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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) 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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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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