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Bitcoin Cash News

A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling

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Over the last 24 hours, we saw another drop as monitored on our DC Forecasts crypto news site. The prices of Bitcoin as well as many altcoins combined lost $4 billion in total, reducing the total market cap once again to a number of $181 billion.

After what seemed like one of the worst single-day corrections that occurred last Thursday (November 15th) and where the crypto market saw a wipeout of more than $27 billion, the drop is extending.

Bitcoin Cash is one of the main sufferers here. Even though the fourth largest altcoin forked into two new cryptocurrencies named Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC), it managed to fall by more than 7%. Before the fall, Bitcoin Cash managed to drop by more than 15% to $250.

Currently, analysts are asking if the $4,800 margin is the real bottom for Bitcoin – or it will increase in the coming days. While both major cryptocurrencies and small tokens started to demonstrate independent price movements by breaking their correlation with BTC, a new 12% drop could result in intensified downward movements for cryptocurrencies with lower daily volumes.

All in all, the sentiment around cryptocurrencies has been negative this week mostly because of the sheer intensity of the crash of the market in the past few days.

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Bitcoin Cash News

Bitcoin Cash Price Boosted By The Launch Of A New $200M Fund

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This morning, the Bitcoin Cash news showed an increase in the price of BCH following the news about the launch of a new $200 million fund. In fact, the Bitcoin Cash price was the only one in the green this morning - but has been dragged by the market and fell by 1.22% since then.The chief proponent behind the token, Roger Ver, yesterday announced that Bitcoin.com (his company) would be launching what he described as an "ecosystem investment fund" which will boost the token's growth. He also stated that this fund would be used to invest in businesses that want to build on the native Bitcoin Cash network.As many expected, the Bitcoin Cash price got a boost of less than 1% in the past 24 hours. At the time of writing, the token is back in the red - but it is not dropping many percents such as other altcoins.Speaking of, the Binance Coin news today show that BNB has lost more than 6% overnight and is in a bearish momentum losing a lot of its hard-gained value. In either case, the Bitcoin Cash price shows that it is one of the best performing top coins as many other alts dropped up to 5%.Roger Ver even issued a statement and said that the interest for Bitcoin Cash (BCH) is driving up as of lately. At an event in London, he claimed:
“With some of the business development deals we have brewing at Bitcoin.com, I am certain there will be significantly more places accepting Bitcoin Cash than any other cryptocurrency shortly.”
For those of you who don't know, the network behind BCH was upgraded earlier this month, resulting in another Bitcoin Cash price boost following the launch. Ver and Bitcoin.com have a lot of high hopes for the token. In fact, Ver at one occasion said that BCH will be worth "99,900% more" than its current value at some point in the future.Meanwhile, the other updates show that besides Binance Coin (BNB), Tron (TRX) has fallen by more than 6%, just like Cardano (ADA). On top of that, Litecoin (LTC) is also falling by 5% today and is followed by Bitcoin SV (BSV) which lost around 4% overnight.
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Bitcoin Cash News

Bobby Lee Regrets Backing Bitcoin SegWit2x: ‘It Was Extremely Dangerous’

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The failed hard fork attempt which was all over the cryptocurrency news updates in 2017 named SegWit2x, was "extremely dangerous and irresponsible" says a CEO who was formerly one of its biggest supporters. The CEO Bobby Lee regrets that he touted the long-dead Bitcoin scaling solution. In a series of tweets, he admitted that he was wrong and said a lot of things about the risky and dangerous SegWit2x fork.Known as the co-founder of the cryptocurrency exchange BTCC and the CEO of the wallet manufacturer Ballet, Bobby Lee was one of the original signatories of SegWit2x which aimed to increase the network capacity of Bitcoin by doubling its block size to 2 megabytes.“2 years ago, I thought SegWit2x was the best path forward for Bitcoin,” he wrote and continued:
“I‘ve since come to realize that it was extremely dangerous & irresponsible to push for a contentious hard fork w/o replay protection, esp. when there wasn’t consensus. Mea culpa! Bitcoin is the real Bitcoin.”
Bobby Lee regrets the backing of SegWit2x, but admits that it was widely viewed as an attempt by the corporate sponsors to commandeer the development of Bitcoin - contrary to the ethos of decentralization.At the time, Lee was willing to embrace it and his confidence saw a pushback even from his own brother, the founder and creator of Litecoin (LTC) Charlie Lee, who described his brother's perspective as "extremely lame."The scheme which Bobby Lee regrets was also known as the New York Agreement or NYA and surfaced during the start of Bitcoin's run-up to the all time highs of $20,000. The transaction fees were also considerably higher than current levels.Meanwhile, we can see that many BCH supporters maintain the stance that the altcoin is actually the "real" Bitcoin. Bobby Lee was also dismissive on this and wrote:
“In Bitcoin, there’s the notion of consensus where the majority of hash power decides on the real chain. Similarly in our world, the market decides on the real Bitcoin, the one with the most market value."
When asked if he believes BCH could lay claim to being Bitcoin, Bobby Lee was featured in the Bitcoin Cash news for saying the following:
“To me, it’s pretty obvious that the market has already decided. Signal vs Noise.”
Last week, Lee predicted a new Bitcoin price target of $500,000 by 2028.
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Bitcoin Cash News

BCH Hard Fork Completed, First Invalid Block Detected

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The planned Bitcoin Cash BCH hard fork on the network has officially been completed. The first block which was considered invalid by the older client version was noted by BitMEX Research in a tweet on November 15, the latest crypto news show.As we can see, Fork Monitor detected that the block located at height 609,136 was actually considered invalid by the Bitcoin ABC 0.19.0 client. This block was accepted by Bitcoin ABC 0.20.6 and it was confirmed that the BCH hard fork was completed as planned.The Bitcoin Cash news today also show that the block was mined by the BTC.com pool at 13:44 UTC, with a block size that was 0.2MB and contained 651 transactions. The older versions of Bitcoin ABC are now expected to either stick to or follow a different chain.The BCH hard fork also imposed relatively simple consensus changes and was not expected to split the chain. Still, many analysts and community members were worrying more about the fact that the contentious Difficulty Adjustment Algorithm was not addressed properly. This is what updates the difficulty of every BCH block which is based on a moving window of the last 144 blocks or around 24 hours worth.All of this leads to potential concerns that some miners are gaming the algorithm in order to get an advantage, as there are curious fluctuations in the Bitcoin Cash (BCH) hash rate as well as volatile difficulty.Experts in hard forks know that under the Nakamoto consensus mechanism employed by Bitcoin Cash (BCH) and other proof-of-work protocols, the chain with the longest history would be considered to be the trusted ledger which is invalidating the rogue chain.Meanwhile, recent reports indicate that the BCH hard fork is completed and 75% of the BCH nodes are running the latest consensus.For those of you who don't know, the major upgrade for Bitcoin Cash intends to incorporate at least two new features and is expected to concentrate on its consensus rules. The company's press release noted that the upgrade plans have been underway for a while now.All in all, the BCH hard fork went successful but the price of the Bitcoin Cash (BCH) cryptocurrency is still getting bad vibes and is right now trading with a 3% decline at $267.
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Bitcoin Cash News

Bitcoin Cash Hard Fork Difficulty Is Volatile Ahead Of Today’s Launch

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Today is the date when the Bitcoin Cash hard fork will take place as an upcoming update which will impose relatively simple technical changes to its consensus mechanism which won't split the chain. The Bitcoin Cash news show that disloyalty and manipulation among miners have refocused the conversation ahead of the November 15 fork.The issues have gone unaddressed in the "planned hard fork" that is coming tomorrow - a term which has been politicized to mean community strife and a chain split. In this case, this is something that is about to happen.As reported before, the minor upgrades are compatible with all miners and should enhance basic functionality for users across the chain. This is something that is hard to disagree with and the only echo of dissent is heard by the people who believe the recent anomalies indicate that BCH is in need of more serious repair.The problems in both the Bitcoin (BTC) and Bitcoin Cash (BCH) communities are still intertwined even years after their separation. The similarity of the BCH and BTC blockchains for mining and the ease with which miners switch between them are two of the largest issues which are now plaguing both chains in terms of providing the best payment conditions.As BCH itself is set for a new iteration which is termed Bitcoin ABC, the community is arguably neglecting a potentially flawed Difficulty Adjustment Algorithm (DAA) which was updated in a widely criticized proposal by the BCH influencers two years ago.Despite its relatively short lifespan, Bitcoin Cash has been in the cryptocurrency news for its number of controversies so far. It has a history full of issues and ever since it split from BTC via a hard fork (on August 1st, 2017) it has troubled users with disagreements over how to adjust mining difficulty, how to best scale and other issues.On the other hand, the algorithm of Bitcoin Cash may have been ideal in the way that it assumed an equitable and fully decentralized ecosystem in 2017 which would be supported by individual users - rather than the large mining groups and ASIC miners of today.
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