Key Points Bitcoin cash price surged higher this past week and broke $600 against the US Dollar. There is a major bullish trend line forming with support at $600 on the 4-hours chart of BCH/USD (data feed from Kraken). The pair must remain above the $600 handle if it has to stay in the bullish… View Article
Archives for November 4, 2017
Key Points Bitcoin price is gaining pace and will most likely break the $7500 resistance against the US Dollar. There is a major bullish trend line forming with support at $7300 on the 4-hours chart of BTC/USD (data feed from SimpleFX). The pair is now well supported above the $7300 and $7000 support levels for… View Article
Key Highlights ETH price after a decline towards $274 against the US Dollar found support and recovered well. There is a crucial bearish trend line forming with resistance at $305 on the 4-hours chart of ETH/USD (data feed via SimpleFX). The pair has to break the $305 resistance and settle above the 100 SMA (H4)… View Article
Now that Bitcoin Cash has been around for a while, the first statistics have come to light. An analysis by Chainalysis paints a pretty interesting picture for BCH. Most of the transaction volume comes from now coins. A lot of BCH is spent within six hours of being held. Not an ideal store of value by any means, although that isn’t surprising. Speculation is the driving factor for the current BCH price, that much is rather evident.
There are a lot of different opinions regarding Bitcoin Cash these days. Not everyone is in favor of this altcoin, for obvious reasons. Moreover, its value seems to be even more speculative than that of Bitcoin right now. That is one title no other cryptocurrency would like to have right now.Moreover, people don’t seem to like holding BCH for long. With most new coins being spent within six hours, it is not a store of value by any means. This begs the question as to what Bitcoin Cash is suited for exactly.
Bitcoin Cash is a Speculative Tool
At the same time, the daily transaction volume seems to be going up. There are some spikes and dips, but overall, there is steady growth. A positive development for an emerging altcoin. Chainalytics didn’t indicate what the coins are being spent on, though. Moving funds to and from exchanges appears to be the main purpose right now. This also explains why 70% of BCH have a limited coin age. One in five coins is less than a month old right now. Moreover, 80% of coins spent after the fork was acquired within six hours.
On the mining front, things are a bit different. While miners have been able to abuse the mining difficulty algorithm on demand, most miners tend to keep their coins. Around 45% of coins are still unspent, compared to 33% for Bitcoin. The positive effect is how it is difficult to sell Bitcoin Cash right now. However, if there is not enough demand, none of it really matters. Right now, demand comes from Bithumb, but that volume is drying up pretty quickly.
It is evident Bitcoin Cash still has a lot to prove at this stage. Day traders benefit the most from this altcoin. This will eventually lead to even more volatility, which isn’t necessarily good or bad. New coins brought in circulation will be spent pretty quickly. It will be interesting to see if the upcoming hard fork changes this procedure in any way. Until BCH is used for regular transactions, the majority of the volume relates to trading and mining. How this will affect the BCH price, remains to be determined.
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It is that time of year again when the Bitcoin transaction fees are on the rise. We have seen this problem occur multiple times already. Right now, the median fee is $4.23, which is ridiculously high. It may even result in a new all-time high. Not the good kind, though, that much is certain. Rest assured this development will spur a lot of new debates in the coming days and weeks.
Bitcoin transaction fees have become a major problem over the past two years. Even the introduction of SegWit doesn’t alleviate these concerns. Then again, a lot of wallets still have to enable default SegWit transactions these days. With the median transaction fee on the rise again, things are looking problematic. Right now the media fee is almost three times higher compared to two weeks ago. This sudden rise is quite worrisome, to say the very least.
Bitcoin Transaction Fees are on the Rise Again
As is always the case, there has to be an explanation. Miners artificially propping up fees by not including transactions is one option. A spam attack against Bitcoin could be another. Neither of these seems to be entirely valid, as there is no abundance of transactions either. These ups and downs on the charts have been visible all year. Nothing seems to be out of the ordinary whatsoever. Nor is the mempool clogged up in any significant manner, either, although things looked a bit worse last night.
Regardless of the reason, the fees are rising. It is a very big problem that makes Bitcoin look less appealing. Spending a few bucks to move Bitcoin isn’t competitive by any means. In fact, it doesn’t even make it more appealing than most altcoins in this regard. Solving this issue will not happen with SegWit2x either. That is, assuming this hard fork will effectively be mined. Given some recent developments, that may or may not be the case in the end.
We can only hope the transaction fees return to normal soon. More importantly, they need to stay low for the foreseeable future. Until every service provider uses SegWit by default, that will not happen. No one knows how long this will take moving forward. We can only make Bitcoin work if everyone gets on the same page at the same time. Right now, that is not happening. With a fractured Bitcoin community, the future looks rather bleak in this regard.
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Over the past week, the bitcoin price has surged from around $6,500 to $7,400, as the market continued to demonstrate optimism towards the launch of bitcoin futures exchanges by some of the largest markets in the US such as CME and CBOE.
Several prominent financial analysts including Max Keiser have hinted this week that it is highly likely for the price to achieve $10,000 by the end of 2017, given its current upward momentum and the market’s absolute confidence over the mid-term performance of bitcoin.
“30,000 new bitcoin wallets a day. ETF coming soon. Wall Street just getting started. Regulators waking up to their impotence. Hello $10,000,” said Keiser.
Remember, My target since 2011 when I was the only public figure rec. #Bitcoin at $3, was $100,000.
— Max Keiser (@maxkeiser) October 30, 2017
“Money on the Sidelines” to Bitcoin
Many users and investors have inquired about the significance of the launch of bitcoin futures exchanges by CME, CBOE, and LedgerX. Analysts such as IamNomad have explained that most high profile investors and large-scale retail traders are required by law to invest through strictly regulated channels.
With regulated futures, derivatives, and options exchanges around bitcoin and cryptocurrencies, high profile traders will be able to move “money on the sidelines” such as offshore bank accounts and wealth management products (WMPs) to bitcoin, which could potentially add tens of billions of new capital into bitcoin in the upcoming years.
As Keiser and the LedgerX team noted, Wall Street and the market of institutional investors are only beginning to engage in bitcoin and cryptocurrency trading. Already, without the absence of large retail and institutional traders, the price of bitcoin has surpassed the $7,400 mark. In the upcoming months, if more retail traders engage in the bitcoin exchange market as billionaire hedge fund legend Mike Novogratz has emphasized earlier this year, it will inevitably lead to the bitcoin price surging to new highs and building upward momentum.
As the LedgerX team revealed, in its first week of operation, the institution settled more than $1 million worth of derivatives and options trading around bitcoin.
“We ended up completing swaps and options trades worth over $1,000,000 USD. Crucially, these trades were cleared through LedgerX, which is the only institutional grade, US federally regulated exchange and clearing house for digital currencies. And we are literally just getting started,” said LedgerX.
By the end of 2017, CME and CBOE, two of the world’s largest options exchange market, will provide institutional investors an exclusive platform to trade bitcoin, offering a more liquid platform to swap cryptocurrencies.
Considering the statements of high profile investors like Novogratz who previously claimed that “a herd of institutional investors” are coming to the bitcoin market, it is likely that the $10,000 interim target of Max Keiser can be achieved in the upcoming months, potentially by the end of 2017.
However, in the short-term, a minor correction should be expected, specifically around the period of the SegWit2x hard fork on November 16, as a small portion of investors may allocate their funds into the newly created B2X.
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Miami – November 4, 2017 – Mirach Capital, a group of family offices holding trophy assets in the arenas of real estate, hospitality, aviation, healthcare, waste management, energy and entertainment, today announced the launch of a USD $200 million dollar crypto-fund. Utilizing quantitative and fundamental analysis to evaluate various Initial Coin Offerings, Mirach intends to identify projects that are grounded in foundational strength with widespread real world applications. Mark Ryan, Chief Financial Officer at Mirach stated “We are cautiously optimistic about cryptocurrencies. With all the hype currently surrounding ICOs, it would be prudent to conduct careful analysis when evaluating these projects. The future seems very bright for the crypto-space with some very exciting projects, however, the path to hell often begins with good intentions.”
Mirach has reviewed a number of ICO projects within the Healthcare, Waste Management, Energy and Retail sectors. Unfortunately, very few projects have been able to demonstrate real world applications thereby enhancing utility of the tokens. Mirach’s landmark investment of USD $25 million dollars in 4NEW Limited, a Waste to Energy treatment facility integrated entirely on the blockchain network demonstrates the commitment the group has towards identifying robust and grounded projects with the appropriate use of blockchain technology. Mirach intends to identify 4 or 5 crypto projects annually that will be funded through its syndicate of family offices.
Mirach is a group of private family offices with diversified trophy assets under management ranging up to $400 million dollars. Industries covered include Real Estate, Hospitality, Aviation, Healthcare, Waste Management, Energy and Entertainment. Mirach has structured various high profile trophy asset transactions ranging from the Plaza hotel in New York to the Grosvenor House hotel in London. They also hold significant investments in healthcare ranging from Urgent Care centers, Pharmacies, Substance Abuse Medical Detox facilities and Mental Health Assisted Living Facilities.
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Star Xu, the CEO of OKCoin, the largest bitcoin and cryptocurrency exchange in China, has publicly condemned SegWit2x, describing it as a “shitcoin.”
“Personal advice is B2X should not be listed. It’s a shitcoin but remove replay attacks protection.”
Charlie Lee, the creator of Litecoin and former Coinbase executive, agreed with the statement of Xu, criticizing its lack of strong replay protection and the contentious nature of the SegWit2x hard fork.
SegWit2x and its Contentious Nature
Describing SegWit2x and its native cryptocurrency B2X a “shitcoin” is an extreme way of portraying its contentious nature. But, experts and business executives like Xu have publicly condemned SegWit2x because it has been branded as a network upgrade. Based on the initial NYA agreement and the SegWit2x hard fork proposal, it has been made clear that SegWit2x is not an upgrade proposal but a fork specifically structured to lead to a chain split, and the creation of another cryptocurrency.
Despite the decline in support from the bitcoin community, mining industry, and businesses, the SegWit2x development team will pursue the hard fork on November 16. Several executives such as Bitso’s Daniel Vogel expressed his concerns over such lack of consensus in the SegWit2x hard fork, as he stated:
“Given this is a technical mailing list, I would urge everyone to rethink the S2X code from a technical perspective. The code base was written as an upgrade to Bitcoin. I believe there is enough hard data out there to make it clear that S2X is no longer an upgrade. F2Pool backed down Slush Pool was never in ViaBTC said none of their customers are requesting S2X BTC.top said they will just mine whatever is more profitable When do we stop and rethink? When we get to less than 50% hashing power?”
Why is Xu’s Statement Notable?
Some of the major supporters of the SegWit2x hard fork are based in China, such as Bitmain’s Antpool, ViaBTC, BTC.com, and BTC.TOP, which represent around 60 percent of bitcoin’s global hash rate. Xu is the second executive of a leading Chinese cryptocurrency company to publicly oppose the SegWit2x hard fork, apart from Wang Chun of F2Pool.
Whether F2Pool and OKCoin’s criticism of the SegWit2x hard fork in November will trigger the Chinese mining community to stall or reject the Segwit2x hard fork remains uncertain. At this phase of development, it is highly likely that the SegWit2x hard fork will continue as planned, given the support from the four major mining pools and large-scale bitcoin businesses including Coinbase and Blockchain.
However, it is also important to acknowledge that some of the most influential figures within the Chinese bitcoin market have started to speak out against the SegWit2x hard fork.
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