A lot has happened in the crypto space last weekend. The price of Bitcoin Cash went absolutely crazy while fees on the Bitcoin network surged to over 10,000 Satoshis per byte. Due to high price of BCH and the low difficulty mining Bitcoin Cash became much more profitable, hence many Bitcoin miners switched to Bitcoin Cash. This caused a huge backlog on the Bitcoin network which made Bitcoin Cash's price rise even more. This party came to an end at the latest difficulty adjustment on the Bitcoin Cash network and since then most miners switched back to the 'real' Bitcoin. At this moment it is 164.5% more profitable to mine on the original Bitcoin chain.
On the first mined block after 7:06PM GMT today, the Bitcoin Cash network is scheduled to experience a hard fork / network upgrade. More information about the event can be found here. This may impact both the price of BCH and BTC.
The fees are still pretty high, but not as crazy as 10,000 Satoshis per byte. Such high fees have never occurred before on the Bitcoin network. On block 494045 the fees in the block (13.4 BTC) where even higher than the block reward (12.5 BTC). This has never happened before!
Meanwhile, the Bitcoin Gold mainnet is live, but the coin is not available on any exchange yet. Bitcoin Gold futures are being traded on a few exchanges though, but I'm waiting on the exchanges until I can sell a part of my Bitcoin Gold. A nice Bitcoin dividend :)
Cryptocurrencies Market Overview for Monday, November 13, 2017
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Latest Crypto News - November 13, 2017
Bitcoin Price Surpasses $6,500 Again After Very Difficult Week
Last week has been a pretty rough one for the Bitcoin price, to say the very least. That is not entirely surprising, as the main focus was on pumping Bitcoin Cash well beyond its true value. Slowly but surely, things are changing in favor of the Bitcoin price once again. With a Bitcoin price of $6,547 at the time of writing, an important first step has been taken. The big question is whether or not we will see more dips before the year is over.
Read more: themerkle.com
More:
- Bitcoin claws back over $1,000 after losing almost a third of value (Reuters)
- Bitcoin's value rose $10 billion in just 12 hours after a dramatic sell-off (CNBC)
Recovery In Doubt? Bitcoin Price May Not Sustain Above $6,500
Bitcoin is in recovery mode today. As of writing, the bitcoin-U.S. dollar (BTC/USD) exchange rate is at $6,523, having reached a high of $6,559 so far. As per CoinMarketCap, the cryptocurrency has gained 3.54 percent in the last 24 hours.
Read more: coindesk.com
Bitcoin Gold Goes Live After Bumpy Blockchain Launch
The newest fork of the bitcoin blockchain is officially live after a rocky start. Developers for the project, dubbed bitcoin gold, published software for the breakaway cryptocurrency today, releasing the code on GitHub as well. Aimed at blocking the use of specialized chips for mining, the project revealed last week it was eyeing a formal launch on Sunday, weeks after it first initiated a split from the main bitcoin blockchain.
Read more: coindesk.com
Other sources:
DASH Spikes, Following Bitcoin Uncertainty
Among the dramatic moves of Bitcoin and Bitcoin Cash, DASH is taking the spotlight, peaking near $450.
Read more: cryptovest.com
Other sources:
- All Eyes On Dash As Currency Surges 60% Despite Crypto Market Turmoil
- Dash Cryptocurrency Builds Base After Setting Record Above $500
Bitcoin Cash Watch: Five Factors Behind the Weekend Rally
Bitcoin Cash rose to a peak above $1,800, propped by Korean exchanges- but the whole picture of the rally is more complex.
Read more: cryptovest.com
UK threatens to shut down popular Bitcoin investment site BitConnect
It turns out Ethereum founder Vitalik Buterin might have been right to suggest popular Bitcoin investment platform, BitConnect, has been running a Ponzi scheme after all: the UK Registrar of Companies has threatened to shut down the dodgy platform and dissolve its operation.
Read more: thenextweb.com
Ethereum Classic: Summit to Outline Coin's Future
Ethereum Classic is forging its fate during the Ethereum Classic Summit, as the market price surges to near-record highs.
Read more: cryptovest.com
Japan Teaches Western Governments a Lesson in Cryptocurrency Regulation
Bitcoin is a phenomenon that provokes conflicting emotions in people. Fear. Excitement. Elation. Doubt. For governments tasked with regulating every new thing that comes along, be it the motor car or the internet, bitcoin presents a conundrum. How to regulate such a seemingly unregulatable creation? While many western governments have reached for the button marked “Fear”, Japan has taken the reverse approach.
Read more: bitcoin.com
Hewlett Packard Enterprise to Launch Blockchain Product in 2018
Business technology firm Hewlett Packard Enterprise is launching a new blockchain service next year.
Read more: coindesk.com
Lightning Must Strike Soon, Bitcoin Facing Backlogs as Scalability Solution Awaited
At press time, the Bitcoin network is currently facing a backlog of over 135,000 unconfirmed transactions and fees have soared. This comes days after the proponents of the SegWit2x scaling solution announced they wouldn’t move forward with a doubling of Bitcoin’s block size due to lack of consensus. Since larger blocks are clearly dead in the water, there is only one apparent solution to the scalability problem: lightning network.
Read more: cointelegraph.com
