Since it was first launched back in August 2017, Bitcoin Cash (BCH) has failed to make an impact in terms of metrics like price and trading volume. Having said that, the altcoin, whose roots can be found in the epic Bitcoin (BTC) scaling debate of the mid-2010’s, still has its hardcore supporters. And new research shows these supporters are willing to mine BCH even when it would be more profitable to mine on the Bitcoin network. Data shows someone is propping up Bitcoin Cash Luxor Mining Pool Operator, Ethan Vera, has been looking at the rise of so-called “tribalist” mining …
Cryptocurrency payment processor BitPay has lost a major customer before it even began accepting any payments after a social media backlash. In a Twitter debate on May 15, computer manufacturer Pine64 said that it had planned to use BitPay to accept cryptocurrency, but would now halt the plans while it searched for an alternative partner. Pine64: We “no longer intend” to use BitPay The reason, it said, was an “outcry” among Twitter users over the company’s decision to use BitPay. A subsequent post read: We saw the outcry regarding @BitPay and no longer intend to support it. In the coming …
A month after the first halving, Bitcoin (BTC) moved up by 7% but following the second halving, the price slipped by 10% in a month. This suggests that if history were to repeat itself, the top-ranked cryptocurrency on CoinMarketCap will remain volatile but a large move in either direction is unlikely in the first month. However, the derivatives markets could be giving a signal that this time is different. This week CME Bitcoin options open interest increased to about $142 million, an increase of over 1000% since the end of April, according to data from Skew. This shows that the …
The Bitcoin Cash and Bitcoin SV hash rates have recovered following a dramatic fall after their halvings in April, as the Bitcoin hash rate declined since the May 11 halving. According to bitinfocharts, Bitcoin Cash’s hash rate increased more than 90%, from 1.43 Exahashes/second (EH/s) on May 10 to 2.74 EH/s on May 13. The hash rate of BSV also grew from 1.1 EH/s to 1.78 EH/s. BCH and BSV pre-halving and post-BTC halving. Source: bitinfocharts.com Miners flee following halvings Both BCH and BSV experienced a steep drop in mining immediately following their rewards halvings on April 8 and April …
History suggests that Bitcoin (BTC) halvings have led to massive bull runs. After the first halving in November 2012, the top-ranked cryptocurrency on CoinMarketCap surged 10,000% from late 2012 to 2014. The second halving that took place in July 2016 produced a rally of about 2,500% from mid-2016 to Dec. 2017. On May 11, Bitcoin completed its third halving and the expectations are for another huge up move. Other than history, current fundamental factors are setting the stage for a huge rally in Bitcoin’s future. The world is currently in the midst of a financial crisis due to the coronavirus …
With Bitcoin (BTC) block rewards expected to halve during the early hours of May 12, many analysts are starting to weigh in on what the event will mean for the crypto markets and mining community. Cointelegraph spoke to three analysts to get their unique takes on whether the halving is likely to comprise a “healthy rebalance” or a catalyst for migrating hash power and rising fees. Analysts discuss impacts of halving on miners Johnson Xu, the chief analyst at TokenInsight, predicts the halving will have a significant impact on miners. “A large percentage of older generation miners such as S9s …
Billionaire hedge fund manager Paul Tudor Jones has added Bitcoin (BTC) to his portfolio. In a letter to his clients, Jones said that the top-ranked cryptocurrency on CoinMarketCap was likely to play a similar role to the one that was played by gold in the 1970s. Jones added that Bitcoin was the fastest horse, hence, he was placing a bet on it. This move could attract other hedge fund managers to cryptocurrencies as they look to hedge their portfolios against the incessant money printing by the Federal Reserve. Bitcoin’s recent rally above $10,000 is a major sentiment booster. The dominance …
The General Protocols startup is developing its Decentralized Finance (DeFi) vision on Bitcoin Cash after raising more than $1 million in a seed funding round. This round of funding allows the Singapore-based team to develop their flagship product AnyHedge on Bitcoin Cash. Anyhedge is an open source derivatives tool that exchanges and OTC desks can embed allowing them to create new markets with smart contracts. The funding came from investors including cryptocurrency trader Marc De Mesel and BCH ‘thought leader’ Molecular, and the team includes two former Bitcoin.com employees and individuals who helped build the voluntary BCH Cash fundraising project …
Pantera Capital Founder and CEO Dan Morehead is bullish on Bitcoin (BTC) due to the upcoming halving as he believes that “if the new supply of Bitcoin is cut in half, all else being equal, the price should rise”. If history were to repeat itself, Morehead expects the top-ranked cryptocurrency on CoinMarketCap to rally to $115,212 by August 2021. The CEO also said that gold might be losing its luster but he does not expect the yellow metal to vanish overnight. Bloomberg’s senior commodity strategist Mike McGlone said that in traditional commodity markets, higher prices are an incentive for the …
Jefferies Greed & Fear email written by Christopher Wood recommends both retail and institutional investors buy Bitcoin (BTC) ahead of the upcoming halving which is less than eight days away. They anticipate that a rally after the event will be similar to the previous two halvings. Jefferies recommends that investors use Bitcoin to diversify their portfolio, similar to gold. However, forecasting a rally post halving just because the top-ranked cryptocurrency on CoinMarketCap has done so previously might not play out as expected. During the previous two halvings, the main participants were early crypto adopters but that is not the case …
The world is currently witnessing its worst crisis in decades, which dwarfs even the previous financial crisis. Even when traditional asset classes like equities and crude oil are struggling, Bitcoin (BTC) has held out exceedingly well. Travis Kling, the head of crypto hedge fund Ikigai, said that the top-ranked cryptocurrency on CoinMarketCap has preserved wealth for its investors as its price has “increased 0.60% from the end of February to the end of April amidst one of the most catastrophic economic events in history.” Crypto market data daily view. Source: Coin360 With Bitcoin halving less than nine days away, the …
The total crypto market capitalization has jumped from about $198 billion on April 22 to over $263 billion on April 30. This 32% rally in roughly eight days shows that investor sentiment is bullish. While this is a positive sign, the problem is that most people expect a repeat of the previous bull run. But with coronavirus still not reigned in, investors are likely to sway between extreme optimism and pessimism. Therefore, any up move is likely to have its share of sharp pullbacks. Crypto pioneer Charlie Shrem painted a bullish picture for Bitcoin (BTC) due to the upcoming halving …