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.
Roger Ver’s Platform Withdraws From 12.5% Miner Fee Proposal
“As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.’’The decision came as a response to the heavy criticism the platform was getting. The Bitcoin Cash supporters said that there are less coercive ways to raise development funds and the users of bitcoin also used the proposals to call out the centralization of Bitcoin Cash. Roger Ver’s Platform stated:
“We think it is clear that the existing proposal does not have enough support, and we will be working to come up with a plan that is profitable for all the relevant parties and which preserves the fundamental economics of Bitcoin Cash.”Roger Ver didn’t comment on the matter yet. The proposal was initially pushed by the cartel of miners that represent 54 percent of the network’s identified hash rate or 34 percent of the total hashrate. The CEO of BTC.top Jian Zhuoer announced the proposal a few days ago and said that his mining pool alone controls 25 percent of the identified hashrate. Some of the other members of the cartel include the CEO of Bitmain, Jihan Wu, and Haipo Yang of ViaBTC.com. Roger Ver’s platform was a part of the plan but not anymore. Bitcoin.com represented less than 2 percent of the known hashrate which means that the cartel still controls 32 percent of the network. Zhuoer stated:
“Funding of infrastructure may often go overlooked or be underprioritized.’’Based on the prices, the proposal will reach up to $41,000 in the funding per day or about $7.5 million over six months period. Most of the funds will go to the Bitcoin ABC or the primary open-source implementation of the Bitcoin cash protocol. Bitcoin ABC stated:
“Although many previous attempts at stable infrastructure funding have been tried with mixed results, we are optimistic this plan could be a great success.’’
Bitcoin Cash Dev Tax May Still Roll Out Despite Roger Ver’s Support
“The dev tax is wounded, but not dead,” developer Peter Rizun, who is against the proposal, told Bloomberg in the latest Bitcoin Cash news.He also pointed out that a lot of key miners support the proposal and could still implement it on May 15. Meanwhile, Bitcoin.com is led by Roger Ver, stressed that "this is a great opportunity for developers to clarify what they need funding for, and provide the specific budgets and timelines they have for their work.” As the pool operator said, any new proposal will need to have as many people of economic weight on board as possible. These include businesses, exchanges, miners as well as Bitcoin Cash implementations. The Bitcoin Cash dev tax is now a viral topic in the cryptonews. The CEO of one of the largest mining pools on BCH, BTC.TOP recently offered to direct 12.5% of the mining rewards to support the BCH infrastructure over a period of six months. His post included a threat to orphan the noncomplying BCH blocks (the ones would no longer be included in the BCH blockchain). Besides BTC.TOP, the proposal was also signed by other large mining pools including Antpool, ViaBTC, BTC.com as well as Bitcoin.com, until the latter revoked their support. After that, we could see that the response from most of the miners was negative, including a lot of dramatic calls for massive exodus from the coin. The main issue, according to the comments, was based on the centralization. Taxes like these would quickly create a wholly centralized infrastructure for the coin and leave miners voting out in the cold. Data now shows that the average number of developers working on BCH-related products (the Bitcoin Cash dev tax is one of them) declined by 32% in the first half of 2019. Meanwhile, Bitcoin Cash (BCH) is now stable with a 3.34% increase on the day and a new price of $381. The charts have seen mixed movements in the past month but the cryptocurrency made most of everything over the past week, just like many altcoins out there.
Bitcoin Cash Just Broke $360 And $400 Is Imminent Now
- Hourly MACD – The MACD for BCH/USD is now gaining a strong pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level, with a bullish angle.
- Key Support Levels – $350 and $330.
- Key Resistance Levels – $365 and $400.
Mining Pools Aim To Divert The Bitcoin Cash Infrastructure
Crazy Analysis Puts BTC At $400,000 By 2021 Based On One Pattern
Where And How To Spend BTC In 2020: The Ultimate List
Basic Attention Token (BAT) Gained 11% As Binance Listed It
Binance Stops Trading To Resolve A Technical Issue
Bitcoin Retakes The $10,000 Level Again, What Is Next?
Moon Will Help Amazon Support Cryptocurrency Payments
Brazilian Cryptocurrency Regulation Tightens, Exchanges Are Hit Hard
‘Golden Cross’ For BTC May Result In Gains To $26,000 By Halving
CME Bitcoin Futures Opened: Can It Make BTC Rise Back To $10k?
Chinese Exchange Fcoin Closes, Still Owes Users $125 Million
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
- Ethereum News6 days ago
TRON Grows On Gambling Dapps And Ethereum On Gaming
- Bitcoin News6 days ago
Bitcoin On Valentine’s Day: Will Historic Data Favor BTC Bulls?
- Altcoin News6 days ago
Bitcoin And Altcoins Dip Remains Attractive To Bulls Now
- Bitcoin News5 days ago
Bitcoin Bulls Have To Prepare For Cryptocurrency Regulation Challenges
- Bitcoin News4 days ago
Bitcoin Bull Run May Last 3 Years With $45,000 High: Tone Vays
- Ethereum News4 days ago
Ethereum’s Metamask Browser Hits One Million Users
- Bitcoin News4 days ago
What Pushed Bitcoin Up By 65% In 2 Months?
- Altcoin News7 days ago
84 Patents For Central Bank Digital Currencies Filed By China