Crypto Hedge: Bitcoin Cash Spikes To Record High As Bitcoin Collapses Over $1000

crypto hedgeFollowing the surge in Bitcoin's USD price after the suspension of the SegWit2x hard fork, the cryptocurrency has collapsed as traders exit 'fork dividend' trades.

Dennis Gartman had a few words of praise for the bulls right before the collapse...

Well “bully” for Those Who’d Gotten It Right: Our “position” on Bitcoin and the other cryptos is clear: we shall have nothing whatsoever to do with them, but “good on” those who’ve been long and right; but be careful… all Bubbles eventually end in tears.

crypto hedge

As bitcoin fell, Bitcoin Cash - a clone of the original that was generated from another split on Aug.1 - surged, trading up as much as 35%, ahead of this weekend's launch of Bitcoin Gold.

crypto hedge

 

This is all happening as CoinDesk reports, Bitcoin gold is set to go live this weekend.

In a new blog post, the developers behind the fork of the bitcoin blockchain said that they would release a formal software client for download at 7:00 PM UTC on Nov. 12. Originally set for a public launch on Nov. 1, the project is backed by LightningASIC, a seller of mining hardware based in Hong Kong, as well as a community of relatively unknown developers.

As reported by CoinDesk, the idea behind bitcoin gold is to keep most properties of the protocol, but restrict the use of specialized chips for mining, or the process by which new transactions are added to a blockchain (while also creating new tokens as a reward).

It's also the latest example of a "airdropped" cryptocurrency that will distribute new coins to anyone who owned bitcoin at the time of the split, or up until the date the ledger of transactions started to differ.

Yet in a move criticized by some observers, the team behind bitcoin gold has been mining blocks in insolation since the new network was formally created last month, with a certain amount of coins being set aside to support development.

In comments, the team behind the effort sought to send a signal of confidence to the market, perhaps owing to concerns circulating around the effort.

"We are extremely grateful for the community around the world who have been contributing hash power to our testnets; besides patiently testing their own mining process, they allow exchanges, pools, wallet developers, and all other service operators to implement and test their support of BTG so that the bitcoin gold community can have a full suite of services at launch time," the project's backers said in a statement.

In the days ahead, exchanges will no doubt be watching the launch. Soon after its August release, bitcoin cash, another cryptocurrency that forked the bitcoin network, amassed a nearly $4 billion market value.

Exchanges and traders will no doubt be watching to see if history repeats.

Comments

La nouvelle série de montres Jaeger LeCoultre, une montre tout en élégance, à la fois élégante et sportive, accompagnée de Mobility Men pour ouvrir une vie dynamique. Inspiré par le classique réveil polaire Memovox de 1968, Jaeger-LeCoultre imprègne l'essence de la marque avec de nouveaux travaux. La nouvelle série de montres Jaeger-LeCoultre, non seulement pour rendre hommage aux chefs-d'œuvre historiques, mais aussi adhérer à l'esprit du réveil polaire Memovox, pour les hommes d'action à apporter une série de nouvelles montres, y compris montre automatique à trois broches, chronographe , La montre chronomètre du monde, ainsi que dégage une forte atmosphère rétro montre Jichen Beichen calendrier série et Ji famille Beichen série réveil montre. La série de montres Jaeger-LeCoultre utilisant le mouvement mécanique Jaeger-Lecoulmer, adhérant non seulement au superbe processus horloger, mais aussi au design sophistiqué, pour que les hommes contemporains apportent des pièces horlogères durables, dynamiques et élégantes, éclatent dans la vitalité du poignet. Jaeger-LeCoultre série de cinq première montre, l'un d'eux est une replique montre en édition limitée pour commémorer le 50e anniversaire du monde d'alarme polaire Memovox. Cette série comme un tout nouveau modèle, a redéfini le style élégant de sports.

Collapse of the bitcoin brings lots of troubles for its investments from people also lifted up their interests from it. Online qualified writers charge cheaply and rush-essay papers with use of their professional writing skills.