If we go back to the crypto news from a month ago, we can see that the Bitcoin Cash price was at $638, but as we can see today, the price has dropped to a stunning $117. This is more than 80 percent drop over a 30-day period.
In the first week of November, BCH started to increase because of the also increasing interest of the hard fork that happened on November 15. Because the split between the two teams was expected, the investors thought this to be the perfect opportunity to start accumulating the asset.
When a hard fork happens, a split chain is created and the original asset is then divided into two and the holders of the original asset are rewarded with the new cryptocurrency and this happened when the holders of BCH were rewarded with Bitcoin SV.
Following the hard fork, a huge conflict occurred between the BCH and BSV groups and both of the sides threatened to freeze the blockchain by spamming transactions. Though this never happened, it was enough to bring the confidence of the investors down thus bringing the price down as well.
Kraken was among the first exchanges to announce that they will not provide custody of BSV because of the possible attacks by saying:
‘’Bitcoin SV does not meet Kraken’s usual listing requirements. It should be seen as an extremely high-risk investment. Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.’’
As for the future of BCH, most low volume cryptocurrencies tend to provide poor performances. As of today, the daily volume of BCH is still around $110 million.
Two Miners Reportedly Executed A 51% Attack On Bitcoin Cash (BCH) Blockchain
“When the unknown miner tried to take the coins themselves, http://BTC.TOP & http://BTC.COM saw & immediately decided to re-org & remove these [transactions] TXs, in favor of their own TXs, spending the same P2SH coins, + many others … So just 2 miners, in secret & w/ no trouble, took it upon themselves to remove 2 blocks w/ another’s TXs, & replace with their own," Swann tweeted.The two miners and their attack are a topic shared by many best cryptocurrency news sites. However, 51% attacks have always been considered unethical, undesirable and unprofitable option to take away funds as it would require a massive amount of computing power and because of the fact that users would flee. According to other stats on Coin.Dance relevant to the two miners, BTC.top and BTC.com control 43% of the Bitcoin Cash mining pool together. Meanwhile, this is not the only mining attack featured in the coming altcoin news. Previously, the Ethereum Classic (ETC) blockchain experienced a 51% attack in January, resulting in a loss of 54,200 ETC.
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Galaxy Digital ‘Bank’ Cashes Out Of Block.one Investment With 123% Profits
“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
Crypto Market Retreat: $14 Billion Wiped Out Overnight
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