link1911 link1912 link1913 link1914 link1915 link1916 link1917 link1918 link1919 link1920 link1921 link1922 link1923 link1924 link1925 link1926 link1927 link1928 link1929 link1930 link1931 link1932 link1933 link1934 link1935 link1936 link1937 link1938 link1939 link1940 link1941 link1942 link1943 link1944 link1945 link1946 link1947 link1948 link1949 link1950 link1951 link1952 link1953 link1954 link1955 link1956 link1957 link1958 link1959 link1960 link1961 link1962 link1963 link1964 link1965 link1966 link1967 link1968 link1969 link1970 link1971 link1972 link1973 link1974 link1975 link1976 link1977 link1978 link1979 link1980 link1981 link1982 link1983 link1984 link1985 link1986 link1987 link1988 link1989 link1990 link1991 link1992 link1993 link1994 link1995 link1996 link1997 link1998 link1999 link2000 link2001 link2002 link2003 link2004 link2005 link2006 link2007 link2008 link2009 link2010 link2011 link2012 link2013 link2014 link2015 link2016 link2017 link2018 link2019 link2020 link2021 link2022 link2023 link2024 link2025 link2026 link2027 link2028 link2029 link2030 link2031 link2032 link2033 link2034 link2035 link2036 link2037 link2038 link2039 link2040 link2041 link2042 link2043 link2044 link2045 link2046 link2047 link2048 link2049 link2050 link2051 link2052 link2053 link2054 link2055 link2056 link2057

Tag: Bitcoin cash. bitclub network

Bitcoin Plunges 29% From Record High

Bitcoin Plunges 29% From Record High

Bitcoin Plunges 29% From Record High

  • Offshoot called bitcoin cash is luring users amid tech debate
  • Bitcoin’s jump this year has attracted Wall Street’s interest


Citigroup Inc. CEO Michael Corbat shares his thoughts on digital currencies.

Bitcoin plunged as the cancellation of a technology upgrade prompted some users to switch out of the cryptocurrency, spooking speculators who had profited from a more than 800 percent surge this year.

The cryptocurrency has dropped 9.5 percent since late Friday, extending its slide from last week’s record to as much as 29 percent, according to data compiled by Coinmarketcap.com and Bloomberg. Bitcoin cash, a rival that split from the original bitcoin in August, has jumped nearly 40 percent since Friday.

Bitcoin Plunges 29% From Record High2

Bitcoin cash is gaining popularity because of its larger block size, a characteristic that makes transactions cheaper and faster than the original. When a faction of the cryptocurrency community canceled plans to increase bitcoin’s block size on Wednesday — a move that would have created another offshoot — some supporters of bigger blocks rallied around bitcoin cash.

The resulting volatility has been extreme even by bitcoin’s wild standards and comes amid growing interest in cryptocurrencies among regulators, banks and fund managers. While skeptics have called bitcoin’s rapid advance a bubble, it has become too big for many on Wall Street to ignore. Even after shrinking by as much as $38 billion since Wednesday, bitcoin boasts a market value of $101 billion.

Supporters of bitcoin’s technology upgrade “are now switching support to bitcoin cash,” said Mike Kayamori, head of Tokyo-based Quoine, the world’s second most-active bitcoin exchange over the past day. “There’s a panic about what’s happening. People shouldn’t panic. Just hold on to both coins until we see how it plays out.”

Bitcoin’s slump dragged down shares of cryptocurrency-related companies, including Hong Kong-based PC Partner Group Ltd., maker of graphics cards that can be used in the mining of digital coins. But there were few signs of wider ripple effects. Asian stocks were mixed as investors awaited continuing talks on tax legislation in the U.S. this week.

The cancellation of last week’s bitcoin upgrade has left users to choose between the two versions of the cryptocurrency. On one side is the original bitcoin, powered by so-called SegWit technology, which aims to improve its performance by moving unessential data off of its underlying blockchain. On the other side is bitcoin cash, which allows its blockchain to handle eight times as much data as the original.

Proponents of bitcoin cash believe their approach is simpler and closer to the original goal of bitcoin, which was described primarily as a payment system in its white paper. Supporters of the original bitcoin say that vision is too limited, and that by improving the blockchain with SegWit technology, bitcoin can become a new digital asset class that not only supports payments but countless other functions.

While bitcoin cash has been around for months, it saw limited support as the community awaited last week’s technology upgrade for the original bitcoin, which promised similar features. Now that the upgrade has been called off, businesses that use the cryptocurrency primarily as a payment method are expected to increase adoption of bitcoin cash.

While bitcoin cash surged over the weekend, it hasn’t been a straight line up. The cryptocurrency was trading at $1,325 at 11:53 a.m. in Hong Kong, down from a high of about $2,478 on Sunday, Coinmarketcap.com prices show.

Bitcoin has been similarly volatile; it initially rose after news that it would avoid another split, but the gains were short-lived. It’s now trading at $5,948 after touching a record $7,882 on Wednesday.

“Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York.
 

Authors: Justina Lee and Yuji Nakamura
13 November 2017, 02:05 GMT Updated on 13 November 2017, 04:28 GMT

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member