‘People Have Panicked’ – BTC Price Rout Business as Usual for John McAfee

Bitcoin’s big names came together to reassure “panicked” investors November 20 after the BTC price today slid beyond recent lows to hit $4500.


Resistance Eyed At $4K

The continuing result of Bitcoin Cash’s instability after it hard forked last week, BTC/USD 00 hit its lowest in over a year, finding support only around $4480.

At press time, the pair was circling $4600, while analysts warned that although major barriers such as $4000 would not be broken “without a fight,” it was likely current levels were “not a bottom.”

“$4800 was not a bottom by any means – my arbitrary line in the sand was the wrong arbitrary line,” the Twitter account known as Crypto Dog laments Tuesday.

…Judging by volume, we are still quite far from a bottom. So far this sell off has been relatively weak (volume wise).

Altcoin markets had seen decidedly more determined sell-offs. Unsurprisingly, Bitcoin Cash 00 led the rout, losing almost half its value in just 24 hours as the consequences of two rival chains’ infighting suddenly showed.

Ethereum (ETH) 00, formerly the largest altcoin by market cap, also dipped to new lows, sparking fears it could soon lose its place in the top three assets as Stellar limits its losses.

Hastening ‘Capitulation’ To $3K

For John McAfee meanwhile, the latest bloodbath constituted nothing more than another “winter.”

“People have panicked. But there’s no fucking need. We’re in a bear market. They suck, yes, and not like a hooker with no teeth,” he urged.

bitcoin price bear market

“But I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring.”

His optimism mirrored that of BTCC co-founder Bobby Lee, who on Monday called for a “capitulation” of short-term traders in order to produce a definitive BTC/USD low.

At current rates, the pair is around halfway to the ‘bottom’ as predicted multiple times by celebrated trading guru Tone Vays, who has forecast $3000 as a target to hit before markets reversed.

Bitcoinist reminds readers of the pledge McAfee made regarding a $1 million Bitcoin price by 2020 – or 772 days’ time.

What do you think about Bitcoin’s current price performance? Let us know in the comments below!


Images courtesy of Shutterstock

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

AltcoinToday.com

Source: Newbtc

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

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

News

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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