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Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout

Bitcoin Cash (BCH), Bitcoin SV (BSV), Cryptocurrency–In a turn of events that could have ramifications for the broader market, Bitcoin SV, the fork of Bitcoin Cash that ultimately conceded the name to split currency Bitcoin ABC, has overtaken its rival to claim the fifth largest spot by capitalization.

While every crypto in the top 20, including the number one currency Bitcoin is experiencing double digit losses on the day, Bitcoin SV has managed to climb over 28 percent. The most recent price movement for the coin has led to a “flippening” in investor expectations and market valuation, with SV leaping ahead of its competitor in what has been a contentious split. As previously reported by EWN, the Bitcoin Cash hard fork, which resulted in rival currencies Bitcoin ABC and SV, instigated a “hash war” that nearly destroyed the entire the industry in the fallout.

The two competing forks, led by their respective mining pools and representatives, waged a hash rate war to decide which currency would be most deserving of receiving the original mantle of Bitcoin Cash and carrying on the coin’s branding. On Nov. 23, after two weeks of back and forth banter and plummeting crypto prices, the team behind SV capitulated to their competing rival, and conceded the title of Bitcoin Cash. Speaking at the time, billionaire SV representative Calvin Ayre claimed that his community was prepared to move forward from the conflict created with Bitcoin ABC, and that the mining group and investors “no longer [wanted] the name Bitcoin Cash”–a move that is being proven prescient with the precipitous drop in BCH value as SV continues to climb.

Ayre continued in an interview with Coingeek,

“We have a clearly defined path and this is now ready for implementation. Our definition of winning is SV existing, which was not what ABC wanted, and we are already moving on to grow the ecosystem.”

At the time it seemed like the move meant Bitcoin SV was destined to join the likes of other high profile coins relegated to obscurity (with BCH being a rare exception as a fork of the original Bitcoin), such as Bitcoin Gold, Bitcoin Diamond and Litecoin Cash. Indeed, the price of Bitcoin SV followed suite initially, with the value of the coin slipping relative to the market. But this week SV made a significant turn, and on Dec. 6 was the only coin to post green in a sea of deepening red.

While it’s unlikely that SV will challenge the market capitalization of Bitcoin (BTC) anytime soon, with the original cryptocurrency commanding $58 billion to SV’s $1.9 billion, BSV does a realistic chance of flipping Stellar in the next 24 hours if the trend continues. Following a brief reprieve of falling prices, as Bitcoin climbed above $4000 to reach a relative high in the $4300 range, the last two days have renewed the bearish trend, with prices now hitting their lowest point of the year.

For BSV investors and those savvy enough to purchase Bitcoin Cash ahead of the fork, the recent price movement is a welcome sight as cryptocurrency continues to plummet. However, the coin was not without its controversies leading to this point, including a number of members within cryptocurrency pointing the finger at the vitriol surrounding the BCH fork which kicked off November’s severe decrease in market valuation.

The post Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout appeared first on Ethereum World News.

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Bitcoin SV Flips Bitcoin Cash (BCH) Amidst Market Rout

Bitcoin Cash (BCH), Bitcoin SV (BSV), Cryptocurrency–In a turn of events that could have ramifications for the broader market, Bitcoin SV, the fork of Bitcoin Cash that ultimately conceded the name to split currency Bitcoin ABC, has overtaken its rival to claim the fifth largest spot by capitalization.

While every crypto in the top 20, including the number one currency Bitcoin is experiencing double digit losses on the day, Bitcoin SV has managed to climb over 28 percent. The most recent price movement for the coin has led to a “flippening” in investor expectations and market valuation, with SV leaping ahead of its competitor in what has been a contentious split. As previously reported by EWN, the Bitcoin Cash hard fork, which resulted in rival currencies Bitcoin ABC and SV, instigated a “hash war” that nearly destroyed the entire the industry in the fallout.

The two competing forks, led by their respective mining pools and representatives, waged a hash rate war to decide which currency would be most deserving of receiving the original mantle of Bitcoin Cash and carrying on the coin’s branding. On Nov. 23, after two weeks of back and forth banter and plummeting crypto prices, the team behind SV capitulated to their competing rival, and conceded the title of Bitcoin Cash. Speaking at the time, billionaire SV representative Calvin Ayre claimed that his community was prepared to move forward from the conflict created with Bitcoin ABC, and that the mining group and investors “no longer [wanted] the name Bitcoin Cash”–a move that is being proven prescient with the precipitous drop in BCH value as SV continues to climb.

Ayre continued in an interview with Coingeek,

“We have a clearly defined path and this is now ready for implementation. Our definition of winning is SV existing, which was not what ABC wanted, and we are already moving on to grow the ecosystem.”

At the time it seemed like the move meant Bitcoin SV was destined to join the likes of other high profile coins relegated to obscurity (with BCH being a rare exception as a fork of the original Bitcoin), such as Bitcoin Gold, Bitcoin Diamond and Litecoin Cash. Indeed, the price of Bitcoin SV followed suite initially, with the value of the coin slipping relative to the market. But this week SV made a significant turn, and on Dec. 6 was the only coin to post green in a sea of deepening red.

While it’s unlikely that SV will challenge the market capitalization of Bitcoin (BTC) anytime soon, with the original cryptocurrency commanding $58 billion to SV’s $1.9 billion, BSV does a realistic chance of flipping Stellar in the next 24 hours if the trend continues. Following a brief reprieve of falling prices, as Bitcoin climbed above $4000 to reach a relative high in the $4300 range, the last two days have renewed the bearish trend, with prices now hitting their lowest point of the year.

For BSV investors and those savvy enough to purchase Bitcoin Cash ahead of the fork, the recent price movement is a welcome sight as cryptocurrency continues to plummet. However, the coin was not without its controversies leading to this point, including a number of members within cryptocurrency pointing the finger at the vitriol surrounding the BCH fork which kicked off November’s severe decrease in market valuation.

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Bitcoin Cash (BCH/USD) Price Analysis: Less than 48 Hours after Bitmain Q3 “Leaked” Losses, BCH is $20 Away From $100

Latest Bitcoin Cash News

Unconfirmed reports indicate that Bitmain—the Beijing based behemoth that manufactures and supplies the world with ASIC miners—will post huge losses for the third quarter mostly because of dropping digital asset prices and drop in mining gear demand.

The company is yet to make their disclosure but we can only forecast what they are set to announce now that previous reports indicate that Bitmain owned more than one million BCHs and are yet to sell their rewards right after splitting off from the legacy chain back in August 2017.

Add to this the hash war where a BitMex Research study said both camps used approximately $10 million to prevent an over-run and Bitmain might end up posting higher losses than the $730 million leaked.

This is bad news for BCH and at spot prices, losses are step and look like miners are switching over to BCH SV—the only coin to post gains in the last week—in the process affecting the total network hash rate.

According to data, the Bitcoin Cash network now has a hash rate of around 1.22 EH/s down from 7 EH/s it posted at the height of the hash rate war when they had to channel computing power from Bitcoin.com with further bolster from hash renting and from volunteering supporters. Statistics indicate that hash rate is down 11 percent in the last 24 hours alone.

BCH/USD Price Analysis

BCH/USD Price Analysis

Prices are free falling and at current rates, BCH is down 16 percent and 38 percent in the last day and week. From candlestick arrangements and pace of decline, it is likely that BCH will test $100 or lower by year’s close.

Trend: Bearish

As it is, post-hard fork declines are devastating and as along as BCH/USD is trading below week ending Nov 25 low, we expect the drain and trend to be firmly bearish.

Volumes: Bearish

Of interest is yesterday’s bear breakout bar driving prices below week ending Nov 25 lows of $150. Dec 5 bar had twice the daily averages volume of 31k against 18k further exposing dropping network activity—and increasing vulnerability.

Candlestick Formation: Bear Breakout

The gap down days after the Nov 15 hard fork did confirm the bear breakout of early August. Straight from candlestick arrangement to tapering activity, the trend is down and bears are in control as they trend within a bear breakout pattern.

Conclusion

Thing is, the uncertainty about what the future of BCH holds is affecting prices. As long as BCH/USD is trading below week ending Nov 25 lows of $150 with support from increasing market participation—dumping—then it is likely that BCH will test $100 or lower in coming days. Of course, this will be disastrous for the network’s security as miners—businessmen searching for better deals–will switch to SV or the legacy chain where prices are better.

All charts courtesy of Trading View.

This is not Investment Advice. Do you own Research.

The post Bitcoin Cash (BCH/USD) Price Analysis: Less than 48 Hours after Bitmain Q3 “Leaked” Losses, BCH is $20 Away From $100 appeared first on Ethereum World News.

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Bitcoin Cash (BCH) Stress Test a Success Amidst Poor Price Projections

Bitcoin Cash (BCH)–Despite analysis by Satis Group earlier in the week, which gave an overwhelmingly negative price forecasting for Bitcoin Cash, BCH has managed to gain 14 percent in 24 hours from news of a successfully implemented stress test for the underlying cryptocurrency network.

According to information published through the blockchain metric-monitoring website Bitinfo, Bitcoin cash experienced over 2.1 million transactions on Saturday, September 1 in a scheduled stress test to push the limits of network capability. This particular stress test was a community driven effort to gauge the limitations of the BCH main net and prove the worth of the underlying blockchain capacity and scalability of the coin. The goal of the test was to create millions of minuscule-fee transactions in a single 24-hour period and observe how the network responded–such as whether transaction times would be slowed to a snail’s pace or transaction times surge to untenable prices. In addition to revealing information about the BCH main net as a source for transactions, it also provided data for developers looking to implement decentralized applications (DApps) via Bitcoin Cash.

To put the 2.1 million transactions into perspective, the stress test implemented for Bitcoin Cash accounted for 63 percent of total cryptocurrency transactions conducted during that 24-hour span, meaning that the network proved more than capable in handling the lion’s share of all crypto-based commerce if it came to that level of widespread use and adoption. Microtransactions on the BCH network also saw a marked increase during the test, climbing to 14300 per block at its peak, with transactions reaching a peak level of 25,783 per block (up from a typical transaction load of 90 – 150 per block–or a 17,000 percent increase).

Amazingly, and more importantly to the utility of BCH as a mercantile token, mining fees imposed per transaction did not increase during the surging network volume, with average fees actually showing a slight decline during that time period from $0.002 to $0.0017.

Jameson Lopp, a cryptocurrency software engineer, posted on his Twitter that the stress test was an overall success, giving more specifics on the breakthrough achievements,

All of this comes as Bitcoin Cash continues to see a decline in user base and adoption, with Bitmain’s IPO controversy also being tied to news of the coin’s failing price performance. As reported by EWN last week, Satis Group, an ICO and cryptocurrency analytics firm, published an negative report on Bitcoin Cash (in addition to several other coins such as XRP), predicting the currency would fall to $258 within the next year, and only posting a 10-year outlook of $180 per coin–achieving nowhere near the price of the last all-time high. In August, CoinTelegraph reported on the decline in adoption for BCH, showing that the currency was losing holders relative to other coins such as Bitcoin and that use of the token in commerce was also in decline.

However, despite the previously mentioned negative news for the price and adoption of Bitcoin Cash, the coin managed to post a double-digit price increase following the results of the stress test, as the market responded to both BCH achieving headlines as well as proving its worth as a scalable currency.

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Analysts: Bitcoin (BTC) To Hit $144,000 In 10 Years, Ethereum To Lose Steam

The value of Bitcoin will be the main talk in a decade to come. That’s according to a report by Satis Group. Satis Group is an advisory firm offering services in ICOs and cryptocurrencies. According to this firm, Bitcoin is headed for a major decade-long price upsurge despite the recent setbacks by market corrections.

Bitcoin, Monero, And Dash To Gain Exponential Boom

The report, titled “Cryptoasset Market Coverage: Valuation,” indicates that Bitcoin price is expected to approach $33,000 in 2019 – a cool 400% upscale from the current $7,000 range. At that $33,000 price range, Bitcoin will have surpassed its December 2017 all-time high of $20,000. With that trend, the crypto asset will have achieved about $72,000 in value within the next 3 years.

If this bullish trend holds for 5 years, the coin will be valued at upwards of $96,000 by end of it. The analysts project that by 2028 (That’s 10 years from 2018), Bitcoin’s value could be standing at a mind-blowing $144,000.

Besides Bitcoin’s major bullish run, the analysts also project a huge boost for Monero (XMR). The report indicates that Monero could rise by over 38,000% between now and 2028, meaning that the crypto will have shot from its current stand at $103 to a whooping $39,584 by the end of the 10-year period. The same analysts also put Dash (DASH) on the list of the digital assets predicted to gain value. Currently trading at $188, Dash is seen to rise by 1,459% to achieve $2,927 in value by 2028.

Ethereum On The Losing List

However, the same report by Satis suggests that some other crypto assets like Bitcoin Cash (BCH) won’t be winning in the future. BCH is currently trading at $558, but Satis projects that this momentum will blow out and the cryptocurrency will have dropped down to $180 within the next 10 years. Ripple(XRP), too, won’t be having any smooth rides. According to Satis, the next 10 years will see Ripple dip to $0.004 from the current $0.3 value.

In the case of Ethereum, Satis explains that application-specific blockchain networks don’t hold much value in their present form. In that case, Ethereum (ETH) and EOS (EOS) will likely see a decline as they face hurdles brought about by issues with user interfaces and government regulations. However, since cryptos like Monero, Bitcoin, and Decred are basically crypto assets in a largely viral market, there value is bound to increase by huge margins.

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DST Global Denies Investing in Bitmain IPO

Cryptocurrency–Just days after Softbank, one of the largest investors in Uber, denied putting money into cryptocurrency mining conglomerate Bitmain’s IPO, another company has come forth to put to rest rumors related to participation in the IPO. DST Global, an investment fund which focuses on late-stage, global ventures, has said in a written statement to CoinTelegraph that it has not been a participant in Bitmain’s $400 million funding round that occurred earlier in the year, despite reports saying otherwise.

CoinTelegraph reports receiving an anonymous tip today claiming that the investment firm had steered clear of Bitmain’s IPO, with managing partner at DST Global John Lindfors later confirming the rumor, writing in an email,

“I can confirm that DST has never invested in Bitmain.”

The bizarre twist over Bitmain IPO partnership comes just days after Cointelegraph was able to confirm reports that Softbank, a high profile investment firm that has made headlines as the largest investor in Uber, had also refrained from putting money into Bitmain’s IPO. Like DST Global, the rumor mill had proposed that Softbank was participating in cryptocurrency’s large profile IPO via Bitmain, which was confirmed to be not true following the release of a statement from Softbank, saying on August 18,

“Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal.”

In addition to the aforementioned denials, Chinese multinational investment holding Tencent has come forth to dispel any rumors related to its connection with the Bitmain IPO. Tencent, which holds the distinction of being China’s largest tech entity by market capitalization, told a Hong Kong news outlet that

“the company did not take part in the investment of Bitmain Technologies.”

While the series of investment banks and firms backing out of a rumored partnership with Bitmain is concerning, the IPO has already stumbled into controversy related to the crypto mining firm’s massive holding of Bitcoin Cash. Despite most of cryptocurrency seeing a large decline in value throughout 2018 (particularly the classification of altcoins), Bitcoin Cash has experienced an 87 percent decline in price from it’s all-time high of $4300 on December 20, 2017. In addition, Q2 sales for Bitmain were reportedly disappointing, falling in line with the rest of the crypto market decline throughout the year.

Leaked documents from the pre-ICO show that Bitmain is sitting on $600 million worth of Bitcoin Cash–a risky proposition in the current market, but one that could prove fortuitous if the price of BCH makes a turn back towards the bullish. Some even view the massive holding of BCH as an indication that Bitmain is supporting the hard fork of Bitcoin fully, and preparing to back the investment with action that further promotes the price of BCH,

However, other investors have described the proposition of a Bitmain IPO as risky in the current market conditions. Popular crypto Twitter pundit WhalePanda put his concerns over Bitmain’s IPO in a specific light,

“They purposely didn’t include the Q2 numbers for Pre-IPO buyers since they were a disaster… They told Pre-IPO buyers they would use some of the money to buy more BCH.”

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Bitcoin Cash (BCH) Struggling for Recovery

Bitcoin Cash has stopped going down by Friday May 18 and is now trading around $1,205.10. Lately, it has not managed to reach $1,350 and has fallen against the USD, which can be clearly seen on D1, said Dmitriy Gurkovskiy, Chief Analyst at RoboForex.

BCH has also fallen below the trend line at $1,250 that acts as a dividing line between the bulls and the bears. As of now, the digital coin has run enough correction, but still may face issues when trying to recover and break out $1,240 or $1,250.

Meanwhile, the fight between the sellers and scarce buyers has become more tense lately. However, the buyers are not quite lucky, as after BCH headed down below $1,340, the bears got active and the selloff grew stronger.

In fact, the downward wave was so strong that Bitcoin Cash nearly reached $1,150, although it stopped at $1,156. On H1, the bearish trend is very clear, with its upper line at $1,250.

This way, $1,150 is the key support now, while the resistance is at $1,250. The MACD is getting lower on D1, and while still in the positive, is issuing a sell signal. The Stochastic is also getting down and signals a sell.

BCH

There is not much fundamental info for BCH, but still there is some. On May 15, a hard fork occurred at block 530356, but this had been announced before, and thus did not stress the market at all, as everyone who wanted to update the client software did it with no major issues. Hard forks are occurring more frequently lately, while the developers are trying to anticipate it and prevent the market players from accumulating large volumes, especially with ASIC miners in place that enable mining more with less energy consumption.

What is now important for Bitcoin Cash is the block size growing from 8MB to 32MB, which will reduce the transaction cost and downtime. Besides, OP_Codes that have been deactivated before are now again included into the cryptocurrency.

Author:

Disclaimer
Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

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The Case For Bitcoin Cash (BCH) Is Still Strong

Bitcoin Cash (BCH) was forked from the Bitcoin blockchain on August 1st, 2017 and has since shown some promise in the markets. This was after the network congestion on the Bitcoin network had reached frustrating levels with some taking upto 4 days to complete. The added fees needed to complete BTC transactions were ridiculously reaching $28 in some cases.

Since hitting the crypto-markets, BCH has rallied twice. The first time, BCH did amazingly well in less than 24 hours. This was on November 12th when it reached levels of $2,426 from previous day levels of $950: an increment of 155% after which its value settled around the $1,000 mark.

Another amazing rallly of BCH was on December 20th when it was added on Coinbase. On that day, it peaked to levels of $4,400 from $1,800 levels less than three days earlier. This time round, BCH did 144% in gains. This event was then marred by controversy about insider trading at Coinbase leading to BCH fading away in terms of ‘buzz’ in the crypto-verse.

Recent value of the coin before the April 12th market surge, put BCH at approximately $650. It has since risen to current levels of $1,195 at the moment of writing this and almost doubling in value in less than two weeks.

So why is BCH still strong in the Markets?

Firstly, more and more miners are embracing BCH for it is proving to be more profitable as it becomes popular in the markets. BCH is now available in 276 exchanges but still 124 less than those that offer Bitcoin.

Another reason why BCH is more profitable to mine, is the software upgrade that happened in May 2018. This is the first in a chain of scheduled upgrades that were announced late in 2017 by several developer groups that are keen to push for BCH as an alternative to BTC. The current upgrades allow for on-chain scalability by adjusting the blocksize limit with an increased default of 8MB. Also, new transaction signatures together with a new difficulty adjustment algorithm, provide added security for the coin.

In conclusion, Bitcoin Cash (BCH) could be headed to greater heights in the markets as the project continues to evolve and adoption continues to increase. Another driving force for the coin, is the passionate believers of its capability found within the BCH community.

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Ethereum (ETH) Price Made it Finally Past $500 as Bitcoin Rockets Above $8,000

It has been almost a month since Ethereum [ETH] price has seen the $500.00 level for the last time. However, since Thursday April 12, are reversing majorly in price with double digit gains in a weekly bases – ETH +30.00% in the last 7 days.

ETH Investing

Source: coinmarketcap

To reach today’s trading ground, the pair ETH/USD failed once on April 12 but the achieved supports of $480.00 did hold steady and made sure in any moment the important $500.00 will be broken.

As the value has overextended from the bullish trend line on the 4-hours chart at $460.00, there could be a backtrack but as long as it stays above the level we can see the continuation of this nice uptrend and it could even test the $575.00 in the very near term.

On the upside, the price must break the recent high at $530 to start a fresh upside wave. The next hurdles on the upside above $530 is close to the $575 level.

Major Support Level – $460

Major Resistance Level – $530

The Bitcoin price has fallen by roughly $100, but this isn’t necessarily something to fear or a sign of another impending bear run. The currency has spiked by approximately $1,200 since mid-week, jumping from $6,900 to $8,100 in just under 48 hours, and a small drop in the records isn’t something to get one’s hat in a twist.

Many do believe that with the start of the second quarter bulls are in line to take helm and lead the show. one of them that supports the idea strongly is Tim Draper, who recently stated that he believes bitcoin could reach a quarter of a million dollars by the year 2022.

“I’m thinking $250,000 a bitcoin by 2022,” he recently exclaimed to an enthusiastic crowd outside Draper University in California. “Believe it, it’s going to happen. You heard it here first. They’re going to think you’re crazy, but believe it. It’s happening. It’s going to be awesome.”

CEO of cryptocurrency investment platform Atlas Quantum – Rodrigo Marques, does also support the bullish wave of feels as he suggest that the last months were preparations for BTC and the following coins to come back even stronger:

“Bitcoin deflationary characteristics are an indication that in the long run, the market is bullish. We believe the price could be set to go up and has the potential to reach December 2017 levels again.”