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Bitcoin falls below $5,000 for first time since Oct 2017

20 Novembre 2018

"The bitcoin cash hard fork is proving far more destabilising than initially thought as numerous competing factions muddy the landscape", Oanda Corp's head of trading for Asia-Pacific, Mr Stephen Innes, said in a note. Mining blocks 32MB and beyond is important for Bitcoin Cash, as it shows that professional mining efforts are more advanced than others and that the network is capable of routinely mining larger blocks. However, daily trading volume has plummeted significantly.

At the time of writing, Bitcoin was down 2.62% to $5,511.2, with Bitcoin joining the broader market in a mass sell-off that led Bitcoin down from a start of a day morning high $5,659.5 to a morning low $5,496.5 before steadying.

As usual, when Bitcoin fell all the major alt-coins followed suit. The chart below, created and shared by Mahmudov, highlights the fact that BTC is in the midst of a long-term descending triangle, a bearish trend for those not in the know.

"While most are blaming the Bitcoin cash "hard fork" as a key player behind Bitcoin's weakness, technicals could have played a role". Bitcoin Cash's official website is www.bitcoincash.org.

This fraction wants to change the present structure of BCH to restore the original protocol of Satoshi.

Ethereum is now the leading platform for initial coin offerings, as the network allows start-ups to create their own tokens based on Ethereum's ERC-20 standard. The electricity costs involved grow as a result.

No end in sight for crypto sell-off as Bitcoin approaches $4,000
The crypto market's value fell by 15% in an hour

At least some of it has been attributed to a battle for control of a smaller crypto operator called bitcoin cash. For those who want to buy the dip in the hopes of a major market rebound, today may be a good time to do so regardless.

The SEC announcement, coupled with bitcoins precipitous decline, sent shockwaves through the crypto world, driving down the value of nearly every alternative coin, including Ethereum, Bitcoin Cash, Litecoin, and Ripple. However, Bitcoin.com announced that if its users that if they don't like Bitcoin ABC mining, they can chosse a different mining pool for the time being.

The situation is known in crypto circles as a hard fork.

Craig Wright, one of those profound figures that presents himself as one of the more vocal individuals on twitter remained relatively quiet and concise with his statements as the fork was taking place.

The figures seem meant to provide a minimum gain/maximum loss worst case scenario, but they do illustrate an important and perhaps disheartening fact of the ongoing "hash war": there are definitive losers. As such, the value per BCH has dropped to just under $205, although it could go well below $200 in a few hours from now.

Bitcoin falls below $5,000 for first time since Oct 2017