Bitcoin Cash [BCH] Breaks Above $300; Leads Bitcoin in Adoption of Schnorr Update

Bitcoin Cash [Cash] broke above $300 early on 4th May leading the market gains as most cryptocurrencies traded in the green. It recorded a rise of over 13% on a daily scale before a swift correction below $300 was observed.
BCH/USD 1-Day Chart on Coinbase (TradingView)
The price of Bitcoin Cash [BCH] at 4: 20 hours on 4th May is $293. It is trading 7.6% higher on a daily scale. Moreover, while the market is presumably in a bull-run, the additional rise on Bitcoin Cash [BCH] over the other altcoins might be related to the impending update for 15th May.
Also read: Crypto-Market Update: Bitcoin [BTC] Nears $100 Billion Mcap As Alts ETH, XRP, and BCH Feel Pressure
Bitcoin Cash [BCH] Races Bitcoin [BTC] To Schnorr Upgrade
Bitcoin Cash [BCH] community have unanimously voted for the next hard fork on Bitcoin Cash [BCH] which will implement the Schnorr Update. Until now, the signature scheme used in Bitcoin [BTC] and subsequently Bitcoin Cash [BCH] is the Elliptic Curve Digital Signature Algorithm (ECDSA). However, the Schnorr protocol would essentially reduce the memory space each transaction signature requires.
“In layman’s terms, that means that the software is able to verify several signatures at once, for instance eight, in a way that is faster than verifying one signature eight times,” leading bitcoin cash developer Amaury Sechet told the media.
Furthermore, Bitcoin Core developers have also planned on including the protocol in Bitcoin as well as it would improve scalability. Nevertheless, Schnorr designs were patented for a long time which prohibited the devs from early adoption. As the patent conditions were lifted recently, Bitcoin Cash [BCH] devs jumped on the opportunity and beat Bitcoin [BTC] to it.
Reportedly, Vitalik Buterin, the co-founder of Ethereum also noted in an interview:
“they’re (BCH community) getting Schnorr signatures ahead of Bitcoin. They have a lot of real technical talent in there and it’s getting interesting.”
Bitcoin Cash [BCH] and Litecoin [LTC] are the two currently efficient blockchains to execute payments. Their market capitalizations are also very close as LTC is ranked just below BCH w.r.t to total market capitalization. The total Mcap of BCH at $300 is near $5.25 billion, while the total Mcap of Litecoin at $80 is around $5 billion.
Do you think Bitcoin Cash [BCH] will lead as the cryptocurrency for payments? Please share your views with us.
The post Bitcoin Cash [BCH] Breaks Above $300; Leads Bitcoin in Adoption of Schnorr Update appeared first on Coingape.
Source: CoinGape

Crypto Market Wrap: Ethereum Classic Pumps 25% as Hard Fork Proposal Proceeds

Crypto markets still moving up; Litecoin, Bitcoin Cash and Ethereum Classic leading the way.
Market Wrap
The momentum has continued throughout the weekend and crypto markets remain buoyant this Sunday. More movement from Bitcoin has pushed total market capitalization up towards $180 billion which is the highest it has been since November.
Bitcoin is up again as it reached a high of $5,200 before a slight pullback. The 2.5% gain on the day has taken BTC prices to $5,150 as volume builds back up and market cap reaches $90 billion. Since last weekend Bitcoin has gained a staggering 25% and optimism has returned for now.
Ethereum has had a minor run on the tails of its big brother and another 2% has taken ETH price to $168. Ethereum faces strong resistance over $170 but a break could send it all the way up to $200. XRP has pulled back from its rally at the end of the week and is back at $0.36 as the gap to ETH widens to over $2 billion in market cap.
The top ten is all in the green during today’s Asian trading session. Litecoin is leading the pack as it jumps 8.5% on the day to reach $95. Three figure LTC is not far away now and this altcoin has been one of the year’s top performers so far over doubling in price. Bitcoin Cash is also doing well at the moment with a gain of 8% taking it to $312. These two again are the clear leaders as the rest add a percent or two.
The top twenty’s big pump is Ethereum Classic which has surged 25% to just below $7. Volume has over doubled from $350 to $800 million. A proposed hard fork called Atlantis as specified in ECIP-1054 may be driving momentum for ETC.

Around a dozen #EthereumClassic contributors, developers, pool & node operators joined today's preliminary meeting covering ECIP-1054 Atlantis, even EF's @virgilgr joined the chat.
Re-Watch ECIP-1054 Community Meeting—Atlantis & #SpuriousDragon Upgrades
— Ethereum Classic (@eth_classic) April 5, 2019

The rest of the altcoins in the section are currently mixed with minor gains or losses today.
FOMO: Ethereum Classic Crushing it
ETC is the top performing altcoin in the top one hundred today. It has reached a new high for 2019 and is heading back towards price levels before November’s big dump. Ravencoin is back pumping again as it gets a 17% surge on the day as the fomo sends RVN to a new all-time high of $0.072 or 1400 satoshis. Augur is also getting a big move of 13% at the moment.
Getting dumped is Maximine Coin following a previous pump as usual. MXM has dropped 12% on the day. IOST and Aurora are also both dumping with 8% shed at the time of writing.
Total market cap 24 hours.
Total crypto market capitalization has reached $180 billion, up $5 billion from this time yesterday. Daily volume is still high at $60 billion and momentum has seen most altcoins lifted to their highest prices for 2019. The trend at the moment is bullish but it remains to be seen if this action can be sustained for the longer term.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
The post Crypto Market Wrap: Ethereum Classic Pumps 25% as Hard Fork Proposal Proceeds appeared first on NewsBTC.
Source: New

TRON Hits Hard Fork Announcement – Aims To Upgrade 4 New Features

Announced recently by TRON founder Justin Sun, the Ninth largest cryptocurrencies, TRX will undergo hard fork on Feb 28, 2019. The hard fork will likely bring numerous new features to TRON’s blockchain platform.
However, the announcement goes as follows;

#TRON will launch 3.5 hard fork upgrade on 2/28. New Features: 1. multi-sig and acct mng, institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better VM safety, events server for Dapps. Go! #TRX $TRX
— Justin Sun (@justinsuntron) February 24, 2019

Per the Sun’s tweet, TRON’s 3.5 hard forks will bring features like;

Institution-ready multi-sig addresses.
Dynamic energy adjustments to real-time network performance
50% performance improvement from the current state
Better virtual machine safety and events server for decentralized applications (dApps).

TRX is on the constant urge to race ahead than other cryptocurrencies. While it loses 10.93 percent of its value today – it’s quite interesting to watch out ‘how the new bulletins’ on hard fork will influence its market cap. In particular, the press time records TRX with average trading volume $1,593,410,608, valued for $0.023896 as on Feb 25, 2019.
Chart source: Coinmarketcap
However Sun announced hard fork on Feb 23, he elaborates its purpose and needs yesterday, on Feb 24, 2019. Particularly, the latest tweet of Sun revealed that TRON platform has received ‘rising demand’ from institutional investors such as hedge funds, financial institution, mainstream investors. He further revealed that they are all set to partner with BitGo cryptocurrency exchange.

Multi-sig, acct mng and custody are three major requirements from institution. Recently we have received numerous demands from hedge funds, mainstream investors and financial institution. With 3.5 upgrade and the partnership with @BitGo, #TRON is ready! #TRX $TRX
— Justin Sun (@justinsuntron) February 24, 2019

To make clear ‘Muti Signature upgrade concerning the blockchain network with multiple authorizations to validate transactions – with this, TRON (TRX) would be one step ahead than Bitcoin cryptocurrency. The second potential feature ‘Dynamic energy’ would help TRON network enhance energy efficiency and quickly streamline the energy consumption. The third issue it focuses on is performance – and it is expected to upgrade 50 %, means that the upgrade would let TRON outperform even better than what it has achieved at present. Further, the final point aims at providing ‘custom built blockchain system’ by creating the virtual machine on its ecosystem.
What’s your stake on this? share your opinion with us. 
The post TRON Hits Hard Fork Announcement – Aims To Upgrade 4 New Features appeared first on Coingape.
Source: CoinGape

How Will This Week’s Tron Hard Fork Affect TRX Prices?

The big anticipation this week is for Ethereum’s Constantinople hard fork but Tron will also be forking before month end. Traditionally hard forks and network upgrades are bullish for crypto assets but in light of the recent massive market dump the effect on prices may be harder to ascertain this time.
Tron to Fork on Feb 28
Project founder Justin Sun made the announcement a few hours ago via twitter. In it he stated that there will be four primary upgrades and new features;

#TRON will launch 3.5 hard fork upgrade on 2/28. New Features: 1. multi-sig and acct mng, institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better VM safety, events server for Dapps. Go! #TRX $TRX
— Justin Sun (@justinsuntron) February 24, 2019

The multi signature and account management upgrade provides more security for blockchain transactions. According to Sun it is one of the things needed for institutional involvement and the collaboration with BitGO will make Tron institution ready;
“Multi-sig, acct mng and custody are three major requirements from institution. Recently we have received numerous demands from hedge funds, mainstream investors and financial institution. With 3.5 upgrade and the partnership with @BitGo, #TRON is ready! “
The second upgrade is a dynamic energy management system designed to improve blockchain efficiency. Energy consumption is a big concern for the heavyweights such as Bitcoin and Tron recognizes that it needs to address this issue to streamline network performance and energy management.
Performance is the third issue to be improved with a claimed 50% upgrade for the network. Tron so far has outperformed its rival Ethereum in terms of transaction speeds and this boost will make it even better though there were no specifics on how this would be achieved.
The Tron Virtual Machine gets the fourth upgrade with a number of security enhancements and improvements for dApp developers. An event server for dApps will also be launched as part of the Odyssey 3.5 network upgrade.
Tron Prices
TRX Market Reaction
Currently crypto markets are still licking their wounds from the epic $17 billion dump that occurred yesterday. No crypto asset has escaped the purge but some have fared better than others. The majority of cryptos, including Tron rivals Ethereum and EOS, have dumped double figures. ETH shedding 14% and EOS getting smashed 15%.
Tron has only lost just over 5% in the recent slide as it fell back to $0.024. Against Bitcoin it has actually climbed 4.2% to 650 satoshis. TRX volume as surged from $160 million to $350 million and it has actually started to recover at the time of writing, up 7.4% from its daily low a few hours ago.
A flippening is imminent and Tron is now only $10 million or so away from Stellar in eighth place in terms of market cap. TRX currently has $1.63 billion market cap and is likely to climb the charts again this week.
Over the past week TRX has remained stable despite the huge market wide pump and dump. In 2019 it has been one of the top performing altcoins with a gain of 30% since January first. This week’s hard fork and network upgrade is likely to push prices even higher for TRX.
Image from Shutterstock
The post How Will This Week’s Tron Hard Fork Affect TRX Prices? appeared first on NewsBTC.
Source: New

Ethereum [ETH] Constantinople hard fork scheduled to take place in ten days

Ethereum [ETH], the second largest cryptocurrency by market cap and leading smart contract platform, rose to claim the throne of the biggest gainer earlier today. Additionally, most of the coins in the market seem to have gained their momentum from the second largest cryptocurrency in the market.
According to CoinMarketCap, at press time, ETH was trading at $139.24 with a market cap of $14.6 billion. The coin showed a trading volume of $4.84 billion and recorded a rise of over 14% in the past seven days.
More so, ETH is also making strides in terms of development. The project is currently focused on its upcoming upgrade, Constantinople, which is also one of the most awaited hard forks of the year. This hard fork is the second phase of Metropolis – The upcoming phase, the third stage of Ethereum. The first two stages of Ethereum were Frontier and Homestead, and the next stage after Metropolis is Serenity, the stage that introduces Proof-of-Stake [Beacon and Casper] and Plasma on Ethereum.
Constantinople hard fork was initially set to take place towards the end of 2018. However, due to issues that were discovered in the Rinkeby Testnet, the hard fork was pushed ahead to take place in the month of January 2019. The block that was supposed to upgrade the entire network was #7080000, but this was cancelled on the eve of the scheduled date.
This time, one of the bug bounty teams of Ethereum, ChainSecurity discovered that one of the Ethereum Improvement Protocols’ [EIP] would make some smart contracts vulnerable to Reentrancy attacks after the hard fork occurs, resulting in the key stakeholders of Ethereum deciding that the best solution would be to delay the fork again.
In order to solve this problem, Ethereum developers came to a consensus that there would be two forks that would be taking place on the same block, Constantinople and Petersburg. The first fork would implement all the five Ethereum Improvement Protocols and the second fork would disable the protocol that enables Reentrancy attacks or allows them to downgrade.
According to the recent announcement, the hard fork is estimated to take place on 28 February, 2019, ten days from now. The fork will occur on block #7,280,000 around 6:07:41 PM UTC. The data presented by Amerdata shows that at press time, there are around 43,950 blocks remaining before the fork takes place.
The post Ethereum [ETH] Constantinople hard fork scheduled to take place in ten days appeared first on AMBCrypto.
Source: AMB Crypto

What Has Caused Ethereum to Surge and How Far Will it Go?

Crypto markets have started the week on a positive note with a $5 billion rally that has resulted in most tokens posting solid gains. The top performer at the moment however is Ethereum has it surges 12% and increases its lead over XRP in third.
Ethereum Beating Bitcoin on Recovery
Currently outperforming every crypto asset in the top 25, Ethereum has pumped 12% over the past few hours to take it to $138. Conversely XRP has not enjoyed much attention in this current rally so the market cap gap between the two of them has now widened to almost $2 billion.

Daily trade volume for Ethereum has also jumped from $2.8 billion to $4.7 billion after spending the past week hovering just above $120. Since its low for 2019 on February 6 of $103 Ethereum has made 34%. Bitcoin in the same period has only managed to gain 10% to its current levels.
Ethereum momentum is likely to be driven by the approaching Constantinople hard fork which introduces a number of network improvements. The estimated date now is March 1 according to this countdown timer to block 7280000. There will be two events taking place, Constantinople introducing several Ethereum Improvement Proposals, and Petersberg to remove one buggy EIP.
Some have speculated that the hard fork is actually bearish for Ether as postponing the difficulty bomb will result in a diminished supply reduction. The block reward adjustment buys a little more time until Proof of Stake is implemented with the Casper upgrade. At the moment though ETH is getting a solid boost as it heads towards $150.
Ethereum Futures Revisited
ErisX boss, Thomas Chippas, has recently revived interest in long awaited Ethereum futures by filing a letter to the US Commodity Futures Trading Commission (CFTC) outlining their importance for market health. The company, a designated contract market and pending derivatives clearing organization, has close ties to fintech industry giants such as Nasdaq, ConsenSys and TD Ameritrade and has largely been seen as a rival to Bakkt.
“ErisX believes that the introduction of a regulated futures contract on Ether would have a positive impact on the growth and maturation of the market for Ether, as well as the Ethereum Network more broadly,” the letter stated.
Chippas added that the CFTC has previously approved of Bitcoin related products and Ethereum is built upon some of the architectural principles of Bitcoin to extend its functionality. The letter continues to laud the benefits of Ethereum and how a regulated investment vehicle based upon it would ‘promote responsible innovation and development in the derivatives market.’
Ethereum is showing the love today at least as it outperforms the top twenty five crypto assets by a clear margin.
Image from Shutterstock
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Source: New

Another Hard Fork Coming for Monero [XMR]? Analysis says ASIC Dominates Monero Hashrate

According to the latest analysis, Monero, the privacy-focused cryptocurrency which is known for using ring signatures to obfuscate the actual sender of a transaction is dominated by ASICs, and if it is indeed correct, Monero community would have to make a decision, once more.
In the analysis performed by MoneroCrusher, a pseudo-anonymous user suggests that 85 percent of the Monero network is mined through ASICs. The author notes that nonce distribution due to some reason was not chosen in a random fashion as it should be, a random number between 0 and 2^32.

“Once the April fork kicked in you can instantly see the hashrate dropping dramatically and the thick white stripes gone instantaneously. Thus we can conclude that the thick white stripes were nonces picked by pre-fork specialized hardware or in simpler terms: ASICs.”
Now, the author says on the basis of the analysis, the ASICs did not choose nones randomly rather intentionally tried to conceal them by selecting the pattern that existed before ASIC. But with ASICs dominating the Monero mining, it became obvious that a large number of blocks were producing a distinct pattern.
ASIC Manufacturers Got Smart
Back in April, last year, Monero had a hard fork and implemented a new algorithm to prevent ASIC domination. At that time, the hashrate dropped dramatically and ASIC domination could be seen but within a few days the hashrate went up again to about 480 Megahashes per second.
Moving to June, the author says, specialized hardware came online again that was barely noticeable.
“There’s a “wall” of suddenly increased randomness, meaning that the ASIC manufacturers had learned from past mistakes and implemented random nonce picking. The thing is that in its decentralized, “natural” state, the nonce picking in the Monero network isn’t that random.”
As ASICs became more dominated as evident from the “over-randomness” and GPU miners left for more profitable networks.
In December, there has been a sudden increase of nonces in the sub 1.342*10⁹ area while other areas decreased dramatically meaning small mining operations get shut off, “while all the network hashrate centralizes in the hands of the ASIC owner(s).”
“At the time of writing the network hashrate has increased to 810 Mh/s or 255% since the first signs of the ASICs at the end of December 2018, or approximately 40 days ago.”
The author concludes that “the current network hashrate likely consists of 85.2% ASICs (5400 ASIC machines) and some die-hard GPU miners and botnets.”
Although Monero is determined to remain ASIC resistant, many in the crypto space say the fight against ASIC miners won’t last long. ASIC may be inevitable and if they do have the 85 percent of the network hash rate, Monero community has to decide, if it will yet again go for the hard fork route.
The post Another Hard Fork Coming for Monero [XMR]? Analysis says ASIC Dominates Monero Hashrate appeared first on Coingape.
Source: CoinGape

Major Fancy Watch Dealer in Japan to Start Accepting BCH

Bitcoin Cash (BCH) may be seeing a new wave of adoption in 2019 with other cryptocurrencies. Roger Ver the cryptocurrency founder stated in a tweet today that a major store that specializes in fancy watches will soon start accepting BCH for payment.
“One of the biggest and fanciest watch shops in all of Japan wants to start accepting Bitcoin Cash for their watches.  Send the owner a tip to show your support! Qpxpvte6zxefw2dxsmrxlctkrz9vylz7autulfar8j”
BCH has seen significant acceptance
Although Roger Ver and his BCH has been fought by Bitcoin supporters, the cryptocurrency has seen quite a lot of acceptance as payment for goods and services. Currently, there are over 900 retailers worldwide who accept BCH as payment. That is a significant number considering that BCH isn’t very popular.
This adoption is for no other reason than the fact that BCH enables microtransactions with low fees which Bitcoin cannot claim right now. Holders of the asset can, therefore, use it to pay for not so expensive items without worrying about the cost of transaction as it is negligible.
Japan, a good choice
Ver must have thought thing through before partnering with the Japanse to use his token. Japan is so far one of the fastest growing economies in terms of cryptocurrency and is potentially the first major cryptocurrency market in the world. This makes the future of BCH a bright one as long as the Japanese are involved.
Other cryptocurrencies are not left behind in Japan. Going back a little, Ripple payment services have been adopted significantly in Japan by different sectors. One of the companies is Consortium Bank which adopted the Ripple payment App. it launched the app in October 2018. This is just one of the several adopters in the country.
Bitcoin is also not left behind as major electronics companies accept Bitcoin and some companies have offered to pay their employees in Bitcoin. This is a level of adoption that is uncommon although Japan is not the most advanced of countries in terms of blockchain technology. There is, therefore, no better place to promote adoption of cryptocurrencies than Japan. At last hopefully, BCH price may see a boost after the hard fork in November last year.
The post Major Fancy Watch Dealer in Japan to Start Accepting BCH appeared first on Coingape.
Source: CoinGape

Ethereum: Analysts Believe Upcoming Constantinople Fork Will be Bullish Despite Delay

Although Ethereum is currently seeing a price drop due to its highly-anticipated Constantinople hard fork being delayed, it will still likely prove to be a positive event for the cryptocurrency’s price once the security flaws are smoothed out and it is implemented. Investors will not know until Friday when the new scheduled date for the hard fork is.
The term “hard fork” is typically seen as being a negative event for cryptocurrencies, and this is in part due to previous forks that have badly burned investors, like the recent Bitcoin Cash hard fork that split the community and led the cryptocurrency’s price to plunge.
Despite this, prominent analysts seem to agree that Constantinople may have bullish implications for Ethereum in the long run, mainly due to its network improvements and its supply reducing upgrade that will reduce the new supply of ETH by 33%.
Ethereum Hard Fork Unlikely to Burn Investors Long-Term
One of the greatest risks posed by hard forks is when they split the cryptocurrency into two versions. This can greatly impact the crypto’s price action, and it can split the community while driving fearful investors out of their positions. It is important to note that this is not the case with the upcoming Constantinople fork, which will not be splitting ETH and should offer some great benefits to the network.
Mati Greenspan, the senior market analyst at eToro, discussed the contentions hard forks can cause in a recent email, saying:
“Sometimes, when there is a disagreement among the community about the upgrade, some members will choose to keep the old version of the blockchain alive and we see a split. The most famous cases of this was when Bitcoin Cash split off of Bitcoin on August 1st 2017 and when Ethereum split with Ethereum Classic back in 2016,” he explained.
Ethereum core developer Lane Rettig spoke to Bloomberg earlier today about the upcoming fork, noting that it is one of the least eventful the network has seen in its history.
“I really can’t imagine a less contentious hard fork, to be honest… Of all the hard forks in the history of Ethereum, it’s probably the least eventful one,” Rettig said.
Now, however, the fork is seeing increased drama and scrutiny due to the recently discovered security flaw that, if it had been implemented, would have allowed nefarious actors to exploit a loophole in the coding that would have essentially allowed them to continuously withdraw innocent user’s funds.
Analysts Believe Constantinople is Bullish for ETH Price
In addition to offering some simple improvements to the network, analysts do believe that ETH investors will see benefits incurred from the hard fork, specifically due to the block rewards reduction that will reduce the supply of new Ether output, possibly offering the crypto more stable growth in the long-run.
Greenspan bullishly concluded that once the fork is completed, the markets will have a new Ethereum that is “faster, cheaper, and has 33% less inflation.”
Michael Moro, the chief executive officer of Genesis Global Trading, also spoke optimistically about the fork, specifically citing how the reduction of supply will reduce selling pressure.
“Being that the inflation rate will drop by a third, it could potentially reduce selling pressure that could come from the miners’ reward,” he explained.
Featured image from Shutterstock.
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Source: New

Ethereum: ETH Price Plunges as Constantinople Fork is Delayed Due to Security Flaw

Over the past several weeks, Ethereum has seen consistent price gains that can be largely attributed to investors anticipating its Constantinople hard fork. This fork was widely viewed as being bullish due to it reducing the future supply of ETH by 33%.
Now, Ethereum’s price is plunging due to Constantinople being delayed as a result of a security vulnerability that, if it were to be implemented, could result in a loophole that provides attackers with the ability to exploit the code and steal user’s funds.
Ethereum Constantinople Hard Fork Delayed
Earlier today, news broke that smart contract security audit firm, ChainSecurity, noticed a flaw within one of the proposed improvement upgrades included in the hard fork, which could allow funds to be easily stolen by nefarious actors.
In a conference call, Ethereum’s lead developers discussed the flaw, noting that the hard fork will be delayed for an unforeseeable amount of time while they fix the issue. The new date for when Constantinople will be implemented will be released in another conference call this Friday.
ChainSecurity discussed the fork’s vulnerability in a recent Medium post, calling it a reentrancy attack that allows bad actors to reenter the same function multiple times without the network updating to account for the actions they took, essentially allowing them to continuously withdraw funds.
“The upcoming Constantinople Upgrade for the ethereum network introduces cheaper gas cost for certain SSTORE operations. As an unwanted side effect, this enables reentrancy attacks when using address.transfer(…) or address.send(…) in Solidity smart contracts. Previously these functions were considered reentrancy-safe, which they aren’t any longer,” ChainSecurity explained.
ETH Price Drops on News of Delay 
Ethereum’s price plunged on news of the Constantinople delay, and it is trading down 6% at its current price of $121. ETH is presently trading just above its weekly low of $116, which was set this past weekend when the overall crypto markets dipped.
Ethereum has seen a relatively consistent price rise since it set its 2018 lows of $80 in mid-December, rising to highs of nearly $160 before dropping to its current price levels. It is unclear as to how much of this price rise is the result of expectations regarding Constantinople, as the entire crypto market has posted a decent recovery from its mid-December lows.
Although ETH dropped on the news of the delay, The Crypto Dog, a popular cryptocurrency analyst on Twitter, said that he is buying the relatively minor price dip, which he sees as being the result of an “emotional reaction.”
“Reasonings for buying this: It was at support, easy invalidation if I’m wrong… ETH is leading, dumping due to Constantinople delay – this is an emotional reaction that may be quite shortlived [sic],” he explained.
How Ethereum’s price responds to the fresh news regarding the delay in the coming hours and days will gage how important traders see Constantinople being for ETH’s price.
Featured image from Shutterstock.
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Source: New

Crypto Exchange OKEx Relists Bitcoin ABC Under Original Bitcoin Cash (BCH) Ticker

Another major cryptocurrency exchange has announced that they deem recent the recently created Bitcoin ABC to be the true Bitcoin Cash. Hong Kong-based OKEx will relist the digital currency under the original Bitcoin Cash ticker, BCH.
The announcement is the latest example of a large trading venue deciding similarly. Previously, both Winklevoss twins-founded Gemini and Coinbase have expressed support for the Bitcoin ABC chain over the “Satoshi’s Vision” side of the fork.
Bitcoin ABC Receives Psychologically Important BCH Ticker at OKEx
According to a report in RTT News, the digital currency exchange OKEx has decided to change the ticker listed for Bitcoin ABC to the original Bitcoin Cash one, BCH. Previously, the major trading venue had the recently created crypto coin listed as BCHABC.
Meanwhile, the opposing side of the November 15 hard fork, known as Bitcoin Satoshi’s Vision, has also been relisted. Before today’s announcement, the exchange referred to this newly created coin as BCHSV. It will now use the simpler ticket, BSV.
In addition to the relistings, OKEx will be suspending spot trading for either side of the original Bitcoin Cash chain. In a statement reported by RTT News, the company said that the remaining balances of the original BCH would be settled, prior to the removal of the asset from accounts. Spot trading for both the new BCH and BSV is expected to resume two hours after it initially goes offline.
Another Important Battle Lost For Bitcoin SV
As the newly crowned largest exchange on the planet by trading volume, OKEx has great influence over the public perception of different digital currencies. NewsBTC reported earlier today that the Hong Kong-based trading venue is one of only four that has managed to retain more than 100,000 active users.
Additionally, OKEx was one of the most active exchanges for Bitcoin Cash trading. This makes the exchange’s policy towards both sides of the fork all the more important. With such a major cryptocurrency (and Bitcoin Cash) market siding with the opposition, the news of the Bitcoin Cash relistings must be yet another bitter pill to swallow for the controversial Bitcoin SV camp.
To make matters worse, OKEx is just the latest of the major exchanges to announce a similar listing for the Bitcoin ABC side of the November Bitcoin Cash hard fork. In October, just prior to the chain split, US crypto trading giants Coinbase announced that they would be supporting the Bitcoin ABC chain. The reasons cited for this decision: higher hash rate and a longer blockchain.
Similarly, Winklevoss twin-owned Gemini announced earlier this week that it would only be supporting the Bitcoin ABC blockchain. They too will be listing the digital asset under the ticker BCH.
Related Reading: Bitcoin Dominance Grows to Three Month High as Altcoins Falter
Featured Image from Shutterstock.
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Source: New

From $4,350 to $117: Is Bitcoin Cash (BCH) Entering Death Spiral?

The Bitcoin Cash price continues to record new yearly lows, currently trading within its fifth consecutive session in the red.
The BCH/USD rate has dropped below $120 in the latest sell-off, noting more than 97% depreciation since its all-time high.
Since November 7, when the pair was trading at $638, it has tanked more than 81% in value. In comparison to other cryptocurrencies that also established their yearly lows recently, the price plunge in the Bitcoin Cash market is more severe.
Collateral Damage
The reason why investors are finding it difficult to hold onto their Bitcoin Cash is lack of confidence in the Roger Ver-led team.
Following months of discussions over the future of the Bitcoin Cash project, the community decided to split the blockchain to upgrade its core protocol.
There was also a section led by nChain founder Dr. Craig Wright and online gambling billionaire Calvin Ayre that revolted against Ver’s Bitcoin Cash upgrade plans. They decided not to support the hard fork and announced that they would launch their separate Bitcoin Cash chain.
On November 15, the Bitcoin Cash blockchain forked to give birth to two competing chains: Ver’s Bitcoin ABC and Dr. Wright’s Bitcoin SV. The split didn’t go peacefully, however.
Both of the groups waged a so-called hash war against each other to claim the original BCH ticker. In a hard fork, a community votes with hash power. The chain which receives the maximum hash power from the mining community becomes the longest chain among the two resulting chains.
In their efforts to prove dominance, both Ver and Dr. Wright arranged surplus electricity to mine on their respective chains. In the initial stages, both of the sides were dealing with half a million worth of losses in power consumption. By November 21, Bitcoin SV, in particular, had raked in losses of $2.2 million.
The entire episode damaged the rest of the crypto market, especially Bitcoin whose hashing power was unilaterally allocated to the Bitcoin ABC blockchain.
While ABC emerged as a winner over the competing SV chain, even a combined Bitcoin Cash-ABC cap couldn’t recover from the damages their markets had faced. Investors who left Bitcoin Cash are showing no interest in coming back to it, while Bitcoin’s dominance in the crypto market is going up at the same time.
Related Reading: Barry Silbert: Bitcoin Cash Fork Is a Distraction, Confusing for New Investors
What’s Next for Bitcoin Cash?
The Bitcoin Cash market is now moving into a bottomless abyss – a kind of death spiral – with no signs of investment confidence improving.
To say it will be dead would be too much, for Ver and his team would not see their billion dollar project turn to ashes. The market would need an aggressive bull whale to buy in at new dips to revive good confidence. Ver, in one of his press statements, looked bullish despite the negative turnover.
“As a self-proclaimed fundamentals investor, I believe that the long-term the future is brighter than ever for cryptocurrencies,” he told Bloomberg. “There is more awareness, more adoption, and more stuff happening all over the world.”
If only promises could comfort!
Featured image from Shutterstock.
The post From $4,350 to $117: Is Bitcoin Cash (BCH) Entering Death Spiral? appeared first on NewsBTC.
Source: New

Bitcoin Cash War Begins: Hash Power of BCH Increasing Rapidly

Bitcoin Cash’s controversial chain split scheduled for today has been activated at block number 556,766.
Around three hours after the split, it appears that one of the main instigators of the fork is struggling to keep pace with the mighty combined hash rate of and Bitmain.
Where’s All That Hash Power Then Craig?
According to data provided by cryptocurrency statistics website Coin.Dance, at the time of writing,, supporting the Bitcoin ABC side of the hard fork, had mined seven of the eight Bitcoin ABC blocks produced so far with adding the last.
Meanwhile, SV Pool, has only mined four of the five Bitcoin SV blocks created so far. Mempool picked up the remaining block reward.
Despite big boasts of their ability to 51% attack Bitcoin ABC from the SV camp, notably originating from the lips of their head honcho, Dr Craig Wright, the Bitcoin SV chain has thus far failed to establish itself as the longest chain. Not only that, but just two hours after the split, Bitcoin SV looks redundant to deliver on the kind of threats Wright and company have been making recently.
Wright had gone so far as to state that he would command around 70% of the total Bitcoin Cash rate thanks to his connections to CoinGeek mining firm founder Calvin Ayre. However, judging by the current statistics, pools supportive of Wright’s ambitions would struggle to get anywhere near the necessary hash rate to compromise the security or operation of the Bitcoin ABC chain.
Wright has spent much of the run up to today’s hard fork posturing on Twitter about the terrible vengeance he will wreak on first the Bitcoin ABC side of the Bitcoin Cash fork and following this, to Bitcoin (BTC) itself.
The man whose claims to be Bitcoin’s creator have been largely debunked also appeared on technical analysis specialist Tone Vays’s YouTube channel to boast about the seemingly endless hash power he commands. Additionally, he sent a rather abusive email to Roger Ver demanding the early Bitcoin proponent support Wright or face some largely implied consequences.
However, earlier today, Roger Ver, one of Bitcoin Cash’s biggest proponents and recent victim of Wright’s efforts to assert his control over BCH, tweeted that the pool now boasted more hash rate than that of the entire Bitcoin Cash network just hours previously:

The pool now has more hash rate on it than the entire BCH network had earlier today. Bitcoin is cash for the world! #BitcoinCash #bitcoincashfork
— Roger Ver (@rogerkver) November 15, 2018

Others also provided their take on the situation and how the posturing of Craig Wright now seemed more likely to be hot air than anything else…

Possible Bitcoin Cash hash war scenario
Bitcoin dot com added 4 exahash. If Bitmain and Jihan's camp redirects more hash power to BCH (estimated to be 20 EH), it's game over for faketoshi.
All depends on Calvin Ayre, but it's becoming more likely that faketoshi will lose out.
— Joseph Young (@iamjosephyoung) November 15, 2018

… before summarising the current hard fork situation and its likely winners and losers:

Bitcoin Cash (ABC) ahead, more hash power, more activity, higher price. 4x higher price (margin).
Seems like a win for BCH. Jihan Wu and Chinese miners not even needed. Certainly not enough for a 51% attack on BCH. BSV nodes reportedly crashing.
Faketoshi lost, community won
— Joseph Young (@iamjosephyoung) November 15, 2018

For further explanation, this is more hashpower than $BCH had in the last 24hrs. I.e. if Coingeek / nChain / SV Pool / etc. don't have a lot more miners, then ABC is immune to attack
— Alistair Milne (@alistairmilne) November 15, 2018

According to sources close to the founder of Chinese mining hardware manufacturer Bitmain, there are still 90,000 mining units reportedly mining the BTC chain that could also be switched to Bitcoin ABC should a significant threat of 51% attack from Wright arise.
Evidently, Wright would need many times as much hash rate than he currently appears to yield. For now, his talk of 51% attacks and “2014 prices” for months seem to be little more than idle threats.
It appears that today’s hard fork might blow over as quickly as Roger Ver stated it might. The early investor and advocate of digital currencies had previously compared the situation to that of the Y2K bug thought to destroy computer systems around the world at the turn of the millennium.
However, nothing of the sort occurred and the event was quickly forgotten. If the current situation remains, this too could be the fate of today’s split between Bitcoin ABC and Bitcoin SV.
Related Reading: BCH Fight: Bitcoin Cash Bashing Heats Up, Rivals Duke It Out Ahead of Hard Fork
Featured image from Shutterstock.
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Source: New

Breaking: Bitcoin Cash [BCH]’s ABC implementation takes the lead in the hard fork; ‘BAB’ and ‘BSV’ appear as new ticker symbols

The November 15 Bitcoin Cash [BCH] hard fork took off to a start with the Jihan Wu and Roger Ver led ABC implementation of the cryptocurrency gaining the first two blocks as per the new consensus rules. At press time, the ABC team was still in the lead by one block after the SV Pool mined their first block.
The split has also resulted in Bitcoin Cash charts being unavailable on Tradingview with the ‘BCH’ ticker symbol going missing. The new charts after the split are holding as BSV and BAB on Tradingview. Bitfinex, a popular cryptocurrency exchange, also announced that the new ticker symbol will be decided once the hard fork is complete.
The hard fork has been making news for the past couple of days with the fourth-largest cryptocurrency seeing massive conflicts within the network. At the time of writing, the ABC implementation of Bitcoin Cash was leading compared to the Bitcoin Satoshi Vision led by nChain’s Craig Wright.
Craig Wright was also in the news recently when he talked about Bitcoin’s connection to the infamous Silk Road. He had stated:
“Adoption didn’t happen because of Silk Road. If you looked at other centralized coins that happened in the 90s and things like this within the first three years, you actually had banks starting to use them; Deutsche Bank was using DigiCash, others were using it. So Silk Road actually killed adoption in Bitcoin. Right now, we would be in a world with probably 500 million people using Bitcoin at least on a daily basis if it wasn’t for Silk Road.”
Ver, on the ABC side had stated:
“Even when the big blockers wound up having basically the majority of the hash rate – they had more than 50% at one point – they were still scared to set a flag date… Like, okay here’s the date we’re gonna mine the bigger block. And because they were all scared to actually take action we wound up where we are.”
The post Breaking: Bitcoin Cash [BCH]’s ABC implementation takes the lead in the hard fork; ‘BAB’ and ‘BSV’ appear as new ticker symbols appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Cash [BCH] hard fork on Coinbase further detailed out; November 15 event stirs community

The upcoming Bitcoin Cash [BCH] hard fork has created quite a sensation in the cryptocurrency community, with several major players announcing their perspective on the event. On November 13, Coinbase, the largest cryptocurrency exchange in terms of users, released a set of guidelines that BCH holders will need to follow during the fork.
The exchange, which had earlier released a circular that talked about the pause on sends and receives of Bitcoin Cash on the platform, revealed a new addendum. Coinbase said:
“Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00AM PST on Thursday on, in the iOS and Android apps, and on Coinbase Pro and Prime. Accordingly, during the time of the pause, you will not be able to sell or remove your BCH from Coinbase.”
The company has also informed users that if they need to access their respective BCH during the fork, they will have to remove it from the exchange before the process begins. Coinbase has also laid out a detailed instruction list for users that will enable them to handle the cryptocurrency during the hard fork.
Coinbase has stated that after the BCH transactions are paused, a snapshot will be taken of the existing BCH balances. The exchange will then monitor the fork for network consensus to ensure that the fork happens successfully. The circular further said:
“If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks, but may take longer.”
The Bitcoin Cash hard fork was also in the news recently when Bitinex announced pre-fork trading on their platform. The exchange had stated:
“While we want to make such forks available to our customers, our limited and temporary support for them is not and should not be construed as support for any particular project.
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Source: AMB Crypto