Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019

Citing an internal e-mail, The Block reported that the Chicago Mercantile Exchange Group [CME Group] opened the doors for cryptocurrency investments and institutional investors in 2019 via its Bitcoin Futures.
Bitcoin Futures is a contract that will let customers bet on the future price of Bitcoin. CME Group first launched BTC futures in 2017 and according to the internal letter, the futures contract is taking off without a hitch. The internal e-mail read,
“Yesterday (Feb 19th) set a new record with 18,338 contracts traded, this is equivalent to 91,690 bitcoin or $360MN… Q1 2019 is off to a strong start, ADV has improved to 4,630 contracts (23,150 equivalent bitcoin), up ~13% from Q4 2018 while [open interest] rose to 4,076 contracts, an improvement of 21.5% over Q4 2018.”
In addition to the above, the CME Group has about 2,100 accounts and about 30 unique firms that have traded the contract. The e-mail stated,
“Institutional interest has gradually risen and the number of LOIHs (Large Open Interest Holders) has been holding steady around 43 holders since November. A LOIH is an entity that holds at least 25 BTC contracts.”
Further, CryptoCompare’s research for January 2019 shows a significant increase in the number of Bitcoin Futures contracts traded on CME when compared to its counterparts. The daily volumes increased by 20%, from $66.5M to $79.9M in January.
With the anticipation around the launch of Bakkt building up, it is expected that the prices of cryptocurrencies would shoot up. 2019 started with a rally, contrary to the general bearish trend that overtook the cryptocurrency market in 2018. In fact, the rally pushed the price of BTC to touch major resistance at $4000.
Another Bitcoin-related news that could affect the cryptoverse is the possible approval of the Bitcoin ETF proposal by the Securities and Exchange Commission [SEC].
The post Bitcoin [BTC] Futures by the Chicago Mercantile Exchange Group reaches an all-time high in Q1 of 2019 appeared first on AMBCrypto.
Source: AMB Crypto

BitMEX Research On Next Global Crisis: Retail Banking & Payment System Unlikely to be Under Threat

In its latest report, BitMEX research tries to answer the question of “When is the next global financial crisis going to happen?” In this report, BitMEX argues that the epicenter of financial risk has shifted from banks to asset management industry; and a “repeat of 2008” that is retail banking deposits and payment systems being under threat is unlikely. The fragility is rather most significant in corporate debt investment funds and unconventional debt investment vehicles.
It attempts to address the issue of Bitcoin and crypto enthusiasts and investors asking about the next crisis that is driven with the assumption that it will occur every decade or so, will have a positive impact on Bitcoin price and will result in questioning the integrity of banking and electronic payment systems. For Bitcoin price, it argues, if Bitcoin “does respond well in the next crisis (when liquidity is constrained), that will be a huge positive for Bitcoin and the store of the value investment thesis.”
Bank Balance Sheets in Developed Markets are Relatively Healthy
Over the last decade, bank management and regulators have operated in the shadows of 2008 and as a result, bank balance sheets and capital ratios have significantly strengthened. It further points out that main western banks have not expanded their balance sheets at all since the global financial crisis.
Growth in Leverage in the Asset Management Industry
The data show that, unlike the banking sector, the asset management industry has expanded considerably since 2008 and at the same time, leverage also appears to have increased.

New Corporate Debt Market Vehicles
The replacement of the role of the banks in the corporate debt markets has resulted in the rapid growth of interrelated, non-mutually exclusive investment structures. The non-bank mechanisms for providing corporates with financing viz. Collateralized Loan Obligations (CLOs), Leveraged Loans, Private debt deals, and Bond fund ETFs and mutual funds have grown considerably since the last global financial crisis.
Corporate Debt Markets Conditions
Corporate debt levels have increased considerably since 2008, with gross debt of Russell 3000 companies now totaling US$11 trillion, compared to just over US$8 trillion at the time of the last crisis. Corporations have taken advantage of the new investment products and low-interest rates to borrow money at record levels.

A Portfolio with a “Lesser Extent” of Bitcoin
Banks are more crucial to the financial system and society than asset managers, mentions the report and if asset managers come under pressure, retail and corporate deposits should be safe. This means the coming crisis could be less intense than in 2008. However, the “potential for government intervention to mitigate the impacts of the crisis may be more limited than in 2008.”
The data do not seem to suggest that we are necessarily right on the precipice of a major crisis, states BitMEX Research, “it could be several years away.” It concludes with the advice to adjust a portfolio with long-dated corporate bond ETF, hedge funds specializing in volatility, VIX calls, gold, and “maybe to a lesser extent, even Bitcoin.”
The post BitMEX Research On Next Global Crisis: Retail Banking & Payment System Unlikely to be Under Threat appeared first on Coingape.
Source: CoinGape

BitMEX Released ‘Notice of API Timeouts 8 February 2019′

BitMEX Crypto derivative trading platform has released a report on ‘recent inconvenience caused’ due to slow API responses. According to the report, the trading platform has experienced ‘API Timeouts’ on Feb 08 between 05:40 and 07: 11 UTC.
Consequent to the blog published, it has been quickly mitigated within a few minutes after the issue detected. Moreover, the slow API responses are quickly identified using BitMEX’s internal alerting mechanism’. The announcement reads that the issue of ‘API timeouts’ occurred due to the resource contention at the API layer. It says;
Between 05:40 and 07:11 UTC today, a subset of the requests to the BitMEX REST API experienced slow API responses and eventual API timeouts due to resource contention at the API layer. Upon detection via our internal alerting mechanisms we identified the cause and mitigated the immediate impact within a few minutes. There is currently no ongoing issue and there was no impact to the trading engine or user data during this time.
Additionally, it assures that these issues are being taken on ‘priority’ and eventually the team is undertaking a high-level internal monitoring system to detect further issues and resolve quickly.
We have also increased the sensitivity of our system monitoring to detect and resolve potential similar issues much sooner. We apologize for any inconvenience this may have caused.
Stay tuned with Coingape to follow up the further announcement from BitMEX.
The post BitMEX Released ‘Notice of API Timeouts 8 February 2019′ appeared first on Coingape.
Source: CoinGape

BitMEX: Several Altcoins could be subject to a 51 percent attack from BitMEX’s insurance fund

BitMEX, the Hong-Kong based cryptocurrency trading platform holds so many Bitcoins in their Insurance Fund, that they can potentially initiate several 51 percent attacks against many top coins in the market at present.
At press time, BitMEX’s insurance fund holds 21,366.4 Bitcoins which will equal to $76.3 million. Some Twitter users compared the presence of the fund and the attack it could set-off to the Majoras’ Mask in the game The Legend of Zelda as, “knowing the moon is going to destroy you but it’s a long time away so, “eh”.”
Several sharp-eyed users picked up this development in mid-December when the apex of the bearish market had subsided but the market was still in decline.
BitMEX earlier stated, as 2018 began, that the trading platform holds only 2720 BTC [$75.9 million], since then the amount of BTC held in the fund has shot up by almost 8 times since the January 1st, 2018 numbers were released.
Zack Voell, a producer at the popular cryptocurrency podcast “The Coin Pod” explained the BTC holding of BitMEX on January 22, 2019, Twitter thread. Voell kept a track of BitMEX’s BTC held since early 2016.
Within a period of one year, from January 2016 to January 2017, BitMEX added 162 Bitcoins to their fund, the following year, the amount held would rise up by over 1,500 percent to reach 2,720 BTC. Furthermore, in one year, the coin’s Bitcoins held increased to 20,776 as the cryptocurrency prices kept falling through the year.
Source: @zackvoell
Source: @zackvoell
Voell further portrayed that the amount of Bitcoin’s held in the trading platform’s insurance fund increased as more and more of the top cryptocurrency was supplied into the collective currency market.
He further went on to compare the insurance fund, with its 21,366 BTC held to:
“• 1% of Coinbase valuation
• 2x Laszlo’s pizzas
• 580 2018 GranTurismos
• 3,800 hours of an $LTC 51% attack”
Some Twitter users called this out as a “conspiracy,” but Vowell reaffirmed that this information was based on publicly available data which can be easily availed.
Eric Wall, another Twitter user stated:
“So, by 2022, all bitcoin in the world except a fraction will be locked up in BitMEX’s insurance fund. With that much BTC off the market, the price per BTC won’t be limited to $1m, but rather $1tn. This is actually good for bitcoin.”
An analysis conducted by Crypto51, on the cost of Proof-of-Work 51 percent attack revealed that most virtual currency blockchains could be attacked by relatively small holdings. A 1-hour attack on Litecoin [LTC], for example, would come at a cost of about $20,000, attacks on smaller coins like Bytecoin [BCN] would cost $139 and Ethereum Classic [ETC] would be under $4,000.
Given its current holdings, BitMEX could run a 51 percent attack on top coins like Bitcoin Cash [BCH], Monero [XMR], Dash [DASH] among others for more than a year.
There’s no doubt that BitMEX has fared better than most cryptocurrency companies despite the ‘Crypto-Winter,’ moving into their new office in August 2018, which is also the most expensive office building in all of Hong-Kong.
The post BitMEX: Several Altcoins could be subject to a 51 percent attack from BitMEX’s insurance fund appeared first on AMBCrypto.
Source: AMB Crypto

Top Trending Cryptocurrency News of The Week; Constantinople, Cryptopia, Bitmex and Tron Among Major Newsmakers

Ethereum delays its Constantinople upgrade
Problems for Ethereum continued as the much anticipated Hard Fork Constantinople upgrade was further delayed as a code audit by ChainSecuirty-  a smart contract security audit firm found some serious security vulnerabilities to Ethereum smart contracts. The Core Development team took notice of the flaw, and on the following conference, they announced that the hard fork is now scheduled to occur on, or around, February 27th on block number 7,280,000.
NZ’s popular exchange Cryptopia gets hacked
Earlier this week, 2019 saw its first hack of a cryptocurrency exchange. New Zealand-based cryptocurrency exchange Cryptopia was reported to have suffered a security breach and went under unscheduled maintenance to assess the losses incurred. The team informed the community using its official Twitter handle which said that once the hack was identified by staff, the exchange informed and involved the appropriate government agencies including the NZ police and High Tech Crime Units who were actively investigating.
Bitmex ends services for US and Quebec customers
In face of a current crackdown on unlicensed crypto exchanges, Bitmex announced that it is in the process of closing down trading accounts of those in Quebec and United States. The mouthpiece, South China Post reported BitMEX was not registered with the Canadian regulatory body Autorité des marchés financiers (AMF) and is therefore not authorized to have activities in the province of Quebec making the company’s activities were illegal.
Exchange giant OKCOin lists Tron
Among major listings this week, Tron found itself on a new exchange, this time it was OKCoin. OKCoin customers would now be able to acquire Tron tokens by using USD, BTC, and ETH. OKCoin stated in their announcement that, Tron is one of the leading coins and has 1,423,377 holders and that it is one of the top 10 cryptocurrencies in the world by market capitalization.
Russia denies buying cryptocurrencies
Last week a newsflow from Russia stated that the country was moving towards adding bitcoin to its national reserves. But it seems it was all fake. Following the last week’s news, an official with the Russian State Duma. Elina Sidorenko who chairs the Duma’s cryptocurrency group said that the news was only a rumor and the nation currently has no such plans. According to her, the nation would need at least 30 years to implement this idea.
Indian Apex Court delays Crypto hearing again
The Indian apex court has again delayed the hearing of the cryptocurrency case. The case is being delayed for the past 6 months now as the largest democracy of the world still awaits a decision on the newest form of “money”. While things still look meek, according to sources close to the case a decision may come on February 26, 2019, as the crypto case is now listed as the first case to be heard on February 26, 2019
The post Top Trending Cryptocurrency News of The Week; Constantinople, Cryptopia, Bitmex and Tron Among Major Newsmakers appeared first on Coingape.
Source: CoinGape

Breaking News: BitMEX Fears Regulator’s Crack Down, Ditches North American Markets

One of the active crypto exchange and the Bitcoin futures trading platform, BitMEX is shutting client’s trading accounts in US and Quebec. Per SCMP, this move is a result of the Quebec regulator’s action on curbing unauthorized exchanges.
Image Source: Bitmex
BitMEX Under Regulatory Pressure
Back in early 2018, Autorite des marches financiers (AMF), Quebec’s financial regulators urged to close all accounts linked with BitMEX exchange. This is because AMF identified that the exchange is not registered with AMF and thus not authorized to provide trading services. Nevertheless, an official announcement calls ‘the trading activities of BitMEX is illegal’ henceforth all linked accounts must be immediately closed.
tradi“BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec,”
According to the various sources, BitMEX’s major user base, specifically, a one-seventh portion comes from US-based traders. Nevertheless, the specific matter behind exchange’s US account closure is still out of sight and whether or not BitMEX is already registered with SEC is also not known. SEC (Securities and Exchange Commission) is continuously eyeing on unregulated and illicit crypto activities but it has declined to comment on BitMEX’s decision, IMF said. Nonetheless, the US-traders closure on BitMEX was also reported back in November 2018 by users on social media.

Just got my @BitMEXdotcom account terminated on suspicion of being a US Citizen. Anyone else find the timing of this odd?The 900+ affiliates that accounted for half my income r gone going forward.After #Unconfiscatable Conf expect prices on all services offered by me to rise. https://t.co/6bShmcdBEF
— Tone Vays [@Bitcoin] (@ToneVays) November 12, 2018

Beside SEC, Arthur Hayes who is the co-founder and chief executive at BitMEX also declined to respond to the decision. Moreover, the graph of BitMEX trading over the past year has also declined with the falling graph of Bitcoin.
Conclusively, the regulatory frameworks and market break down are typically the key reason behind BitMEX’s closure. At press time, BitMEX counts the trading volume $928,723,978 where the leading cryptocurrency, Bitcoin is trading at $3662.50. Additionally, it is noted that few BitMEX users switched to trade Bitcoin futures when Bitcoin suddenly dumped in 2017 from its peak of almost $20000. According to the data from coinmarketcap, Bitcoin is valuing $3679.79 with positive growth of 2.99 percent during 24hrs.
image source – https://coinmarketcap.com/currencies/bitcoin/
What do you think of BitMEX’s decision? Share your thoughts.
The post Breaking News: BitMEX Fears Regulator’s Crack Down, Ditches North American Markets appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] aims to replicate some properties of physical cash but in electronic form: BitMEX Research

Yesterday, January 3, 2019, the crypto space celebrated the 10-year anniversary of Bitcoin [BTC], the largest cryptocurrency by market cap. On that day, the creator of the cryptocurrency, Satoshi Nakamoto mined the first block on the chain aka the genesis block.
The message on the genesis block continues to serve as a reminder why the institutions need to be stripped out of their power. The content on the first block read, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, the front-page headline of The Time on January 3, 2009.
In order to commemorate this event, BitMEX – a Bitcoin Mercantile Exchange, published a segment of an article titled, ‘Would the mass adoption of Bitcoin upturn the whole financial system?’. Along with this, BitMEX also conveyed their gratitude to Satoshi Nakamoto by publicizing it on ‘The Times’. The message read:
BitMEX’s message to Satoshi Nakamoto on The Times | Source: BitMEX
The research claims that Bitcoin and physical cash share more advantages in comparison to Bitcoin and electronic cash deposits. It also states that Bitcoin’s unique feature is that it can be used electronically, an add-on to the advantages it shares with physical cash.
The key advantages of physical cash include zero transaction fees, 24*7 payments, instant payments, can effectively be hidden by the authorities and is difficult to confiscate, and highly anonymous. It states:
“Bitcoin aims to replicate some of the properties of physical cash, but in an electronic form, an “electronic cash system”. Before Bitcoin, people had to make a binary choice, between physical cash or using a bank deposit. For the first time ever, in 2009, Bitcoin provided the ability to use a bearer type asset, electronically.”
Because of this, Bitcoin can be considered as the new hybrid form of money, sharing advantages of both physical cash and bank deposits. Additionally, the report states that the currency provides a “middle ground option” because it is positioned in a way that it can have “a subset of the features of each”, as the downside of the coin is that it does not have all the advantages of neither electronic money nor physical cash. It stated:
“For example, Bitcoin may never have the throughput of traditional electronic payment systems or the ability to use without electricity such as with physical cash. Although as technology improves, Bitcoin may slowly develop more strengths and gradually improve its capabilities, to narrow the gap.”
The post Bitcoin [BTC] aims to replicate some properties of physical cash but in electronic form: BitMEX Research appeared first on AMBCrypto.
Source: AMB Crypto

Bitmex Celebrates 10th Anniversary of Bitcoin on the Front Page of The Times Newspaper

CoinSpeaker

Bitmex Celebrates 10th Anniversary of Bitcoin on the Front Page of The Times Newspaper

Ten years ago on a day like today, the Bitcoin Genesis lock was mined. Bitmex has taken to the front page of Times Newspaper to thank Satoshi Nakamoto for the creation of Bitcoin.

Bitmex Celebrates 10th Anniversary of Bitcoin on the Front Page of The Times Newspaper

Continue reading at Coinspeaker
Source: CoinSpeaker

Constantinople Fork Will be Very Bullish for Ethereum, Believes Crypto Analyst Alex Krüger

CoinSpeaker

Constantinople Fork Will be Very Bullish for Ethereum, Believes Crypto Analyst Alex Krüger

Though this year hasn’t been the best one for Ethereum, everything may change in 2019 after a long-awaited Constantinople upgrade.

Constantinople Fork Will be Very Bullish for Ethereum, Believes Crypto Analyst Alex Krüger

Continue reading at Coinspeaker
Source: CoinSpeaker

Binance Elected as Most Trusted Crypto Exchange

CoinSpeaker

Binance Elected as Most Trusted Crypto Exchange

The CEO of FX hedge fund Three Arrows Capital, Su Zhu, has said that Binance, the largest crypto exchange in the global market, is the most trusted among investors within the digital asset community.

Binance Elected as Most Trusted Crypto Exchange

Continue reading at Coinspeaker
Source: CoinSpeaker

Despite Bitcoin [BTC]’s price slump, fundamentals grow stronger; BitMEX’s BTC trading volume surges

Bitcoin, the world’s largest cryptocurrency by market cap has been down in the dumps for a very long time and many speculate it to be the end of it, but to their surprise, but in hindsight, its fundamentals are growing stronger than ever.
Meanwhile, BitMEX exchange’s Bitcoin derivative trading volume shoots up to ~$1.8 billion in a time span of 24 hours with their XBT/USD trading pair as per the data from CoinMarketCap.
Anthony Pompliano aka Pomp, a Bitcoin enthusiast and co-founder at Morgan Creek Digital, has mentioned multiple times and recently in his blog about how the fundamentals of Bitcoin are growing stronger every day even with the prices dropping rapidly due to the brutal bear market.
Total Bitcoin Wallet Users
As per the data obtained from Blockchain.com, it can be seen how the wallet users for Bitcoin blockchain have been on a steady growth since its inception.
Source: Blockchain.com
Total transactions on Bitcoin blockchain
The total transactions of Bitcoin on its blockchain has seen an almost exponential growth and is at an all-time high since 2009.
Source: Blockchain.com
As seen in the chart above, the total transactions on the Bitcoin blockchain have reached a whopping $363 million.
Bitcoin’s cost per transaction
With the rise in the number of transactions, the transaction cost for Bitcoin has relatively decreased, which further increases the adoption of Bitcoin.
Source: Blockchain.com
The cost per transactions has seen a decrease of ~87% i.e., from $162 to $20, with the current cost per transaction of Bitcoin at ~$23.
Pomp, in his blog also stated:
“Price is only one measurement of value for an asset. While it is important, it is not an important measurement of future value. The underlying fundamentals for the Bitcoin blockchain appear to be growing stronger despite the decline in the current price.
Don’t be distracted by the noise. Focus on the fundamentals. Bitcoin isn’t going anywhere.”
The post Despite Bitcoin [BTC]’s price slump, fundamentals grow stronger; BitMEX’s BTC trading volume surges appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] hashrate drop equivalent to 1.3 million Bitmain S9 machines switched off, BitMEX research

The whole cryptocurrency market has been witnessing the bear’s wrath for the past few weeks. The blow has left the majority of them bleeding in double digits almost on a daily basis, crushing the investors’ sentiments on its way down. This rampage has also resulted in all the cryptocurrencies hitting their lowest point for the year since January 2018.
While some people in the community want to know the reason behind this massive crash of Bitcoin and other cryptocurrencies, there are some who have started to propagate that Bitcoin is on its way to zero as it has entered a death spiral.
According to the latest report by BitMEX research, Bitcoin [BTC]’s price has plunged by around 45% since November 2018. With this, the mining power of the network has also faced a massive blow, seeing a fall of around 31%.
The report states:
“According to our estimates, this represents around 1.3 million Bitmain S9 miners being switched off. The mining industry may therefore be under considerable stress right now, due to the falling prices of cryptocurrency.”
Moreover, the report also suggests that the reason for the crash of the market is the Bitcoin Cash [BCH] hard fork, which took place in November 2018. The report points out as per the data collected by Boltzmann, a cryptocurrency intelligence monitoring platform, “unusually large miner” selling Bitcoin two days prior to the hard fork, i.e., November 12.
It further adds:
“Boltzmann detected that net Bitcoin sales from miners were “17.5 standard deviations below [the] 3-month trailing average.” On further analysis, it appears these miners may have been a member of Slushpool.”
Furthermore, the report outlines that the Bitcoin mining industry revenue has witnessed a massive downward slump from around $13 million/day in the beginning of November to around $6 million/day, in the beginning of December. This records a loss of around 7 million/day for the Bitcoin mining industry. Moreover, it states that the mining incentives has plunged by 21.8%, in the short term.
The report states the reason as:
“This drop in incentives was even larger than the fall in the Bitcoin price, due to a delay in the way difficulty adjusts. In the six-day period ending 3rd December, 21.8% fewer blocks than the expected 144 per day were found, as miners left the network before the difficulty adjusted, and as a result, fewer blocks were found.”
The post Bitcoin [BTC] hashrate drop equivalent to 1.3 million Bitmain S9 machines switched off, BitMEX research appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin ABC protocol update makes attacks easier, more damaging: BitMEX

Bitcoin Cash hard forked on November 15, resulting in Bitcoin ABC and Bitcoin Cash SV [BCHSV]. The Bitcoin ABC protocol updated to version 0.18.5, on November 21. BitMEX analyzed the changes implemented and concluded that the ABC checkpointing system is a “fundamental change to the core network and consensus dynamics”, changes whose implications needed to be better understood before implementation.
The new ABC mechanism finalizes a block once 10 confirmations are received. This prevents large reorganization blockchains. Meaning, if a hostile mines a “shadow chain” that differs from the original over 10 or more blocks, this shadow chain is useless, and can not reorganize the original “honest” chain. However, the risk of consensus chain split seems much aggravated.
BitMEX notes that this consensus chain split is as damaging as a hostile reorg. However, such a split is unlikely to occur as the hostile miner needs to have majority of the hashrate to pull this off.  The consensus split would not necessarily result in the hostile profiting. A double spend attack attempted this way does not have a clear outcome.
According to BitMEX Research:
“[the new system] increases the risk of consensus chain splits and provides new opportunities for a would-be attacking miner. Another tradeoff is that the change increases the damage hostile miners can do to the network, but it reduces the potential reward for such behaviour.”
BitMEX says merchants and exchanges can wait for 10 block confirmations, before treating a transaction as “secure”. However, it fails the Bitcoin Cash original objective of increasing transaction speeds. The Bitcoin whitepaper, treated as “Satoshi’s vision”, stated:
“Nodes can leave and rejoin the network at will, accepting the proof-of-work chain as proof of what happened while they were gone.”
Despite this, working under above conditions it is very easy for a hostile to “take over” a new node, if it receives a checkpoint from a shadow chain first, and the honest chain’s later.
The post Bitcoin ABC protocol update makes attacks easier, more damaging: BitMEX appeared first on AMBCrypto.
Source: AMB Crypto

BCH SV Yields to BCH ABC while Bitcoin Cash Loses over 66% of its Value

Bitcoin Cash SV no longer wants the Bitcoin Cash name shares Calvin Ayre in a blog on CoinGeek declaring “Bitcoin SV is the original Bitcoin.” The Bitcoin Cash hard fork chaos has already resulted in the loss of about 66 percent of its value and millions in mining.
Bitcoin Cash Price takes a Severe Hit
November has been a rough month for the crypto market with prices crashing down. However, for Bitcoin Cash (BCH) it has been far worse. The November 15 hard fork proved to be rather fatal for Bitcoin Cash as it crashed over 66 percent.
Starting the month at about $424, it reached $635 a week. However, as bears entered the market it started sliding down further triggered by its upcoming hard fork. Since this high BCH has lost 66 percent of its value and this week alone about 50 percent has been scraped off of its price. At the time of writing, Bitcoin Cash has been trading at $207 while in the green by 3.49 percent.

BCH price chart, Source: Coinmarketcap
Developments after BCH Split
A war has been going on between Bitcoin Cash ABC and Bitcoin Cash Satoshi Vision (SV). Both the parties have already lost millions in mining as we reported yesterday.

Now, in its latest blog on CoinGeek titled, “Original Bitcoin will live on as Bitcoin SV (BSV)” by Calvin Ayre shares,
“It is CoinGeek’s opinion that the two chains are now so far apart and have such divergent plans ahead that there is just no path back to joining them. We also no longer want the name Bitcoin Cash BCH as to us, Bitcoin SV is the original Bitcoin not the original Bitcoin Cash (whatever that even means).”
Ayre further shares that ABC chain will be left alone by nChain if they do a permanent split and enact replay protection further stating,
“Bitcoin will live on with Bitcoin SV and will finally have a chance to show off the true power of the original economic model. Similarly, ABC can join with the rest of the new chain/coin models to demonstrate what they believe they can do. The models can then all compete in the marketplace and this lets actual users vote with their actions.”
Calvin Ayre concluded his blog with declaration that it is in the best interest of all and now should move forward to focus on their individual visions and “ get rid of this wasteful distraction.”
 
The post BCH SV Yields to BCH ABC while Bitcoin Cash Loses over 66% of its Value appeared first on Coingape.
Source: CoinGape

BitMEX CEO Accurately Called $5,000 Bitcoin in August, Is $2,000 Next?

Bitcoin has set a new low for 2018, and is now inching closer and closer to BitMEX CEO Arthur Hayes’ prediction that Bitcoin will reach $5,000.
BitMEX CEO Called for Bitcoin to Test $5K Support, Nails Prediction
Outspoken CEO and co-founder of popular margin-trading platform BitMEX has made a number of predictions about Bitcoin’s price since the leading cryptocurrency by market cap reached its all-time high of $20,000 last December.
One of his most recent predictions, calling for Bitcoin to hit $5,000, is about to become a reality.
While many cryptocurrency analysts had been calling for a bottom, Bitcoin finally fell through its seemingly unbreakable and repeatedly tested support at $6,000, quickly plummeting to $5,500 yesterday, and hitting a low of $5,250 earlier this morning – a mere $250 away from Hayes’ prediction.
Hayes started the year with a far more positive outlook on Bitcoin, suggesting that the volatile asset could reach $50,000 by the end of 2018.
Considering Bitcoin’s parabolic rise from $5,000 to $20,000 in around a month’s time, exuberant predictions were the norm and at the time seemed very possible. However, as the bear market took its toll on investors scorn by continuously falling prices, Hayes adjusted his predictions. Others, such as Tim Draper or cybersecurity firm founder John McAfee are calling for as much as $250,000 and even $1 million per Bitcoin.
McAfee was so confident in the prediction he offered to “eat” his genitalia if the lofty prediction didn’t come true.
Back in August, the BitMEX CEO, while speaking on CNBC’s Fast Money, told host Melissa Lee that cryptocurrency investors haven’t “seen the worst” yet and that he would “like to see” Bitcoin “test 5,000 to really see if we put a bottom in.”
Hayes made the comments after Bitcoin briefly touched below $6,000 in late June, and began to rally before being stopped at roughly $8,250. Hayes had suggested at the time that if the rally had passed $10,000, his prediction of $50,000 was still feasible, but if the rally couldn’t break the psychological resistance at $10,000, then a test of $5,000 would be in the cards. He was right.
Related Reading: Bitcoin Break to $5,600 is Good For Crypto, Says Major Investor
Is Arthur Hayes’ New Prediction the Next Stop for Bitcoin?
Hayes isn’t done with his goal of accurately predicting the bottom in Bitcoin, and is now calling $2,000 to $3,000 his “new sweet spot.” He also thinks that the ongoing bear market, which is already nearing a year in length, could last another year to 18-months.
Hayes has based his assessments on Bitcoin’s price and its relation to the 200-day moving average. Having “lived through the 2014-2015 bear market,” Hayes has also been waiting for a “nasty #@$ candle that breaks the soul of the bulls” – a candle which most bulls are hoping occurred yesterday, and isn’t looming on the horizon.
Market bottoms are usually identified by a V-shaped capitulation event, which many have claimed has yet to happen in what appeared to be Bitcoin’s bottom at the time.
If yesterday’s drop wasn’t the capitulation event, then Bitcoin may be following Hayes’ new prediction of $2,000 to $3,000. If it was, $50,000 could be next after the bulls regain control.
Featured image from Shutterstock.
The post BitMEX CEO Accurately Called $5,000 Bitcoin in August, Is $2,000 Next? appeared first on NewsBTC.
Source: New feedNewsBTC.com