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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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…