Money Bitcoin tumble erases US$38 billion as rival cryptocurrency gains

17:03  13 november  2017
17:03  13 november  2017 Source:   The Edge

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HONG KONG (BLOOMBERG) - Bitcoin plunged as the cancellation of a technology upgrade prompted some users to switch out of the cryptocurrency , spooking speculators who had profited from a more than 800 per cent surge this year.

Yahoo Bookmarks. Blogmarks. Del.icio. us . ApnaCircle. Google Plus. Pinterest. When a faction of the cryptocurrency community canceled plans to increase bitcoin ’s block size on Even after shrinking by as much as $ 38 billion since Wednesday, bitcoin boasts a market value of 1 billion .

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Even after shrinking by as much as $ 38 billion (Dh140 billion ) since Wednesday, bitcoin boasts a Bitcoin ’s slump dragged down shares of cryptocurrency -related companies, including Hong Asian stocks were mixed as investors awaited continuing talks on tax legislation in the US this week.

Bitcoin cash, a rival that split from the original bitcoin in August, has jumped nearly 40% since Friday. Even after shrinking by as much as $ 38 billion since Wednesday, bitcoin boasts a market Asian stocks were mixed as investors awaited continuing talks on tax legislation in the US this week.

Bitcoin slumped as the cancellation of a technology upgrade prompted some users to switch out of the cryptocurrency, spooking speculators who had profited from a more than 500 percent surge this year.

The cryptocurrency has dropped 5.6 percent since late Friday, and at one point extended its slide from last week’s record to as much as 29 percent. Bitcoin cash, a rival that split from the original bitcoin in August, has jumped 32 percent since Friday, according to data compiled by Coinmarketcap.com.

Bitcoin cash is gaining popularity because of its larger block size, a characteristic that makes transactions cheaper and faster than the original. When a faction of the cryptocurrency community canceled plans to increase bitcoin’s block size on Wednesday — a move that would have created another offshoot — some supporters of bigger blocks rallied around bitcoin cash.

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More on the topic: Cryptocurrency trading. Bitcoin tumble erases $ 38 bn as rival cryptocurrency gains 13 November 2017 07:41. Bitcoin 112 Cryptocurrency 94Litecoin 27Litecoin fork 1Ethereum 120Ethereum fork 26 Bitcoin fork 111Dash coin 10Monero 11Zcash 7Tether coin 2Nem coin 3Neo

$ 38 bn erased in days as rival cryptocurrency gains . JOHANNESBURG — Supporters of Bitcoin , the world’s biggest cryptocurrency by market cap, will be left feeling a little sensitive today after a wild weekend of trading.

The resulting volatility has been extreme even by bitcoin’s wild standards and comes amid growing interest in cryptocurrencies among regulators, banks and fund managers. While skeptics have called bitcoin’s rapid advance a bubble, it has become too big for many on Wall Street to ignore. Even after shrinking by as much as US$38 billion since Wednesday, bitcoin boasts a market value of US$105 billion.

Supporters of bitcoin’s technology upgrade “are now switching support to bitcoin cash,” said Mike Kayamori, head of Tokyo-based Quoine, the world’s second most-active bitcoin exchange over the past day. “There’s a panic about what’s happening. People shouldn’t panic. Just hold on to both coins until we see how it plays out.”

http://assets.theedgemarkets.com/bitcoin_bloomberg_2.jpg © Provided by The Edge http://assets.theedgemarkets.com/bitcoin_bloomberg_2.jpg Bitcoin’s slump dragged down shares of cryptocurrency-related companies, including Hong Kong-based PC Partner Group Ltd, maker of graphics cards that can be used in the mining of digital coins. But there were few signs of wider ripple effects. Asian stocks were mixed as investors awaited continuing talks on tax legislation in the US this week.

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The cancellation of last week’s bitcoin upgrade has left users to choose between the two versions of the cryptocurrency. On one side is the original bitcoin, powered by so-called SegWit technology, which aims to improve its performance by moving unessential data off of its underlying blockchain. On the other side is bitcoin cash, which allows its blockchain to handle eight times as much data as the original.

Proponents of bitcoin cash believe their approach is simpler and closer to the original goal of bitcoin, which was described primarily as a payment system in its white paper. Supporters of the original bitcoin say that vision is too limited, and that by improving the blockchain with SegWit technology, bitcoin can become a new digital asset class that not only supports payments but countless other functions.

While bitcoin cash has been around for months, it saw limited support as the community awaited last week’s technology upgrade for the original bitcoin, which promised similar features. Now that the upgrade has been called off, businesses that use the cryptocurrency primarily as a payment method are expected to increase adoption of bitcoin cash.

While bitcoin cash surged over the weekend, it hasn’t been a straight line up. The cryptocurrency was trading at US$1,246 at 7:54 a.m. in London, down from a high of about US$2,478 on Sunday, Coinmarketcap.com prices show.

Bitcoin has been similarly volatile; it initially rose after news that it would avoid another split, but the gains were short-lived. It’s now trading at US$6,242 after touching a record US$7,882 on Wednesday.

Volume across bitcoin exchanges jumped to 436,021 bitcoins on Sunday, the highest since September, Bitcoinity.org data show. BitMEX, an exchange for cryptocurrency derivatives that allows shorting, saw record activity on Sunday, Chief Executive Officer Arthur Hayes said.

“Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities LLC in New York.

Cryptocurrency startup Tether claims it was robbed of $31 million in tokens .
Tether noted in a now-removed post on its site that nearly $31 million worth of tokens were stolen from the treasury in which it stored its dollar-pegged cryptocurrency. The company said that it won’t redeem any of the stolen tokens, and will attempt to prevent them from entering other exchanges.

Source: http://uk.pressfrom.com/news/money/-224178-bitcoin-tumble-erases-us-38-billion-as-rival-cryptocurrency-gains/

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