The user-activated hard fork (UAHF) on the Bitcoin network is looming around the corner. ‘Bitcoin Cash’ (BCC; BCH) is slated to break away as a new fork from the Bitcoin blockchain on August 1 at 9:20PM JST or 12:20PM UTC. Also read: Fork Watch: JP Powerhouse Coincheck Now Unlikely to Suspend Bitcoin Payments Major Exchanges Embrace Bitcoin […]
The user-activated hard fork (UAHF) on the Bitcoin network is looming around the corner. ‘Bitcoin Cash’ (BCC; BCH) is slated to break away as a new fork from the Bitcoin blockchain on August 1 at 9:20PM JST or 12:20PM UTC.
Multiple bitcoin exchanges have signaled support for ‘Bitcoin Cash.’ This news comes alongside the inevitability that a UAHF event will occur.
Last week, Bitcoin.com detailed many of the exchanges and platforms that will be rejecting Bitcoin Cash (BCC), but now more appear to be settling into the idea that it will exist as a legitimate digital token. At the time of writing, futures of BCC are being traded on Viabtc’s exchange for roughly $390.
Bitcoin Cash Futures Trading at $394 USD
Kraken
The large bitcoin exchange Kraken made an announcement yesterday in support of Bitcoin Cash. They said they will be providing users with the ability to trade it on their platform. They pledged to credit clients with an equivalent amount of Bitcoin Cash based on their current holdings of bitcoin.
Although the Bitcoin Cash fork is expected to be minor, it may be successful. Provided that unforeseen circumstances do not make it prohibitively unsafe or difficult for us to do so, Kraken will support Bitcoin Cash…
However, Kraken warned margin traders on their platform to “be very cautious across the fork.” They were told to either greatly reduce their position or cease margin trading altogether to ensure a smooth transition. In the least, they should set stops and not rely on Kraken to function optimally while the fork is in progress.
Bitfinex
The bitcoin exchange platform Bitfinex also announced they would be supporting bitcoin cash. They plan on providing an amount of bitcoin cash tokens equivalent to that of bitcoin in their customer’s wallets.
They said, “A minority of Bitcoin miners will be forking on August 1st, 2017 to create a new chain called Bitcoin Cash. The fork does not impact Bitcoin balances, but it creates a new token. At the time of the fork, all Bitcoin addresses holding a balance will automatically have equivalent balances in Bitcoin Cash.”
The company, however, mentioned they will not be using “BCC” for the bitcoin cash ticker symbol. They said it is already in use on their platform. Instead, they will use “BCH.” The company will distribute BCH tokens with the UTC timestamp of the first forking block, which will occur August 1. Their page contains details on how they plan on ironing out the kinks and managing technical issues.
Hardware Wallet Company’s Support Bitcoin Cash
Besides exchanges, major hardware wallets manufacturers are also supporting Bitcoin Cash. Both Trezor and Ledger have provided details on securing bitcoin cash in their wallets when the fork occurs.
Trezor wallet said they can safely adopt bitcoin cash functionality with their wallets since the currency supports replay attack protection. They said, “Bitcoin Cash has implemented the necessary protection against replay attacks, meaning Trezor can support the currency safely. We will provide an interface, accessible from Trezor Wallet, where you can access and safely claim your Bitcoin Cash coins. You will be prompted by Trezor Wallet once you select ‘Bitcoin Cash’ in the currency selector.”
As a result of the in-built replay attack protection, Ledger will also provide full functionality for bitcoin cash via their wallets. They say users will be able to gain access to bitcoin cash after the fork by using a special tool. They said users could view bitcoin cash currency as “free air-dropped money.”
As a result, all bitcoin holders will be granted a new duplicated Bitcoin Cash balance (literally airdropped free money) if the fork activates — this post and the follow ups will describe how you can best secure this new balance, then decide to trade it, hold it or sell it as you wish.
Both hardware wallet companies wrote details on their page explaining how to respond to the fork and gain access to freshly minted bitcoin cash.
Many Company’s Working With Bitcoin Cash; Protect Your Keys
Several other exchanges and wallet providers are also signaling their support for the hard-forked token. Exchanges include Quoinexchange, Viabtc, Kcoin, Btcbox, Bithumb, Kex, Mercury Cash, Huobi, Quadrigacx, Toubi, Korbit, Bittrex, and Btcpop. Wallet providers who are adopting Bitcoin Cash include, Bitcoin ABC, Bitcoinclassic, Electrum Cash, and btc.com.
The exchange Quoinexchange said, “We have also received many inquiries regarding BCC (Bitcoin Cash) crypto currency. As an exchange, our goal is to provide a fair exchange platform which is highly secure and compliant. As a result of the fork, users that hold BTC in their balances at the time of the fork will be credited equivalent BCC. If your account balance at the time of the fork holds 1 BTC, you will be credited 1 BCC.”
These announcements seem to suggest stronger community backing for the fork token. It does not look like the currency will die immediately in the rip and roar of the fork. The future of the digital asset remains uncertain, for sure.
However, the basic rules of forks still apply to everyone regardless of what happens: keep private keys safe. No matter what coin wins out, every bitcoin user should try to maintain their coins with their own securely held private keys. This ensures that control of both coins remain in the user’s hands.
Will bitcoin cash continue to grow after Aug 1? Will it have more supporters? Let us know in the comments section below.
Images courtesy of Shutterstock, bitfinex.com, and crunchbase.com
Bitcoin.com’s own store features a wide range of interesting Bitcoin-related products. Looking for a hardware wallet? We got ‘em. Want a good-looking t-shirt? It’s there. Want to gift a nice Bitcoin tea cup? Goshopping.
One of the barriers to widespread adoption of cryptocurrency is price volatility: in an economy where cryptocurrencies must be exchanged regularly in and out of fiat, users must be confident that price will remain stable from day to day, so that costs are predictable, and profits as well.
Bobbi sells bamboo bikes. Bobbi receives $1000 worth of BiteCoin (not a real coin yet) in payment for a new bike. The following week, when Bobbi pays her supplier, the price of BiteCoin has dropped by half. The bill to her supplier hasn’t changed, and so Bobbi just sold a bike for a big loss. Bobbi decides not to accept BiteCoin anymore. Bobbi thinks cryptocurrency bites.
One of the barriers to widespread adoption of cryptocurrency is price volatility: in an economy where cryptocurrencies must be exchanged regularly in and out of fiat, users must be confident that price will remain stable from day to day, so that costs are predictable, and profits as well.
Bobbi sells bamboo bikes. Bobbi receives $1000 worth of BiteCoin (not a real coin yet) in payment for a new bike. The following week, when Bobbi pays her supplier, the price of BiteCoin has dropped by half. The bill to her supplier hasn’t changed, and so Bobbi just sold a bike for a big loss. Bobbi decides not to accept BiteCoin anymore. Bobbi thinks cryptocurrency bites.
In what some are coining a landmark case, an Israeli District Court recently ruled that Israeli banks are not obligated to provide financial services to companies whose primary business is trading in crypto-currencies, such as Bitcoin or Ethereum. The …
In what some are coining a landmark case, an Israeli District Court recently ruled that Israeli banks are not obligated to provide financial services to companies whose primary business is trading in crypto-currencies, such as Bitcoin or Ethereum. The Court reasoned that banks should not have to assume the risks associated with providing a financial platform to these digital currency businesses when the leading Israeli authorities on the subject, namely the Central Bank, the Securities Authority and the Anti-Money Laundering and Terror Financing Authority, themselves have been struggling to delineate clear measures to minimize them. One of the primary risks noted by the Israeli authorities, along with regulators around the globe, is the pseudo-anonymous nature of crypto-currency. Regulators view the digital token transfer method as a “black box”, low in accountability and virtually impossible to subject to existing anti-money laundering (AML) and anti-terror financing regulations. However, inflexibility may be clouding judgment: built-in features of crypto-currency, particularly Blockchain technology, have the potential to improve, not harm, AML efforts, even surpassing mechanisms already in place today.
The U.S. Department of Justice (DOJ) recently announced the indictment of a Russian national and an organization he allegedly operated, the bitcoin exchange BTC-e, for operating an unlicensed money service business, money laundering, and related crimes.
“BTC-e was noted for its role in numerous ransomware and other cyber-criminal activity; its take-down is a significant accomplishment.” – Michael D’Ambrosio, Special Agent in Charge of the US Secret Service Criminal Investigative Division
The U.S. Department of Justice (DOJ) recently announced the indictment of a Russian national and an organization he allegedly operated, the bitcoin exchange BTC-e, for operating an unlicensed money service business, money laundering, and related crimes.
“BTC-e was noted for its role in numerous ransomware and other cyber-criminal activity; its take-down is a significant accomplishment.” – Michael D’Ambrosio, Special Agent in Charge of the US Secret Service Criminal Investigative Division
With only 3 days left before Bitcoin’s hardfork is implemented, there is still great uncertainty among BTC-USD markets (which inherently applies to all cryptocurrencies) and what their imminent fate will be. One would expect, with so much market uncertainty, that BTC-USD should be seeing dropping prices as people begin to sell their BTC in lieu of other fiat and crypto-assets. However, in a surprising turn of events, BTC-USD has managed to climb by over $300 within the past 24 hours. Because the speculations regarding the BTC hardfork vary wildly, this market analysis will look at the raw data presented on the markets and will not attempt to account for any of the hardforking ramifications.
Want to learn how to keep your bitcoins safe? Read this.
The figure below shows two indications that the BTC-USD climb is due for a consolidation period and possibly some pullback in price:
Figure 1: BTC-USD, 2HR Candles, Bitfinex, Momentum Loss
The first that stands out with the current $300 rise is the decreasing volume throughout the length of this little bull run. Decreasing volume indicates the decrease in market interest in these higher values and typically leads to either a consolidation period or a pullback in price to garner support from lower values.
The second indicator that stands out is the 2HR MACD divergence shown in pink. Typically, for a healthy bull run to sustain its upward momentum, we would like to see the MACD making new highs on the histogram to accompany the new highs in market value. Looking closely, you can see the most recent high of approximately $2800 did not correspond to a new high on the MACD histogram. Thus, another indicator of market momentum loss reveals the increased likelihood of market price consolidation.
As always, it is important to put the current market trend within the context of the grand picture:
Looking at the 6HR candles trend, there is a subtle hint of macro bearish divergence on the MACD. When the MACD signal line/moving average makes a new high, but the price trend does not make a new high, this can be an indication of bearish leaning momentum called “hidden bearish divergence.” In addition to the MACD hidden bearish divergence, we can see a severely decreased volume trend as we approach the highs made a couple weeks ago. In general, the upper $2000s seem to be a battleground that is starting fizzle out in a bearish fashion. This could be attributed to many factors, but ultimately I think the wild price swings can be easily explained by the great uncertainty in the market surrounding the August 1st hardfork.
With only 3 days left, speculators are getting situated in their positions. Until the hardfork is implemented, there is no telling what will happen to the BTC-USD markets or the cryptomarket as a whole. So, with all this uncertainty in the air, where can we expect to find levels of support in the event of a major crash on August 1st? The figure below shows the key support levels to look for on the macro scale:
Figure 3: BTC-USD, 12HR Candles, Bitfinex, Key Support Levels
Once again, the key support levels for the macro trend are found along the Fibonacci Retracement values of the entire bull run. Immediately below our current values lies very solid, historic support at $2500 values. A test of this support value will ultimately dictate the immediate future of the BTC-USD market.
On the run up to $2900 a couple weeks ago, a lot of volume went into the market to develop firm support. A breakdown of this support level could prove to be quite destructive to the BTC-USD market in the short term. The $2500 support level is clearly shown in the massive influx of volume and proves to be a severe point of market interest. To date, that is one of the strongest support levels BTC-USD has established, as indicated by the rise in volume around those prices.
Summary:
On the macro and micro levels, BTC-USD is showing indications of price consolidation in the near future.
Key support levels are found along the Fibonacci Retracement values. In particular, $2500 has proven its historical significance in the market and should be closely watched in the event of a bear run post-hardfork on August 1st.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
With only 3 days left before Bitcoin’s hardfork is implemented, there is still great uncertainty among BTC-USD markets (which inherently applies to all cryptocurrencies) and what their imminent fate will be. One would expect, with so much market uncertainty, that BTC-USD should be seeing dropping prices as people begin to sell their BTC in lieu of other fiat and crypto-assets. However, in a surprising turn of events, BTC-USD has managed to climb by over $300 within the past 24 hours. Because the speculations regarding the BTC hardfork vary wildly, this market analysis will look at the raw data presented on the markets and will not attempt to account for any of the hardforking ramifications.
Want to learn how to keep your bitcoins safe? Read this.
The figure below shows two indications that the BTC-USD climb is due for a consolidation period and possibly some pullback in price:
Figure 1: BTC-USD, 2HR Candles, Bitfinex, Momentum Loss
The first that stands out with the current $300 rise is the decreasing volume throughout the length of this little bull run. Decreasing volume indicates the decrease in market interest in these higher values and typically leads to either a consolidation period or a pullback in price to garner support from lower values.
The second indicator that stands out is the 2HR MACD divergence shown in pink. Typically, for a healthy bull run to sustain its upward momentum, we would like to see the MACD making new highs on the histogram to accompany the new highs in market value. Looking closely, you can see the most recent high of approximately $2800 did not correspond to a new high on the MACD histogram. Thus, another indicator of market momentum loss reveals the increased likelihood of market price consolidation.
As always, it is important to put the current market trend within the context of the grand picture:
Looking at the 6HR candles trend, there is a subtle hint of macro bearish divergence on the MACD. When the MACD signal line/moving average makes a new high, but the price trend does not make a new high, this can be an indication of bearish leaning momentum called “hidden bearish divergence.” In addition to the MACD hidden bearish divergence, we can see a severely decreased volume trend as we approach the highs made a couple weeks ago. In general, the upper $2000s seem to be a battleground that is starting fizzle out in a bearish fashion. This could be attributed to many factors, but ultimately I think the wild price swings can be easily explained by the great uncertainty in the market surrounding the August 1st hardfork.
With only 3 days left, speculators are getting situated in their positions. Until the hardfork is implemented, there is no telling what will happen to the BTC-USD markets or the cryptomarket as a whole. So, with all this uncertainty in the air, where can we expect to find levels of support in the event of a major crash on August 1st? The figure below shows the key support levels to look for on the macro scale:
Figure 3: BTC-USD, 12HR Candles, Bitfinex, Key Support Levels
Once again, the key support levels for the macro trend are found along the Fibonacci Retracement values of the entire bull run. Immediately below our current values lies very solid, historic support at $2500 values. A test of this support value will ultimately dictate the immediate future of the BTC-USD market.
On the run up to $2900 a couple weeks ago, a lot of volume went into the market to develop firm support. A breakdown of this support level could prove to be quite destructive to the BTC-USD market in the short term. The $2500 support level is clearly shown in the massive influx of volume and proves to be a severe point of market interest. To date, that is one of the strongest support levels BTC-USD has established, as indicated by the rise in volume around those prices.
Summary:
On the macro and micro levels, BTC-USD is showing indications of price consolidation in the near future.
Key support levels are found along the Fibonacci Retracement values. In particular, $2500 has proven its historical significance in the market and should be closely watched in the event of a bear run post-hardfork on August 1st.
Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
July 28, 2017, Helsinki, Finland – Soma, an Ethereum blockchain based platform aiming for creating a C2C-market that facilitates the social interaction between the users of the trading community, has begun its pre-sale for the Soma Community Token. The blockchain-based platform utilizes smart contracts to enable its users to create Interactive Item Cards to leverage … Continue reading Blockchain Platform for Social Interaction, Soma Announces Crowdsale
July 28, 2017, Helsinki, Finland – Soma, an Ethereum blockchain based platform aiming for creating a C2C-market that facilitates the social interaction between the users of the trading community, has begun its pre-sale for the Soma Community Token. The blockchain-based platform utilizes smart contracts to enable its users to create Interactive Item Cards to leverage … Continue reading Blockchain Platform for Social Interaction, Soma Announces Crowdsale
CoinDeskBitcoin Investment Vehicle Adopts Open Strategy Ahead of Blockchain ForkCoinDeskXBT Provider AB released a statement outlining its plans ahead of what could be a split in the bitcoin blockchain on August 1, one pursued by the proponents of an a…
Bitcoin Investment Vehicle Adopts Open Strategy Ahead of Blockchain Fork CoinDesk XBT Provider AB released a statement outlining its plans ahead of what could be a split in the bitcoin blockchain on August 1, one pursued by the proponents of an alternative implementation called Bitcoin Cash. The first of two ETNs launched by XBT ...
The provider of a bitcoin ETN has said that it will track what the market considers to be “bitcoin” following a possible network split next week.
Source
The provider of a bitcoin ETN has said that it will track what the market considers to be “bitcoin” following a possible network split next week.
Thanks to internet’s vital role in everyone’s lives, websites and their domain names represent the identity of a person or entity. The increased importance of online presence has turned domain names market into a lucrative business. Many individuals and entities have started buying and selling domains to make huge profits out of the trade. However, … Continue reading Decentralized Domain Marketplace Nametoken Announces Crowdsale
Thanks to internet’s vital role in everyone’s lives, websites and their domain names represent the identity of a person or entity. The increased importance of online presence has turned domain names market into a lucrative business. Many individuals and entities have started buying and selling domains to make huge profits out of the trade. However, … Continue reading Decentralized Domain Marketplace Nametoken Announces Crowdsale
Here’s what gambling markets are saying about next week’s big bitcoin decision Business Insider gambling casino A croupier waits for gamblers at a table inside the Marina Bay Sands casino in Singapore April 27, 2010. Reuters/Pablo Sanchez. Bitcoin is embroiled in a civil war and now the betting markets are weighing in on how it will end. Folks on …
Here's what gambling markets are saying about next week's big bitcoin decision Business Insider gambling casino A croupier waits for gamblers at a table inside the Marina Bay Sands casino in Singapore April 27, 2010. Reuters/Pablo Sanchez. Bitcoin is embroiled in a civil war and now the betting markets are weighing in on how it will end. Folks on ...
The user-activated hard fork (UAHF) on the Bitcoin network is looming around the corner. ‘Bitcoin Cash’ (BCC; BCH) is slated to break away as a new fork from the Bitcoin blockchain on August 1 at 9:20PM JST or 12:20PM UTC. Also read: Fork Watch: JP Powerhouse Coincheck Now Unlikely to Suspend Bitcoin Payments Major Exchanges Embrace Bitcoin […]
Figure 1: BTC-USD, 2HR Candles, Bitfinex, Momentum Loss
Figure 2: BTC-USD, 6HR Candles, Bitfinex, Hidden Bearish Divergence
Figure 3: BTC-USD, 12HR Candles, Bitfinex, Key Support Levels
Figure 1: BTC-USD, 2HR Candles, Bitfinex, Momentum Loss
Figure 2: BTC-USD, 6HR Candles, Bitfinex, Hidden Bearish Divergence
Figure 3: BTC-USD, 12HR Candles, Bitfinex, Key Support Levels