Bitcoin Price Breaks Below $6000, Bitcoin Cash Jumps 300% in Three Days

New Pump Cycle Pushes Bitcoin Cash Price to $815					            JP Buntinx

Bitcoin cash, which notably split from the original bitcoin in August, was gaining on its sister coin up until around 2 a.m. ET. Placing stops, when one trade using longer-term timeframes (such as daily charts), results in traders having to take on more risk, as their placement of the stop loss is further from entry and again this feed into ones exposure to the instrument.

Bitcoin Cash was itself an outcome of this dispute.

The news initially sent bitcoin to an all-time high of almost $7,900 a coin.

Earlier today, on November 12, the market cap of Bitcoin Cash broke the $30 billion mark, officially surpassing that of Ethereum. However, it is important to acknowledge that miners always follow the more profitable blockchain, as they are rewarded with higher returns for producing blocks of transactions. Ethereum founder Vitalik Buterin even chimed in on the news in a tweet late Saturday night to congratulate the coin's main backers.

Segwit2x aimed to speed up transactions on the bitcoin network by increasing the size of "blocks" - files that store information on the network - from one megabyte to two megabytes (hence, the 2x). Backers thought the plan would help the digital currency scale faster.

It reached a record high of $7,888 around 1800 GMT on Wednesday after a software upgrade planned for next week that could have split the cryptocurrency in a so-called "fork" was suspended.


"When you look at the trends, it does look like many Segwit2X supporters have switched to bitcoin cash", Abhishek Pitto, CEO of Nucleus Vision, told Business Insider.

What happened next was that investors turned to Bitcoin Cash (BCH) and the price immediately rose. Disagreements over upgrade proposals have caused uncertainty over the future of bitcoin, but some traders had been buying bitcoin ahead of splits in order to benefit from a payout of a new digital currency and a potential relief rally in bitcoin following the split. I know many Bitcoin OGs who have dumped $10m+ of BTC for BCH.

The unprecedented uptrend in Bitcoin Cash prices is majorly supported by huge volumes coming from South Korea as miners who supported the SegWit2x are said to shift their focus towards Bitcoin Cash.

"[Bitcoin cash] is just being pumped as many other altcoins have been in the past, and inevitably the pumpers will cash out", he said.

With a block size of 8MB and several teams of developers that are competing to create a better version of Bitcoin, today's price action across cryptocurrency markets shows that it is well on track.

Related news:

Hot News

isis-killer-beheading-video-story-top Northern Ireland's World Cup dream ended by Switzerland
Nov 13, 2017 - 02:43
This will be Switzerland's 11th qualification to the FIFA World Cup after making their debut at the second edition in Italy in 1934.

isis-killer-beheading-video-story-top Marquez storms towards title with Valencia pole
Nov 13, 2017 - 02:36
It will be an uphill task for the Italian to take the win as he trails behind Marquez in points for the world championship title. Tech 3 Yamaha's Zarco and Suzuki man Iannone ended up in second and third with identical lap times, as Lorenzo grabbed fourth.

isis-killer-beheading-video-story-top Super Eagles finish 2018 World Cup qualifiers unbeaten
Nov 13, 2017 - 02:18
The group's other teams Zambia, on seven points, and Cameroon, on six points, will meet in another dead rubber encounter in Ndola on Saturday.

isis-killer-beheading-video-story-top Arsenal targeting relegation-bound star to replace Alexis Sanchez at the Emirates
Nov 13, 2017 - 02:17
The Sun first reported that Arsenal and Arsene Wenger are looking into the current Crystal Palace winger. He has tallied two goals in his limited time on the pitch for a poor Crystal Palace side.

isis-killer-beheading-video-story-top How to Watch Virginia Tech vs. Georgia Tech
Nov 13, 2017 - 02:13
Georgia Tech responded on its next drive with the key play coming from running back Nathan Cottrell who broke off a 69-yard run. It's good to be at home: Georgia Tech has won eight straight home games, the fifth-longest streak in the nation.

isis-killer-beheading-video-story-top Chase Elliott gets revenge as Denny Hamlin wrecks out of championship contention
Nov 13, 2017 - 02:13
Keselowski is running in 14th and must pass Hamlin on the track to get the final spot in the championship race. The final race of the season comes next Sunday with the Ford Ecoboost 400 from Homestead-Miami Speedway.

isis-killer-beheading-video-story-top Liverpool duo Mane and Salah headline BBC POTY shortlist
Nov 13, 2017 - 02:09
Two Liverpool players have been nominated for the BBC's African player of the year award. So far the 25-year old has hit an impressive seven goals in 11 appearances.

isis-killer-beheading-video-story-top Tiffany Haddish Had Some Absolutely Perfect Advice For Louis CK On 'SNL'
Nov 13, 2017 - 02:06
The rest of the show was hit and miss, as always, some skits always resonate with the audience better than others . The Newton native wasn't directly referenced until SNL's Weekend Update.

isis-killer-beheading-video-story-top Samsung Galaxy J3 2018 specifications leaked
Nov 13, 2017 - 02:06
As mentioned above, the upcoming Galaxy A5 (2018) and Galaxy A7 (2018) are pegged to arrive with Infinity Display design. The phone will ship with Android 7.1.1 out of the box and hopefully will be upgraded to Android Oreo soon.

isis-killer-beheading-video-story-top Taylor Swift Sparks Weight Gain Rumors After Her 'Saturday Night Live' Performance
Nov 13, 2017 - 02:05
A few minutes later, Alex Goldschmidt tweeted , "A LIVE ACOUSTIC PERFORMANCE OF " CALL IT WHAT YOU WANT " IS EXACTLY WHAT I WANTED FOR CHRISTMAS".

isis-killer-beheading-video-story-top Roger Goodell Wants An Ungodly Amount Of Money To Remain NFL Commissioner
Nov 13, 2017 - 02:05
It doesn't seem that Goodell is going to walk away willingly either. "He feels there are important issues he has to deal with". ESPN cited sources with the figures for the contract extension Goodell has proposed to the NFL's Competition Committee.

isis-killer-beheading-video-story-top Pac-12 Week 11 College Football Awards
Nov 13, 2017 - 02:02
The Washington Huskies are in position to nail down the title in the Pac-12 North by closing well in their last three games. He aggravated it again Friday against the Huskies, but it didn't seem to matter against the nation's top-ranked defense.

isis-killer-beheading-video-story-top Washington Redskins receiver makes leaping 1-handed catch for touchdown
Nov 13, 2017 - 01:54
But on the whole, Keenum's day was impressive, as former starter Teddy Bridgewater returned to the sidelines. Thielen had eight catches, one for a touchdown as Keenum touchdown passes went to four different players.

isis-killer-beheading-video-story-top Watch John Lewis' new Christmas ad, featuring Moz the Monster
Nov 13, 2017 - 01:53
It is now available to watch on social media channels and in John Lewis shops. Called Moz the monster, the advert will first be shown on TV this evening.

isis-killer-beheading-video-story-top Women assaulted manager at Indianapolis McDonald's because they wanted chicken McNuggets
Nov 13, 2017 - 01:52
Managers at the store declined to comment, but some people in the area said they were not surprised about the altercation. Mrs McNeely added: "They did it with such tenacity and force, so it really did scare me".