Markets Update: Bitcoin Continues to Orbit Above $3K
The past seven days was an interesting, and a very unusual week for bitcoin investors and enthusiasts. On August 1 the Bitcoin blockchain split into two branches forming another network and token called bitcoin cash (BCH). At the time some bitcoiners assumed the price was going to drop heavily after the hard fork. However, the price did not budge at all as it continued to command a $2700 per BTC value following the split.
Three days later, on August 3, bitcoin bulls began to rally hard breaking the key $2800 resistance barrier. After this point, history was made on August 5 as bitcoin’s price continued to rise higher and higher. Bitcoin’s value surpassed the $3K zone to an all-time high of $3340 across global exchanges. The currency is swapping $1B worth of BTC trade volume per day and capturing a $52.6B market capitalization at the time of writing. It’s worth noting that before the BCH chain arrived, bitcoin’s dominance was above the fifty percent range, but now even though in the $3200 territory dominance it’s down to 47 percent.
Full story at http://bit.ly/2hAONbh
Source: Bitcoin News
New 'bitcoin cash' crashes 30% Friday in volatile first week of trading: original bitcoin steady
Bitcoin is holding up well against its offshoot rival in its wild first week of trading.
The new "bitcoin cash" plunged 30 percent Friday to below $300, while the original cryptocurrency edged higher and approached $2,900, nearly triple in value for the year.
Bitcoin split into bitcoin and bitcoin cash Tuesday, and the new digital currency has swung dramatically amid limited trading access. Bitcoin cash leaped from around $220 to above $700 briefly Wednesday, before crashing Friday to $287 in early afternoon trade, according to CoinMarketCap, which tracks prices across exchanges.
Digital currency enthusiasts attributed the decline in the last day to an increase in exchanges accepting deposits of bitcoin cash.
Full story at http://cnb.cx/2hBnBct
Source: CNBC
Blockchain Data Reveals Someone Is Trying to Slow Down Bitcoin Cash
At the time of writing the BCH network hashrate is roughly around 300PH/s with blocks occurring roughly every 1-2 hours and some with longer intervals. Currently, there seems to be four pools working on the BCH chain and the largest of them is unknown. Another pool which has joined in on mining BCH blocks is a pool known as Suprnova.cc, and the group is known for publishing pretty interesting coinbase messages. Suprnova also mines many other digital currencies like Zcash and is only pointing very little hashrate towards the BCH network. At press time Suprnova has only 0.25 PH/s and eighteen workers dedicated to BCH.
The first BCH block took approximately five hours to complete and was followed by a block with a 12-hour interval in between it as well. On August 1 the BCH chain started with the same difficulty as BTC’s and the associated token was only worth $600-700 at that time. That means – unless resources like electricity are completely free – mining the BCH chain at that time was not profitable. At BTC’s difficulty, BCH would have needed to be around $2100 to be profitable.
Full story at http://bit.ly/2hBQDbW
Source: Bitcoin News
PR: Crypto Users To Invest In Real Estate through REAL Platform
REAL, a Real estate crowdfunding company based in Singapore, announced the launch of its Token Sale, that will allow users to invest in real estate using their cryptocurrency.
The Real Estate Asset Ledger (REAL) team aims to disrupt the world of real estate by applying blockchain technology to an industry that is historically inefficient and illiquid. REAL uses Ethereum smart-contract governance to provide the best ecosystem for real estate investment.
They aim to eliminate intermediaries, improve transparency and liquidity, lower barriers to entry, and alleviate tax issues associated with cross-border transactions. REAL aims to generate rental income and value appreciation through worldwide real estate investment. By bringing together property owners and potential investors, the REAL platform will reduce friction in the real estate investment process.
Full story at http://bit.ly/2hBQF3y
Source: Bitcoin News
Bitcoin Exchange Had Too Many Bitcoins
A few months ago we talked about a weird legal dispute over the Dole Food Co. buyout. Dole's chief executive officer, David Murdock, had taken it private for $13.50 a share in 2013, but shareholders thought it was worth more. So they sued, and won, and Murdock was ordered to pay shareholders an extra $2.74 a share plus interest, and shareholders were told to submit claims for their money.
But there was a problem: People submitted more claims than there were shares. This turned out not to be fraud, or carelessness: People really owned more shares than there were shares! It's just that other people owned negative shares. In rough numbers, there were 37 million shares outstanding, and people owned 49 million shares, but other people were short 12 million shares. The way short selling works is that X borrows a share from Y and sells it to Z. So Y owns one share, and Z owns one share, and X owes one share, and everything balances out and there's only one share outstanding. So the millions of extra shares made complete sense.
But that doesn't answer the question of what to do about it. When the buyout closed, back in 2013, it was straightforward enough: If you owned a share, you got paid $13.50. If you were short a share, you had to pay $13.50. So shareholders got paid 49 million shares times $13.50 a share, and short sellers paid 12 million shares times $13.50 a share. (And David Murdock paid 37 million times $13.50 for the shares he was buying. 1 ) But in 2017, it was more complicated. If you owned one of the 49 million shares back in 2013, you were due the extra money in 2017. If you were David Murdock and you bought 37 million shares in 2013, you had to pay the extra money in 2017 -- but only on the 37 million shares you bought. But what if you were short the stock in 2013? Was your obligation discharged by paying the $13.50 in 2013, or are you still on the hook to come up with more, four years later?
Full story at https://bloom.bg/2hAE7cC
Source: Bloomberg
Bitcoin surges above $3K to record, more than tripling this year while 'bitcoin cash' struggles
Bitcoin leaped more than 16 percent Saturday into record territory, significantly strengthening against its offshoot "bitcoin cash" amid a hack on the new currency's network.
Bitcoin hit an all-time high of $3,360.87 Saturday, according to CoinDesk, before paring its gains slightly to hover near $3,303, with a market capitalization of more than $54 billion.
The digital currency has now more than tripled in value for the year, and gained about 15 percent in the first few days of August. Bitcoin has broken free of the trading range it's held ever since reaching its prior record of $3,025 in mid-June.
Ari Paul, CIO of BlockTower Capital, attributed the gains to a relief rally after a "relatively uneventful" split, as well as new investors buying bitcoin.
Full story at http://cnb.cx/2hBEd3T
Source: CNBC
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