"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.
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.
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.
- 12 killed as ex-Marine storms California bar on 'college night'
- Malibu fire rages through coastal homes
- Cristiano Ronaldo set to marry Georgina Rodriguez
- Oil price drops amid fears over demand
- Plotters don’t have enough support yet, defiant Theresa May says
- American Comic-Book Icon Stan Lee Dies At 95
- Carmelo Anthony's time with Rockets comes to end 13 games into season
- Rohingya crisis besieges Suu Kyi at Singapore summit
- I’m Fulfilling A Dream Playing For Manchester United - Paul Pogba
- Theresa May still has time to 'improve Brexit deal'