A Crypto Apocalypse Wipes Out Over $20 Billion in 24 Hours

Almost $20 billion has been lost in 24 hours; Bitcoin Cash is dying, its Big Brother not far behind.

Yesterday’s crypto free-fall has continued unabated sending all cryptocurrencies to their lowest levels for well over a year. Total market capitalization is back to August 2017 levels making the end of year crypto surge feel like a dream as it has now been completely wiped out.

Bitcoin has hemorrhaged almost 12% in 24 hours sending it below $5,000 for the first time since October 2017. The only difference then was that bulls were in control of the markets whereas today it is the bears. Dropping to a new 2018 low of $4,843 a few hours ago according to Coinmarketcap, BTC is now trading at just above $4,900.

Ethereum is dying a slow death and another SEC charge on two ICOs has put them all in panic mode. ETH has been smashed again today falling another 13% to below $150, its lowest level since May 2017. Even before the ICO boom Ethereum was performing better so it could be the end of days for high priced ETH.

Altcoins are all suffocating like dying fish in a pool devoid of oxygen during the Asian trading session today. Bitcoin Cash has been absolutely hammered with a 40% drop in 24 hours taking it down to $230. It has not been this low since it was spawned from Bitcoin back in August last year.

BCH has fallen so hard that Stellar has taken fourth spot despite losing almost 6% on the day itself. XLM is currently trading at $0.229, but has weathered the storm much better than its brethren. Looking at the long term chart it even appears to be climbing.

Ripple’s XRP is another survivor, losing only marginally during the recent rout and remaining just below $0.50. In the past three months XRP has made around 70% when all others have crashed. Yesterday’s talk of a flippening may well become reality if the current trends continue.

Needless to say the rest of the altcoins are in a world of pain with most of them losing double figures at the moment. Only three stable coins are post green right now as they’re just above a dollar. Even the more stable altcoins such as Maker and DigixDAO are getting pummeled, both losing over 20% on the day.

Total market capitalization has plunged to a dangerously low level, dropping over $20 billion since the same time yesterday. A further 11% has been smashed out of crypto markets over the past day leaving them bleeding and on the floor around at $160 billion. Have we reached the bottom now, or does the abyss go deeper?

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.


Featured image via Shutterstock.

Source: Newsbtc


Bitcoin Cash Price Analysis: BCH/USD Tumbles, $220 Next?

Key Points

  • Bitcoin cash price declined heavily and traded below the $300 and $280 levels against the US Dollar.
  • Yesterday’s highlighted key bearish trend line is intact with resistance at $315 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near the $250 level and it could decline further towards $220.

Bitcoin cash price is under heavy selling pressure against the US Dollar. BCH/USD could continue to move down and it may test the $220 level in the near term.

Bitcoin Cash Price Analysis

Yesterday, we discussed how there was an increase in selling pressure below $300 in bitcoin cash price against the US Dollar. The BCH/USD pair declined heavily and broke the $280 and $260 support levels. It is now trading well below the $300 level and the 100 hourly simple moving average. The recent decline was such that the price even broke the $250-255 support area and formed a low at $249.

At the moment, the price is consolidating losses near $260 with bearish moves. An initial resistance is the 23.6% Fib retracement level of the recent decline from the $379 high to $249 low. Above $280, the price could test the $300 level, which is a major resistance. More importantly, yesterday’s highlighted key bearish trend line is intact with resistance at $315 on the hourly chart of the BCH/USD pair. The trend line coincides with the 50% Fib retracement level of the recent decline from the $379 high to $249 low.

Looking at the chart, BCH price is clearly in a major downtrend below $280 and $300. There could be a minor recovery, but later the price is likely to resume decline. The next main support for buyers is near $220 followed by $200.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the 40 level.

Major Support Level – $250

Major Resistance Level – $300


Source: Newbtc


Hash Wars: A Successful BCH Upgrade and a ‘High Risk’ Exchange Listing

Hash Wars: A Successful BCH Upgrade and a ‘High Risk’ Exchange Listing


It’s been close to four days since the Bitcoin Cash upgrade and the blockchain split that occurred on Nov. 15. Since the acrimonious fork, a lot has happened within the BCH ecosystem including a few exchanges listing both chains as separate coins.

Also Read: Another ‘Satoshi Message’ Attempts to Sway Public Opinion, But Fails

Bitcoincash.org States Upgrade Was a Success

The Nov. 15 Bitcoin Cash (BCH) hash war has been quite the spectacle for many cryptocurrency observers to say the least. Almost four days have passed since the split and both chains are being mined by separate mining entities. On Monday the Bitcoincash.org website published an announcement to the public detailing that the “planned network upgrade is complete.”

Hash Wars: A Successful BCH Upgrade and a 'High Risk' Exchange ListingDespite the hash war, the Bitcoincash.org website says the planned Nov. 15 was successful.

The website stated that the proposed features developed by the Bitcoin ABC team integrated successfully and the upgrade contained multiple new functionalities. Highlights from the fork include the introduction of canonical transaction ordering (CTOR), and the enabled OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY opcodes. Additionally, there’s an added enforced minimum transaction size, a “push only” rule for script-Sig, and automatic replay protection for future upgrades.

“CTOR which is part of the comprehensive technical roadmap allows for faster transaction ordering and block propagation — This feature helps scale Bitcoin Cash for the world,” the announcement detailed.

The Bitcoincash.org website continued by stating:

OP_CHECKDATASIGVERIFY which is also part of the roadmap, is a feature that allows a transaction to verify that it has been supplied with a valid signature and message — This will enable new applications to be built on the Bitcoin Cash network that wasn’t possible before.

In addition, the organization explained the developers’ reasoning behind the added checkpoint. Bitcoincash.org’s fork notice states that a “malicious entity may have tried to attack the chain with deep reorgs.” In order to prevent an attack, the programmers used a tactic utilized by Satoshi Nakamoto in the early days of Bitcoin development. “Checkpoints have been used in every past Bitcoin Cash network upgrade including this Nov. 15 upgrade,” the developers added.

Voltaire, Kraken, Coinex, and the Wait for More Exchanges

Hash Wars: A Successful BCH Upgrade and a 'High Risk' Exchange ListingVoltaire explained the ABC chain will be Bitcoin Cash (BCH).

In addition to the announcement on Monday published on Bitcoincash.org, a few exchanges have started revealing chain listing announcements. For instance, the BCH-centric trading platform Voltaire announced on Nov. 18 that it would be listing the ABC side of the chain as bitcoin cash (BCH). The exchange is working to enable deposits and withdrawals for the SV network and will introduce a new BSV/BCH trading pair market.

“As per Voltaire’s policy to support Nakamoto Consensus, we’ll be listing the ABC chain under the BCH ticker and all future pairs (ETH, GUSD, LTC) will be paired likewise,” explained Voltaire in a blog post on Sunday.

Hash Wars: A Successful BCH Upgrade and a 'High Risk' Exchange ListingThe same day, the San Francisco-based cryptocurrency exchange Kraken also revealed its decision regarding the split outcome. Kraken had a lot more to say about the contentious Bitcoin Cash hard fork, with the trading platform detailing that Bitcoin ABC will be listed as Bitcoin Cash (BCH) and they will list the other side as BSV. Kraken has warned customers that the SV chain does not meet the company’s traditional listing requirements for a variety of reasons including the fact that it has “no known wallets supporting replay protection, miners are operating at a loss, and representatives threatening and openly hostile toward other chains.” Additionally, the exchange said it has completed only a small amount of code review and stressed that “large holders have indicated they’d be dumping everything.”         

Kraken added:

Custodial losses taken on due to attacks originating from Nchain or its affiliates will be socialized among all BSV holders on Kraken — Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.

Further, the BCH pairs exchange Coinex has revealed it will be listing two markets with ABC commanding the BCH ticker. Coinex has also added BCHSV/BCH, BCHSV/BTC trading pairs on the exchange. Even though a few trading platforms have re-opened BCH markets, Bitcoin Cash proponents are hoping more exchanges will re-enable BCH transactions in the near future. Meanwhile, other market participants have been searching for safe methods and tools to split their coins.

What do you think about the hash war? Do you think it is close to over? Let us know what you think about this subject in the comments section below.

Images via Shutterstock, Pixabay, Kraken logo, Voltaire Logo, and Bitcoincash.org.

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