant After the Canceled BTC Fork Event
The Bitcoin Cash network is thriving as the decentralized currency’s value has spiked quite a bit over the past few weeks. At the moment the price per BCH is hovering around $625 as markets currently command roughly $830M worth of daily trade volume. The price of BCH has allowed it to hold the third highest market capitalization at $10.4B just below the ethereum market cap. BCH markets are still seeing lots of trade volume from the South Korean won, as the currency typically captures around 49 percent or more of the daily volumes. The exchange rate stemming from BCH currently makes it the third highest digital asset trade volume within the cryptocurrency landscape. The exchanges trading the most BCH include Bithumb, Hitbtc, Bitfinex, Bittrex, and Korbit.
Miners Have Started to Signal Intent to Fork the BCH Network
As the currency’s network hard fork approaches, the BCH chain is 8100 blocks ahead of the BTC chain. BCH this week is operating at 8 percent of the current BTC difficulty, and it’s 3.4 percent more profitable to mine BTC. Mining profitability and its fluctuations may change after the BCH network reconfigures the Difficulty-Adjustment-Algorithm (DAA). BCH miners are now signaling their intent to activate the fork and the change is estimated to occur around 2 pm EDT depending on hashrate speed.
Bitpay Prepares Users for the Bitcoin Cash Consensus Change
Because the fork is drawing closer the Atlanta-based company, Bitpay, has announced to its wallet users its plans for the BCH hard fork. The firm explains that with any blockchain protocol change it must always ensure that customer funds will be safe.
“For the November Bitcoin Cash protocol change, Bitpay and Copay wallets will follow the bitcoin cash chain with the most accumulated difficulty — With current miner signaling, this means that our wallets will be compatible with the new rules activated by the bitcoin cash mining majority,” explains Bitpay.
We don’t currently have any reason to think that this hard fork will be contentious or will result in a blockchain split for bitcoin cash. Users can continue to receive and send bitcoin cash transactions from their wallets up to, during, and after the hard fork protocol change.
Kim Dotcom Asks His Fans Which Cryptocurrency Will Dominate — BTC or BCH?
Also this week the notorious Kim Dotcom started talking about bitcoin cash with his 671,000 followers. Dotcom asks his fans, “By 2021 which of these two is going to carry the larger volume of Internet payments?” With just 11 hours left remaining for the poll bitcoin (BTC) is leading by 64 percent and bitcoin cash (BCH) has 36 percent.
Overall the BCH community seems pleased with the currency’s growing ecosystem and many supporters believe next week’s fork will be smooth. With Segwit2x gone and the rest of the cryptocurrency competition constantly nipping at BTC’s heels many spectators will be focused on bitcoin cash.
What’s your thoughts on bitcoin cash at the moment? Do you think the hard fork approaching will be smooth? Let us know what you think in the comments below.