Connect with us

Bitcoin Cash

Why Bitcoin Cash [BCH] broke $1800 – Propaganda or Hard Fork?



Over the past couple of weeks, Bitcoin Cash [BCH] has been in the spotlight with stories like Roger Ver’s lawsuit which eventually was withdrawn for lack of funds by the group, London Block Exchange accepting BCH & ETC and getting delisted from

Bitcoin Cash [BCH] at 01:00 UTC was trading at $1823 to a token with an 18% spike in the past 24 hours. BCH has shown a massive 180% growth compared to its price from last month when it was trading at $642. Although trading volumes have increased for all the coins in the top 10, BCH has witnessed a 740% growth in the trading volumes.

Bitcoin Cash breaks $1800

Bitcoin Cash breaks $1800

According to many from the community, the recent spike in prices is in tandem with the trend of prices hiking just before a fork. The upcoming Hard Fork on May 15th is called Bitcoin ABC and would result in a block size at 32 MB. Bitcoin [BTC] currently has a 1 MB block size which processes ~7 transactions per second and BCH currently has an 8 MB block size.

A recent tweet by the Twitter handle – Bitcoin stirred up a controversy when they said that Bitcoin Cash was “the oldest” cryptocurrency“I owned $BTC way before $BCH came on the scene. What utter rubbish. @Bitcoin your desperation is so evident and all-encompasing that no-one can view Bitcoin Cash with an ounce of credibility irrespective of how good the technology might have been”

Keifus V, another Twitter user said,“I’m also a relatively new user (Sept ’17) and this sort of childish and blatantly deceptive propoganda is precisely what deterred me from BCH.”

Michael Novogratz, CEO of Galaxy Digital also took a swipe at the tweet saying,“Enough already. Bitcoin core is BTC. It is a store of value. It is digital gold. It’s market cap dwarfs bitcoin cash. If you want to be a payments currency by definition you need to have stable value. So why own it. ??”

Rahul Sood, founder of Unikrn said,“Wow. You guys are horrible. Your marketing is divisive and dishonest.”

Many from the BCH community argue that Bitcoin Cash [BCH] is better because of its 8 MB block which means it an on-chain scaling solution, unlike Bitcoin’s Lightning Network which would run outside BTC’s blockchain.

Many against “BCH” also say that even if BCH in itself is good, they believe Roger Ver’s attempt at “slandering BTC” and’s attempt at misleading people is what push people away from Bitcoin Cash [BCH].

Bitcoin Cash

Bitcoin Cash not capable of attracting investors for now: Report



Recently, Falcon Private Bank published the latest edition of the Falcon Crypto Monthly report, a publication that addressed Bitcoin and altcoin market movements over the last month and derived insights through technical analysis of the data.

According to the report, the cryptocurrency market failed to consolidate above important support levels in November, trading just below a $200 billion market cap. Bitcoin‘s dominance fell to 66.7% last month, with over $40 billion being erased from the overall market capitalization, according to CoinMarketCap.

The report also noted how a majority of the top 20 cryptocurrencies fell by 20% on average in November, with BCH losing 23% and XRP losing 23.6% of their values. Ethereum was shown to have been unable to stay above the $160 support, despite positive news stemming from the highly anticipated Istanbul hard fork.

“Although the ETH price did not react as much as investors would have wanted, Ethereum is on track

to achieve technologically, what they have planned.”

Having traded above the $0.30 mark in early November, the report pointed out how XRP had touched a new yearly low at $0.207 towards the end of the month, despite Ripple announcing its increase of equity stake in MoneyGram International. Bitcoin Cash was also shown to have followed in the same footsteps as its brethren, having gone through a steady price decline, while eventually finding support above the $200 mark. Despite a successful network protocol upgrade in November, price action around the event was reportedly muted, highlighting that BCH was “apparently not capable [of attracting] more investors for the time being.”

The Falcon report also spoke about how the last quarter of 2019 had been disappointing for cryptocurrency investors, with the total market cap losing 50% compared to 2019’s high which was recorded to be $386 billion. According to the report, the total market cap found some support above the $195 billion mark, going on to predict that it in a worst-case scenario, it will only drop to as low $180 billion.

Subsequently, the report mentioned that the market had experienced a steady decline and loss of interest from investors since July, with cryptocurrencies in 2019 showing less volatility than in previous years. Further, Falcon recommended investors stay cautious as the year-end approaches due to higher volatility and reduced liquidity trends that tend to happen around this time of year. These trends, by themselves, could trigger unpredictable movements, the report added.

News Source

Continue Reading

Bitcoin Cash

Bitcoin Cash Technical Analysis: BCH/USD sitting on critical weekly support a breach is eyed



  • Bitcoin Cash price is trading in the green, with gains of 2.10% in the second half of the session.
  • BCH/USD is sitting on critical weekly support at $208, ahead of of psychological $200 mark. 
  • Price action is moving within consolidation mode, vulnerable to further downside risks. 

BCH/USD weekly chart

The price is running at its second consecutive week in the red, trading just above vital support at $208. 

BCH/USD daily chart

Daily trading conditions remain very much narrow, which has been the case since 23 November. An explosive breakout does appear to be imminent. 

Spot rate:                 211.11

Relative change:      +2.10%

High:                          209.10



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source: fxstreet

Continue Reading

Bitcoin Cash

Bakkt’s BTC Monthly Options record execution of first block trade



Bakkt has come a long way since its launch on 23 September.

After stuttering initially with low trade volumes, with the exchange recording trades of only 71 BTC on the first day, Bakkt has taken major strides in the market over the past few months.

According to a press release released by Intercontinental Exchange or ICE, Bakkt’s parent company, the first block trade of Bakkt’s BTC Monthly Options that was submitted to ICE Futures U.S has been executed.

The block trade was carried out between Mike Novogratz’s Galaxy Digital Trading and XBTO, an asset management firm.

With this announcement, Bakkt has managed to stay one step ahead of its direct competitor, CME Group. However, the CME Group has its own plans to launch its option contracts early next year on 13 January 2020.

Bakkt’s BTC Monthly Options are also the first CFTC-regulated options on Futures contracts for Bitcoin, and is a development which highlights

the improving institutional involvement in the world’s largest digital asset.

Trabue Bland, President of ICE Futures U.S, stated,

“Based on our benchmark physically delivered bitcoin futures, these options contracts offer our customers a capital-efficient new tool for trading and for managing volatility, price risk, and income generation.”

Josh Lim, Head of Trading Strategy at Galaxy Digital Trading, suggested that the deployment of centrally-cleared Bitcoin options laid the path for a better institutional market, one that would be ingrained with a deeper level of liquidity.

The latest development came on the back of another instrumental announcement as last week, it was reported that Bakkt completed over 1,000 cash-settled Futures contracts in Asia following its launch on 9 December in Singapore.

Two weeks prior, Bakkt reached significant levels in terms of volume after it was reported that the exchange recorded an estimated $38.74 million in trading volume, a figure which was equivalent to almost 5,100 BTC.

News Source

Continue Reading