Bitcoin Drops to $6,350; BCH Hard Fork Causes Stir

Bitcoin’s USD price has dropped down to $6,350 during the past week, despite the market turning bullish to signal a possible price increase. Although the cryptocurrency wasn’t as volatile as it once has been, it still lost over a $100 in value over the course of several days. However, as current market signals show, a rebound may be coming during the remainder of the week.

In other news, Target – the second largest retailer in the US – had its Twitter account hacked this week by scammers looking to dupe unsuspecting Twitter users out of their cryptocurrency. As the Verge reports, Target’s social media profile was taken over in the early hours yesterday to send out tweets urging followers to transfer cryptocurrencies in order to take part in a fake 5,000 Bitcoin giveaway.

The hack is only one in a series of attempts to scam Twitter followers by either hijacking high-profile accounts or imitating them in order to steal cryptocurrencies. According to online reports, up until the malicious tweet was removed only a small number of transactions were made to the Bitcoin address used in the giveaway, which some believe to have been made by the scammers themselves to add legitimacy to the scheme.

Market Still Looking Bullish

In the last seven days, Bitcoin has fallen down from a high point of $6,532.90 just after midnight on Thursday to a weekly low point of $6,355.96, which was hit in the morning hours today. Looking at the market stats, it seems that the price decline was driven by increased trading volume which even went over $5 billion as Bitcoin began to drop. Luckily, things have normalized since then and Bitcoin’s current 24-h volume is back to $4.2 billion while the market capitalization sits at $110 billion.

From our technical analysis, we can conclude that the market is quite bullish, with 8 out of 12 technical oscillators and all 12 moving averages being in the green zone and sending a buying signal. The short-term charts are likewise bullish, giving hope of a further increase. However, the SMA 100 is also nearing the SMA 200, showing a tightening of the gap between the moving averages and hinting at a possible trend reversal. As always, watch out closely for any trend changes, especially at the end of the week.

Bitcoin Cash Hard Fork – An All-Out War

Bitcoin Cash – the coin that split from Bitcoin to become an even better cryptocurrency – is now facing a hard fork of its own and people are losing their minds over it, Mashable reports. On November 15th, the coin is scheduled for an update that will likely result in a split into two separate coins and there are a total of three proposals on how the update should proceed, the supporters of each of which are fighting an all-out war online to get people to back their product.

The main contenders are Bitcoin ABC backed up by Bitcoin evangelist Roger “Bitcoin Jesus” Ver and Bitcoin SV (Satoshi’s Vision) backed up by Craig Wright – the man who once claimed to be Satoshi Nakamoto but now everyone calls “Faketoshi”. And it is Wright who is reportedly very intense about convincing people, going so far as to insult users on Twitter and send e-mails to Roger Ver threatening “war” and saying that he would let Bitcoin “die” before ABC is allowed to ruin it. And while the crypto community may be getting a few laughs out of this, this online “war” casts doubts about the future of BCH – which is now the fourth biggest cryptocurrency.

Share this

Share This