- Bitcoin SV retreats to the 6thposition as Tether (USDT) claims the 5th position.
- United American Corporation is suing Bitmain, Bitcoin.com, Roger Ver as well as Kraken for malpractices in the BCH network.
Bitcoin SV, one of the original Bitcoin Cash chain off springs surged more than 30% following the negative publicity surrounding Bitmain and the leader of Bitcoin Cash (BCH) Roger Ver. The asset increased significantly in terms of both its price and market capitalization briefly sitting in the 5thposition. Bitcoin Cash has been displaced into the 7th position. However, BSV has retreated a step back into the 6th position giving way for Tether (USDT) to become the 5thlargest asset in the market.
Cointelegraph reported on December 7th that an American based company, UnitedCorp also known as United American Corporation is suing Bitmain, Bitcoin.com, Roger Ver as well as Kraken. The news of the case filing was released via a press released send to leading news outlets and states that the accused parties had planes for a hostile takeover of the Bitcoin Cash (BCH) network.
The case was filed in a United States District Court located in the United District of Florida. The defendants have been accused of employing uncouth methods that were leading to the manipulation of the Bitcoin Cash network. The filled case explains that the parties were doing so in order to benefit directly at the expense of UnitedCorp and other Bitcoin Cash Stakeholders. The press release states that:
“UnitedCorp believes that the defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018 scheduled software update with the intent of centralizing the network — all in violation of the accepted standards and protocols associated with Bitcoin since its inception.”
Bitcoin Cash network went through a gruesome hard fork that saw the community split into two camps with the chain also splitting into Bitcoin SV and Bitcoin ABC (BCH). The filed case further states that the above mentioned defendants resulted to “renting hashing” power in order to control the network moments following the upgrade. The situation meant that the community had to accept Bitcoin ABC rules and guidelines as opposed to the democratic rules that had been set.
The law suit wants an injunctive relief ruled against the named defendants. In addition, the defendants must stop the malpractices in the network not only at moment but also in the future. The company is also asking for compensation, the value of which would be set at the trial phase of the case.
Bitcoin Cash’s hashrate comes close to being controlled by one mining pool
While Bitcoin Cash may have fended off the hacker who exploited a bug during the upgrade process, BCH is once again in the news, this time because it’s hash rate is dangerously close to being controlled by one mining pool.
According to a Reddit post, Bitcoin Cash’s hash rate came very close to being dominated by one mining pool, BTC.top. At the time the post appeared on Reddit, BTC.top controlled 53.47% of the hashrate.
Given that the mining pool controlled the majority of the hashrate, it would have given BTC.yop the power to double spend all Bitcoin Cash, halt transactions as well as successfully launch a 51% attack against the network.
However, at the time of writing, BTC.top’s control has been steadily decreasing, currently at 40.28%, still making up a bigger portion than any other mining pool. Worrying considering the decentralized nature inherent with cryptocurrencies.
As AMBCrypto reports, this isn’t the first time BTC.top has dominated BCH’s hashrate. On January 3, 2019, the same mining pool controlled 50.2% of the total hashrate for Bitcoin Cash. Additionally, the China-based private entity mined about seven consecutive blocks earlier today, presenting a major problem of BTC.top decided to use that hashrate.
Bitcoin Cash leads altcoin pump, up 11%; Is altseason still on the cards?
Sometimes a correlation to Bitcoin isn’t an entirely bad thing, and altcoins are proving this today. One such heavily correlated alt – Bitcoin cash (BCH) – is determinedly leading the entire market with an impressive 13% gain. So, is altseason still on the cards?
Bitcoin (BTC) is still revealing in its overnight gains, only just dipping its head below $8k, currently ebbing around that level at a price of $7945, still up +9.43% in 24 hours.
The rest of the top ten is also citing some impressive gains today with increases of more than 6% (almost) across the board:
Cryptocurrency market overview provided by Tradingview
Meanwhile head and shoulders above the rest, BCH is proving that strong correlation with Bitcoin by posting at 11.70 % increase on the 24-hour charts.
BCH/USD Chart provided by Tradingview
What’s next for altcoins?
One analyst, known as Crypto Michael suggested that Bitcoin needs to stabilize or find a floor before altcoins can pump effectively:
The better $BTC stabilizes / find a floor, the harder altcoins will pump.
— Crypto Michaël (@CryptoMichNL) May 19, 2019
Another crypto personality known as Satoshi Flipper, seemed to agree, suggesting that BTC “finding a range” will allow Altcoins to increase; adding that a true altseason could be discovered in June:
Full on degen #altseason still on track for June.
Next few weeks, as $BTC finds a range, we'll continue to see the popular alts bounce back 1st.
In June, ALL alts across the board will bounce back hard.
More disbelief on its way 😉
— Satoshi Flipper (@SatoshiFlipper) May 19, 2019
Similarly, a trader known as The Cryptomist posited that as long as Bitcoin’s current position within a bull pennant holds, alts could fly as a result of Bitcoin’s continued sideways movement.
Flagged form on 4hr timeframe
I expect this to be broken by the end of the month, so approx 29th May
Support low as 7.2, resistance high as 8080 regions.
If btc stays within this pennant until the end of the month, then I expect ……
ALTS TO MAKE A RUN! 😊 pic.twitter.com/sSydnkzgim
— The Cryptomist (@TheCryptomist) May 19, 2019
Looking at the father of altcoins, The Cryptomist also suggests that Ethereum (ETH) is showing signs of a similar bullish formation. Relaying that ETH could be looking at a breakout which may prompt the wider altcoin arena to do the same.
Bitcoin Cash [BCH]: First multisig transaction on BCH network is a donation to Free Ross Ulbricht campaign
Free Ross Ulbricht campaign gained significant momentum lately, owing to the sheer number of crypto luminaries coming out in support of the Silk Road creator. The collective crypto community, including prominent faces like the Bitcoin.com CEO and BCH coin proponent Roger Ver, criticized the draconian double life plus 40 years sentence to Ulbricht.
At press time, 166,288 individuals had signed the petition which sought justice for the former website developer. According to the campaign website, Ulbricht has served 2,056 days in prison till date.
In a recent development, the first-ever multisig transaction executed was a donation to the campaign to free Ulbricht. The three signers of the multi-signature on the Bitcoin Cash network were reportedly made by three individuals – Mark Lundebrug, Chris Pacia, and a Twitter user checksum0.
A total sum of $35.97 was donated to the convicted Silk Road founder’s campaign. One of the users who executed the transaction tweeted,
— checksum0 (@checksum0) May 19, 2019
The high profile multisig feature was reportedly implemented by Bitcoin Cash network on May 15. The digital signature scheme had been patented by its creator Claus Schnorr till 2008. The foremost privacy update, Schnorr signatures aim to minimize tracing and tracking cryptocurrency movements and dealings.