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Post-fork situation: Bitcoin Cash Still Losing Value

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Bitcoin Cash
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Following the November 15th hard fork of Bitcoin Cash (BCH), the fourth largest digital currency by market cap, the crypto market entered a new period of recovery. However, this does not include Bitcoin Cash itself, which is currently the only coin in the top 10 that is trading in the red.

While almost every crypto in the top 100 experienced significant losses in the last several days, the situation has turned once again. Many see this as proof that the drop was a one-time incident and not the return of a bearish trend. At the time of writing, only a handful of altcoins in the top 100 are trading in the red. Bitcoin Cash itself is leading this downward trend and is still losing value, with its current price being at $405.89, with a 7% drop in the last 24 hours.

It has a trading volume of $736 million, with over $116 million being traded on OKEx. Apart from OKEx, a large part of BCH trading volume is held by Coinbit — around $73.9 million.

The cause of a price drop

As stated previously, the drop in value came as a result of a hard fork which was expected for a long time. However, the situation became complex due to the fact that two parts of the BCH community — Bitcoin ABC and nChain — had different ideas of how BCH should continue its development. As a result, the upgrade to BCH blockchain on November 15th resulted in BCH splitting into two chains.

One of them was named Bitcoin Cash ABC, while the other one is Bitcoin Cash SV. The team at Bitcoin ABC is led by the CEO of Bitcoin.com, Roger Ver, as well as Bitmain’s Jihan Wu. As for the nChain’s team, it is led by Calvin Ayre and Craig Wright, who aim to make Bitcoin SV (Satoshi’s Vision) a reality.

Prior to the fork, Roger Ver stated that the event will likely be more of a show and less of a real problem. He was quite vocal about the fork, and BCH in general, for a long time. He even stated that most arguments regarding the network come down to operation aspects, instead of fundamental differences. Everyone involved agrees that BCH should remain the world’s currency and that it should be used for payments, purchases, and alike.

It is currently unknown when will BCH stabilize, and whether it will regain its previous value. Many even speculate whether or not it will manage to remain the fourth largest coin. For now, experts, analysts, and the crypto community itself are following the situation and awaiting further development.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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