Bitcoin Prices Rise as Post-Fork Market Shows Poise
07 August, 2017, 00:50 | Author: Regina Lloyd
Bitcoin split into two versions Tuesday morning after a minority of digital currency developers chose to go ahead with their own upgrade process. Today (Friday, August 4) the price has plunged to $239, having fallen by 35%, with its market cap now standing at $3.94 billion. Don't have an account?
Coinbase wouldn't disclose how many users withdrew their bitcoin in anticipation of the hard fork.
One of the major players in the cryptocurrency game, Coinbase, said they would not support the new blockchain - i.e. would not trade in the new currency. This wouldn't have mattered as much had Bitcoin Cash been worthless after its creation on August 1, but in trading it peaked close to the $800 mark. But Coinbase investors were unable to take out their newfound bitcoin cash, because of the exchange's lack of support. Other Asian countries have relaxed regulations, and China is soon going to publish guidelines for trading in the currency.
The platform now supports transactions for only three cryptocurrencies:Bitcoin, Litecoin, and Ethereum.
That's because Coinbase's conservative approach make cryptocurrency more accessible to ordinary folks who might be afraid to dabble in technologically complex digital currencies. However, according to bitcoin analysts and experts including Tone Vays and Paxos principal architect Jimmy Song, such precaution is necessary and investors should be extremely careful throughout the process of claiming BCH.
Bitcoin cash plunged almost 36 percent Friday, falling about 9 percent to overnight to a low of $212. With bitcoin users struggling to access their BCH, price discovery is expected to be limited.
After bottoming out near $2,675.00 on August 2, bitcoin has tacked on more than 5%. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
"Right now, my backup is pretty secure". Some Bitcoin communities are trying to bring modifications. Furthermore, the Crypto-exchange stated that the next step will be to open BCH withdrawals.
Some leading bitcoin exchanges including US -based Kraken and South Korea's second largest bitcoin exchange Korbit support BCH/BTC trading and offer wallet services. He said that is the date the bell tolls for bitcoin cash.
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