Cryptocurrency Exchange Kraken Warns Investors Against Bitcoin Cash SV

Ivan Schwartz
November 20, 2018

In addition to the instability and its downward pressure across the board, The Telegraph notes that the drop in the price of bitcoin may stem in part from the arms race having "drained computing resources away from bitcoin itself, thus reducing the perceived demand for the original cryptocurrency".

Bitcoin opened trading at US$6,326, on a day that saw its market capitalisation fall to less than $100 billion for the first time in over a year. Put in perspective, bitcoin price by this time previous year, closed at just over $8,000 with a market cap of more than $134 billion.

Last Thursday, a new spinoff version of Bitcoin was created. One reason for the XRP to perform well could be the string of major deals by Ripple for its XRP-powered xRapid payment services with several global financial institutions over the last few months.

The spiral has also caused other cryptocurrencies to dip, with Ethereum falling 13pc and XRP falling 5pc. According to Spencer Bogart, partner at the crypto-focused investment firm Blockchain Capital, there is still a "gigantic" opportunity in the crypto space, and in particular in projects that are related to bitcoin, or "programmable money", as Bogart calls it. For the first time this year, Ethereum market cap has slipped below $15 billion. The Securities and Exchange Commission (SEC) released a statement on Friday saying that it would require some companies holding ICOs (Initial Coin Offerings) - the cryptocurrency world's equivalent of an Initial Public Offering - to treat their coins as securities, meaning that investors could sue the companies if the coins then crashed. At present Bitcoin Cash is trading at $219 following a 19% drop on Tuesday. Also, it seems that more positive impact might arrive as institutional investors are likely to get more into cryptocurrencies, following the launch of the Microsoft, Starbucks, ICE-backed Bakkt and Fidelity.

"The selloff is related to enforcement, which is nearly certainly underway". As a result, Paragon Coin Inc. and Airfox will both have to pay $250000 as penalties to compensate its investors.

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"It's hardly the spirit in which many would want crypto to be used but, I'm afraid, it is what it is, and the very nature of trading means we will see this cycle over and over again.

A lot of people have lost interest", Forex.com analyst Fawad Razaqzada said.

The average cost of mining one Bitcoin has been estimated to be between $6,000 and $7,000 depending on the cost of power at the site of the activity. The last time the Bitcoin hash rate went down this low has been in August this year.

The 10-year-old token fell 3.4% to US$5 362.96 as of 10.30am in London after it plunged through a key resistance level.

Other reports by GizPress

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