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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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14 Comments

14 Comments

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#Bitcoin

The Current Bitcoin Market Scenario: Price Manipulation by Whales

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The crypto markets started the last week with a different Euphoria. Each and every trader watched as Bitcoin rallied past $7000 to an astonishing $8000.

The crypto markets started the last week with a different Euphoria. Each and every trader watched as Bitcoin rallied past $7000 to an astonishing $8000. However, at the dawn of Friday, 17th May they woke up to a different scenario. The bitcoin gap just went lower by about 20% or over $1500. As a result of that, the rest of the crypto market was brought down. Some traders were caught unawares while others had foreseen it. The question on every person’s mind was what just happened and which direction should be taken now.

 

It all started on the Bitstamp exchange at about 10 pm ET on Thursday, 16th May. At that time, numerous crypto traders honed in the rather suspicious sell wall. The trader placed a sell order for 3,645BTC (c. $22m) on the exchange. It was formed at a moment when the Bitcoin market liquidity was at its lowest. It especially happens on a singular exchange.

 

The immediate reaction was to reduce the price of Bitcoin on Bitstamp. You could even view the spread in cost between other exchanges and Bitstamp. Such exchanges could include Kraken and Coinbase. As a result of the crypto market arbitrage, the prices on other similar exchanges followed the same track. Bitcoin would fall across the board. The rest of the market sank. It is due to the correlation of the other crypto assets with bitcoin. However, there was far more on the move than just a mere massive Bitcoin selling.

 

What occurred with the wall was an example of cryptocurrency spoofing. On a clear observation, one could notice that the selling wall decreased by the coming of more orders that matched it. This kept occurring as Bitcoin passed through $7500, then $7000 and thereby hitting around $6200. In the end, the sell was completely consumed albeit at a seemingly reduced price.

 

Then, once the cost had hit around the $6200 level, there was another massive buy well that was created on the same exchange ($11m). It could have brought about the sudden recovery that we have noticed in the price greater than $7000. It gave a clear evident of cryptocurrency spoofing in reality.

 

The gentleman or lady behind this doing was clearly attempting to impact the price. There are very few surplus explanations to answer why they would have issued an order of that magnitude at that moment. If an individual had the desire to trade a huge block of Bitcoin at the most suitable price, they would attempt to facilitate an OTC deal. It would be of minimum impact on the market.

 

Furthermore, the timing of a massive buy wall immediately after the trade wall coming to light is suspicious. It is either the orders were greatly coordinated or completed by rather the same party. Similarly, this can also occur on the reverse as sellers place large buy wells. Back in April, something of the sought happened. It was as an individual trader placed a massive order through. It was at a seemingly illiquid moment.

 

Spoofing is something that is considered illegal at the traditional financial markets. However, it is given the unlimited character of the cryptocurrency markets. On the other hand, whales tend to have free reign. However, a question pops up, why would a whale have an urge to tank the market in that way? The solution could lie in a completely distinct market.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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#Bitcoin

Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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