Coinbase has unveiled its borrowing service which will go live later in the fall. Customers will get access to up to 30% of their BTC holdings.

At the heart of any business offering is the need to satisfy customers based on their consistent request. The Coinbase exchange, one of the worlds leading centralized cryptocurrency exchanges has come to terms with its customers request and is set to start giving out credit facilities in cash. The facility will be given to customers up to 30% of their Bitcoin (BTC) holdings.

We hear from customers that they need cash for expenses like home renovations or car repairs, but they do not want to prematurely sell their crypto, or take out high-interest loans that could come with 20%+ APR. With portfolio-backed loans on Coinbase, customers can borrow cash quickly from their Coinbase accounts. No need to fill out a long application or go through a credit check. Customers can simply sign up with a few taps and get the cash in their accounts within 23 days, Coinbase said in a statement.

The move by Coinbase exchange is similar to decentralized finance lending, a key trend in the crypto space as we have it today. Despite Coinbase being a centralized exchange, its move to delve into the world of lending shows in retrospect how flexible blockchain firms can be in responding to the worlds financial needs.

The Coinbase borrow service is scheduled to go live this fall and will be available in 17 states in the United States including New Jersey, North Carolina, New Hampshire, and Oregon amongst others.

Just as described, the borrowing process with Coinbase exchange will be more simplified when compared to what is obtainable in traditional banks. Through a simple online application filling out, customers can get their loans approved in 2-3 days. The Coinbase loan will be hedged against collateral which in this case is in Bitcoin.

This loan offering is unique as it will prevent customers from selling out their Bitcoins prematurely. The interest rate is pegged at 8% which is much lower than what is obtainable in banks. Each month, borrowers will only need to pay the interest accrued on the loan while and they can wait up to 1 year to repay the principal subject to Coinbase additional terms

While awaiting the official launch date, Coinbase is calling on eligible and interested customers to join the waitlist in order to have first-time access to the game-changing service.

The original purveyors of lending services in the blockchain ecosystem are DeFi platforms such as MakerDAO, Compound, and Aave amongst others. While the DeFi platforms loan service is similar to Coinbases version in terms of collateralization, the offerings differ in who takes the gain.

DeFi platforms are not just keen on bringing financial succor to the borrower, they aim for anyone with residual cash on their platform to benefit. This is unlike Coinbase which shares profit with no external parties.

The true manifestation of Decentralized Finance is to enable the comprehensive empowering of the masses, away from the grip of financial service providers who give little or no room for people to get to the point where they personalize their financial transactions.

While the Coinbase borrowing service is a key for a centralized exchange, its potential impacts are too soon to analyze but from the exchanges antecedents, this will be another service to extend its lead in the space.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Coinbase Customers in Select U.S. States Will Soon Be Able to Borrow 30% of Their Bitcoin Holdings in... - Coinspeaker

Bitcoin, BTC to USD, fell by 1.52% on Friday. Reversing a 0.20% gain from Thursday, Bitcoin ended the day at $11,580.0.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,900 before hitting reverse.

Falling short of the first major resistance level at $11,914, Bitcoin slid to a late afternoon intraday low $11,326.

Bitcoin fell through the first major support level at $11,581 and the second major support level at $11,402.

Finding late support, however, Bitcoin broke back through the second major support level to end the day at $11,580.

The first major support level at $11,581 pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

Across the rest of the majors, it was a bearish day for the majors on Friday.

Bitcoin Cash SV (-4.48%), Cardanos ADA (-3.93%), Ethereum (-3.93%), Litecoin (-3.10%), Stellars Lumen (-3.44%), and Tezos (-4.53%) led the way down.

Binance Coin (-1.85%), Bitcoin Cash ABC (-2.15%), EOS (-2.54%), Moneros XMR (-1.10%), Ripples XRP (-2.87%), and Trons TRX (-1.83%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose from a Monday low $323.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $342.33bn.

Bitcoins dominance fell from a Monday high 62.46% to a Tuesday low 61.24%. At the time of writing, Bitcoins dominance stood at 62.69%.

At the time of writing, Bitcoin was up by 0.17% to $11,599.6. A mixed start to the day saw Bitcoin fall to an early morning low $11,523.0 before rising to a high $11,608.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Binance Coin (-1.02%), Cardanos ADA (-0.09%), EOS (-0.38%), Moneros XMR (-0.80%), Stellars Lumen (-0.02%), Tezos (-0.74%), and Trons TRX (-0.90%) saw red.

It was a bullish start for the rest of the majors, however.

Bitcoin Cash ABC was up by 0.22% to lead the way.

Bitcoin would need to move through the $11,600 pivot to support a run at the first major resistance level at $11,878.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,800 levels.

Barring an extended crypto rally, the first major resistance level and Fridays high $11,900 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $12,176.

Failure to move through the $11,600 pivot level would bring the first major support level at $11,304 into play.

Barring another extended crypto sell-off, however, Bitcoin should steer clear of sub-$11,000 levels. The second major support level at $11,028 should limit any downside.

This article was originally posted on FX Empire

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The Crypto Daily Movers and Shakers August 8th, 2020 - Yahoo Finance

With a touch more than three months left until the next Bitcoin Cash upgrade, crypto proponents have been witnessing a new quarrel rise after last years contentious Infrastructure Funding Proposal (IFP). This time around, the tensions derive from the Difficulty Algorithm Adjustment (DAA) discussion which is a conversation about replacing the networks current DAA.

Every six months the BCH community plans for an upgrade and this coming November, a number of users are concerned about another chain split. There is a lot of infighting within the community at present and among BCH developers as well. The story allegedly derives from the DAA discussion, but there has been tension ever since the last quarrel over the IFP.

A Difficulty Algorithm Adjustment (DAA) is basically an algorithm that adjusts the mining difficulty parameter. Bitcoin (BTC) adjusts the mining difficulty parameter every 2016 blocks, but on August 1, 2017, Bitcoin Cash (BCH) added an Emergency Difficulty Adjustment (EDA) algorithm that ran alongside the DAA. In November 2017, the DAA was changed on the BCH chain to adjust the mining difficulty parameter after every block. It also leverages a moving window of the last 144 blocks in order to calculate difficulty.

During the last year and a half, people have been complaining about the DAA as people believe it can be gamed. In the last year, the DAA subject has come up often and just recently the conversation has become more contentious. Recently, software developer Jonathan Toomim introduced a DAA concept called Aserti3-2d and the specification is available on Gitlab. The BCHN full node team has the code hosted on the Bitcoin Cash upgrade specifications page.

On July 23, 2020, Bitcoin ABC developer Amaury Schet announced the DAA called Grasberg via the Bitcoin ABC blog website. Following the release, Toomim published an article on the read.cash blog that argues against Grasberg. The engineer also described how members of the development teams have been squabbling in various online discussions. Toomim asserts that Grasberg is a big step on the path to corruption and it was not properly simulated.

On August 3, Bitcoin Cash developers met for a DAA meeting and BCHD developer, Chris Pacia, tweeted that the meeting did not go so well. Bitcoin Cash developer meeting blew up with multiple people walking out, Pacia tweeted after the meeting. Following Pacias statement, Ethereums Vitalik Buterin discussed the subject at length with BCH supporters from both sides of the argument.

I dont understand BCH people care so much about difficulty adjustment minutiae. I would say just use ethereums but honestly your algo is fine as is, Buterin tweeted. I will be honest; being optimistic that BCH development would improve once they got Craig out definitely is looking like one of my worst predictions, the Ethereum developer added.

Discussions about the quarrels between developers who work on the Bitcoin ABC implementation and the BCHN full node project are littered all over the Reddit forum r/btc. Additionally, there are lots of discussions on the read.cash blog and BCH fans are discussing the issue on Twitter as well. Most of the arguments pit the BCHN developers against the ABC developers, alongside the pros and cons of both Jonathan Toomims Asert DAA and the Grasberg DAA.

On August 5, 2020, a consortium of node implementations, infrastructure providers, services, engineers, and stakeholders published a post on the read.cash blog which explained that a number of actors will deploy the aserti3-2d difficulty adjustment algorithm (Asert DAA). We will deploy the aserti3-2d difficulty adjustment algorithm (Asert DAA) on Bitcoin Cash (BCH) on November 15th, 2020, as designed by Mark Lundeberg and implemented by Jonathan Toomim alongside other accredited contributors of the ecosystem, the consortium wrote. The announcement added:

The Aserti3-2d DAA is simple to implement, well-tested, and extensively simulated. It incentivizes consistent mining, achieves stability for transaction confirmations with low-variance 10-minute block targets, and is resistant to future drift.

The consortium announcement was digitally signed by Andrea Suisani (Bitcoin Unlimited), Andrew Stone (BU), Axel Gembe (Electron Cash), BCHD, Bitcoin Cash Node (BCHN), Calin A. Culianu (Electron Cash), Cashaddress.org, Cashfusion, Cashshuffle, Corentin Mercier (bitcash), Dagur Valberg Johannsson (BCHN, BU), Electron Cash, Fernando Pelliccioni (Knuth node), Freetrader (BCHN), Imaginary_username, James Cramer (SLP), John Nieri (General Protocols), Jonathan Silverblood (CashAccounts), Jonathan Toomim, Josh Green (Bitcoin Verde), Mark B. Lundeberg, Pokkst (bitcoincashj), Rosco Kalis (Cashscript), Tom Zander (Flowee), and Oscar Salas of Instabitcoin.net.

Many BCH supporters have said they dont want to see a split, while others believe that a split is inevitable. Bitcoin.coms CEO Dennis Jarvis discussed the situation on Twitter and said that the situation was sad to hear.

I hope everyone can come back together to work on the future roadmap. There are no good outcomes from forking/splitting for anyone who believes in the long-term value and usefulness of Bitcoin Cash, Jarvis tweeted. Bitcoin.coms CTO Emil Oldenburg also gave his opinion on Twitter.

A chain split would be terrible for BCH, Oldenburg said. We want BCH to win by being the easiest, most used, and most convenient payment option. Not win the crypto Darwin awards.

Its uncertain what will happen come November when the upgrade is planned if the signatories mentioned above choose to go with the aserti3-2d DAA and if ABC chooses to roll with Grasberg. Moreover, in ten days it is expected that a code freeze will take place on August 15, as it usually happens before the official upgrade.

Additionally, Viabtcs founder Yang Haipos Weibo account allegedly said that Coinex and Viabtc will initiate a fork as well by leveraging the ticker BCC. On August 5, 2020, Bitcoin ABC developer Amaury Schet tweeted about Yang Haipos statements.

Viabtcs [Yang Haipo] announced a fork of Bitcoin Cash under the ticker BCC, Schet tweeted on Wednesday. This is unfortunate, but also an amazing opportunity for those who have been unhappy with how things are going. Some will want to start a war. Those who want freedom must not let them.

What do you think about the arguments that are happening between Bitcoin Cash developers and community members? Let us know what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin Cash Difficulty Algorithm Debate Heats Up With Fears of Another Chain Split - Bitcoin News

The Bitcoin Cash (BCH) community is divided over whether to change the cryptocurrencys difficulty adjustment algorithm, with a recent developer meeting reportedly concluding with attendees storming out of the event.

On August 4, Chris Pacia, the lead developer of the peer-to-peer marketplace OpenBazaar and a volunteer BCH developer, tweeted that multiple people walk[ed] out of the meeting as consensus was not reached over whether to make adjustments to Bitcoin Cashs difficulty algorithm.

Ethereum co-founder Vitalik Buterin tweeted in reply that he doesnt understand with BCH people care so much given your algo is fine as is and added:

I will be honest; being optimistic that BCH development would improve once they got Craig [Wright] out is definitely looking like one of my worse predictions.

Some reports indicate that growing tensions over the difficulty algorithm may result in yet another BCH chain split. Outspoken Australian BCH proponent Hayden Otto tweeted: I will be sticking with the Bitcoin Cash (BCH) chain this coming chain split.

But speaking to Cointelegraph, Otto said his tweet was meant as a joke to troll those opposing BCHs core Bitcoin ABC developers.

He played down the significance of the community disagreeance as a trivial matter, but also said that enemy operatives who pose as BCH supporters are using the difficulty adjustment algorithm (DAA) as a wedge issue to create chaos and sow division:

Changing the DAA has been made a priority issue by a select few people who want to stop miners gaming the current DAA by switching large amounts [of] hashrate to and from BCH which results in inconsistent block mining times, he said.

This really only affects people who are depositing to exchanges which require an unnecessary amount of confirmations for deposits, but doesn't affect the vast majority of people using BCH in a personal or business capacity where 0 confirmations are sufficient.

According to Otto, Bitcoin ABC announced a forthcoming overhaul to the difficulty algorithm come BCHs next scheduled upgrade on November 15. However, he asserts those who pushed for the adjustment remain unhappy because ABCs proposed upgrade doesnt go as far as the BCHN implementation that they have suggested.

Despite the disagreement, Otto believes that a BCHN chain split is unlikely, stating that the BCHN software is not widely adopted by miners and thus its supporters will not have a majority vote to get their desired changes through on the upgrade date.

They are now relying on proof of social media tactics in an attempt to persuade miners and businesses who run ABC to capitulate and swap over to the BCHN software.

Right now it's all just posturing online, but when it comes to the upgrade date I don't think the BCHN supporters will follow through on anything. They will be a minority chain and another split would be catastrophic for anyone following the minority chain, Otto concluded.

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Tensions Flare: Is Bitcoin Cash Headed to Another Catastrophic Fork? - Cointelegraph

Litecoin long called the digital silver to Bitcoin is seeing a rise in activity ahead of its MimbleWimble implementation in September this year.

Yesterday, Litecoin Foundation director David Schwartz noted the cryptocurrency had over 92,278 active wallets in the past 24 hrs (from August 6-7); putting it ahead of both Bitcoin Cash and BSV ( the two had 90,446 in total).

The metrics indicate Litecoin is seeing a resurgence in terms of investments, transactions, and transfers. It comes as the broader crypto market sees better public sentiment and positive fundamentals overall.

A significant reason could be the upcoming launch of MimbleWimble, which brings privacy features to Litecoin. The implementation is on track for a September rollout, as lead developer David Burkett confirm in a July project update.

For the uninitiated, MimbleWimblea Harry Potter referencewas first proposed in 2016 to fill privacy lapses in the Bitcoin protocol. The latter gives away transactional information that allows firms like Chainalysis to tie transactions to an individual.

But last year, Litecoin founder Charlie Lee said confidential transactions were soon coming to Litecoin:

But privacy is not the only benefit of MimbleWimble. As Burkett stated in his update, a new syncing process brings faster transactions on the Litecoin network courtesy of an innovative block processing model.

The Litecoin community could also see a partnership with Cardano, if a tweet exchange last month between Lee and Charles Hoskinson, the Cardano founder, is anything to go by:

At the time, Lee replied with a Sure! and stated that someone from the Foundation would get in touch with Hoskinson about a collaboration.

Trading wise, Litecoin led gains among all large-cap cryptocurrencies in the recent rally. Lee even remarked on Twitter that the digital currency was once again leading alongside Bitcoin, cementing its strong demand and use even as newer tokens aim to displace the status quo.

Litecoin has historically served as a leading indicator of Bitcoin prices (one that moves ahead of BTC instead of lagging the pioneer).

Willy Woo, a prominent trader and on-chain analyst, pointed this aspect out in a tweet in April. At the time, he noted that LTC has a habit of leading BTC.

Meanwhile, the charts show a tight for Litecoin. Its currently hovering between $56-$60 range after a run-up from sub-$40 in the first week of August.

But its above the 34-exponential moving average on the four-hour charts, meaning the bullish trend remains in place.

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Litecoin active wallets jump ahead of Bitcoin Cash and BSV - CryptoSlate

On a day with mostly green numbers in the crypto market, bitcoin cash (BCH) surged strongly, far outperforming both bitcoin (BTC) and ethereum (ETH) over the past 24 hours. Meanwhile, smaller altcoins DASH and LEND also stood out with strong performance overnight.

Total market capitalization

Looking at the 4-hour bitcoin chart, it seems that the price is still working to catch up with the highs from before the correction on August 2, and the recovery still looks robust from a technical perspective. The major resistance around the USD 12,000 level still remains, however, and this high will need to be taken out before a major new rally can begin.

Meanwhile, the shorter-term 1-hour chart reveals that the consolidation pattern bitcoin has been in for the past two days still remains, with upper resistance at the USD 11,880 level and support to the downside at around the USD 11,750 area.

ETH has continued to consolidate the large gains seen over the past few weeks, with modestly lower prices seen both yesterday and today. As noted in yesterdays market watch, the longer-term uptrend on the daily chart is still intact for ETH, and it is too early to conclude that the bull-run has ended.

Zooming in to the 1-hour timeframe, however, the ETH chart looks more bearish in the short-term, with a possible inverse head-and-shoulder pattern formed over the past two days. Given this, a close on the hourly chart below the USD 392 level could open the door for some more selling from bears.

Standing out the most among the major coins today was bitcoin cash (BCH), with a 24-hour move of just over 10% as of press time (08:25 UTC). The move positioned BCH as todays best performer among the top 20 cryptoassets by market capitalization.

Looking at it from a charting perspective, BCH is still in an uptrend on both the 4-hour and 1-hour timeframes, which started with a large move higher yesterday. The coin then pulled back slightly, before reaching a high of USD 326.7, which now acts as the most immediate resistance. Any move above this level would further boost sentiment among BCH traders, with the next upside resistance being the high from August 2 of USD 338.5.

XRP, the third most valuable cryptoasset by market capitalization, also saw decent gains in the crypto market today, outperforming both BTC and ETH with a 24-hour gain of 1.83%.

The coin is still consolidating in a triangle pattern after its near-parabolic uptrend ended with a sharp correction on August 2. A close of a 4-hour candle above USD 0.310 or below USD 0.299 could signal the next major move for the coin, as that would indicate a break-out from the current triangle pattern.

In terms of other altcoin moves today, DASH stood out with a 24-hour move of 10%, after a rally last night took it from about USD 91 to over USD 103 in the matter of hours. The coin is now consolidating on the 4-hour chart, and a break above the recent high of USD 104.8 could signal another run higher.

Similarly, Aaves LEND token also saw strong price gains last night, bringing its 24-hour performance to nearly 16%. The coin is now consolidating on the 4-hour chart, and a move above the high at USD 0.393 would signal further upside.___

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Bitcoin Cash Outperforms Bitcoin, Ethereum; Altcoins Move Higher - Cryptonews

Bitcoin Cash 4 Hour Price Update

Updated August 09, 2020 11:18 AM GMT (07:18 AM EST)

The choppiness in the recent four-hour candle price action of Bitcoin Cash continues; to start the current 4 hour candle, it came in at a price of 307.45 US dollars, up 0.42% ($1.28) since the last 4 hour candle. Bitcoin Cash outperformed all 5 assets in the Top Cryptos asset class since the last 4 hour candle. Congrats to its holders!

304.89 (USD) was the opening price of the day for Bitcoin Cash, resulting in the day prior being one in which price moved up 0.85% ($2.58) from the day prior. This move happened on lower volume, as yesterdays volume was down 70.56% from the day before and down 62.81% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Bitcoin Cash ranked 4th since the day prior in terms of percentage price change. Below is a daily price chart of Bitcoin Cash.

The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 30 days Bitcoin Cashs price has gone up 16 them.

Over on Twitter, here were the top tweets about Bitcoin Cash:

I love what @Grayscale is doing, but you also have to ask yourself if they really know what theyre doing holding so much Ethereum Classic. It was 51% attacked twice in one week.Bitcoin Cash also has a significant risk of being 51% attacked. Sticking to BTC and LTC

I just want to make it very *very* clear. Come November 15th, I will not be buying any Bitcoin Cash from miners who do not pay the 8% fee to the Bitcoin Cash Foundation.

#Bitsheviks: Everyone who disagrees with The Party is a state actor, colluding with the government against Bitcoin Cash.Also #Bitsheviks: We really need a Bitcoin Cash government to control what code developers publish, and The Party leadership will be in charge of it.

In terms of news links for Bitcoin Cash heres one to try:

Litecoin active wallets jump ahead of Bitcoin Cash and BSV | CryptoSlate

Yesterday, Litecoin Foundation director David Schwartz noted the cryptocurrency had over 92,278 active wallets in the past 24 hrs (from August 6-7); putting it ahead of both Bitcoin Cash and BSV ( the two had 90,446 in total).The latter gives away transactional information that allows firms like Chainalysis to tie transactions to an individual. But last year, Litecoin founder Charlie Lee said confidential transactions were soon coming to Litecoin: Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin.None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article.None of the information you read on CryptoSlate should be taken as investment advice.

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Bitcoin Cash (BCH) Up $1.28 Over Past 4 Hours, Started Today Up 0.85%; in an Uptrend Over Past 30 Days - CFDTrading

Bitcoin continued heading upwards, but it couldnt challenge the $12,000 line. Bitcoin Cashs 10% increase is among the most impressive from the larger-cap alts, while some lower-cap altcoins have been surging by double-digits.

Bitcoin was steadily progressing towards $12,000 in the past 24 hours. After yesterdays low of $11,580, bulls took charge and spiked BTCs price to a daily high of $11,910 on Bitstamp. However, the primary cryptocurrency couldnt sustain its run and dipped briefly to $11,700.

After another unsuccessful attempt to conquer $11,900 and head towards the psychological level at $12,000, BTC has retraced slightly to $11,800. Just below ($11,750) is a major resistance line that has to be overtaken decisively if the asset indeed wants to break above $12,000 and march towards a new yearly high.

Should it fail and bears take control, Bitcoin can rely on $11,400 as support, followed by $11,175, and $11,050.

As reported yesterday, Bitcoin and gold have significantly increased its correlation levels in the past several weeks. As such, its somewhat unsurprisingly that the precious metals performance in the last 24 hours resembles that of BTC again. Gold marked a new all-time high of $2,070/oz but has retraced since to $2,060 as of writing these lines.

Ethereum and Ripple remain relatively stable at $395 and $0.30, respectively. Minor gains are evident with Bitcoin SV (2.75%), Litecoin (2%), Cardano (1.5%), and Chainlink (2.5%) from the top 10 coins. However, Bitcoin Cash is outperforming all of them, with a 10% increase to $320.

The most impressive gainer in the top 100 market, though, is Balancer. BAL has skyrocketed by nearly 40% to $14. The surge could be largely attributed to news coming from the leading cryptocurrency exchange by volume. Yesterday, Binance announced listing the BAL token, and the price has reacted immediately.

The double-digit increase club is quite crowded today. Decentraland is next with a 25% price pump, followed by Aave (16%), Ocean Protocol (12.2%), Blockstack (12%), THORChain (11%), Dash (10.3%), Kava (10.2%), and Band Protocol (10.1%).

In contrast, stands again Ampleforth, with a 7% decrease. AMPL is in negative rebase territory as it trades below $1 for several consecutive days now. In other words, AMPL investors are losing tokens as the protocol is intended to deflate the supply in case theres no sufficient demand.

The Midas Touch Gold is down by 6.6%, followed by Nexo (-3.6%), and Bancor retraces by 3.5%.

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Bitcoin Unable To Break $12k While Bitcoin Cash (BCH) Joins the Party (Market Watch) - CryptoPotato

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,900 before hitting reverse.

Falling short of the first major resistance level at $11,914, Bitcoin slid to a late afternoon intraday low $11,326.

Bitcoin fell through the first major support level at $11,581 and the second major support level at $11,402.

Finding late support, however, Bitcoin broke back through the second major support level to end the day at $11,580.

The first major support level at $11,581 pinned Bitcoin back late in the day.

The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

Across the rest of the majors, it was a bearish day for the majors on Friday.

Bitcoin Cash SV (-4.48%), Cardanos ADA (-3.93%), Ethereum (-3.93%), Litecoin (-3.10%), Stellars Lumen (-3.44%), and Tezos (-4.53%) led the way down.

Binance Coin (-1.85%), Bitcoin Cash ABC (-2.15%), EOS (-2.54%), Moneros XMR (-1.10%), Ripples XRP (-2.87%), and Trons TRX (-1.83%) saw relatively modest losses on the day.

In the current week, the crypto total market cap rose from a Monday low $323.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $342.33bn.

Bitcoins dominance fell from a Monday high 62.46% to a Tuesday low 61.24%. At the time of writing, Bitcoins dominance stood at 62.69%.

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The Crypto Daily Movers and Shakers August 8th, 2020 - FX Empire

A snapshot of the new commercial.

Today, US-based major crypto asset management firm Grayscale launched its new national ad campaign in the US that aims to bring new crypto users by telling them the history of money in 30 seconds.

"The commercial is not your average financial services ad it is a wakeup call that people everywhere should seize what we feel is a once in a generation opportunity that digital currencies may present," the company said in a blog post.

The voiceover in the video clip does not mention any specific cryptocurrency, only saying that "it's time for digital currency" and showing a list of Grayscale's products such as Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and others.

The commercial can be seen on actual TV as well as across digital and social platforms.

Here's how it looks:

The company said it collaborated with commercial director Brennan Stasiewicz, who developed and produced the advertisement working with Bunker as well as Vested in the creation and execution of the new campaign.___

Learn more: Grayscale to Bring Crypto Ads to US Homes Amid Economic Crisis'Difficult to Ignore' Shift As Grayscale Buys More Bitcoin Than Miners Generate___

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New Grayscale Ad: The History of Money in 30s & 'Digital Currencies' - Cryptonews

Bitcoin, BTC to USD, fell by 0.38% on Tuesday. Partially reversing a 1.52% gain from Monday, Bitcoin ended the day at $11,184.0.

It was a bullish start to the day. Bitcoin rose to an early morning intraday high $11,396.0 before hitting reverse.

Falling short of the first major resistance level at $11,474, Bitcoin slid to an early afternoon intraday low $11,003.0.

Steering clear of the first major support level at $10,961, Bitcoin briefly revisited $11,260 levels before falling back into the red.

The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

Across the rest of the majors, it was a mixed day for the majors on Tuesday.

Tezos rallied by 6.32% to lead the way.

Binance Coin (+0.95%), Bitcoin Cash SC (+5.76%), Cardanos ADA (+4.42%), Ethereum (+0.92%), Stellars Lumen (+5.51%), and Trons TRX (+2.35%) also found support.

It was a bearish day for the rest of the majors, however.

Bitcoin Cash ABC (-2.10%), EOS (-0.53%), Litecoin (-1.54%), Moneros XMR (-2.32%), and Ripples XRP (-2.90%) saw red on the day.

At the start of the week, the crypto total market cap rose from a Monday low $323.12bn to a Monday high $345.20bn. At the time of writing, the total market cap stood at $333.57bn.

Bitcoins dominance fell from a Monday high 62.43% to a Tuesday low 61.21%. At the time of writing, Bitcoins dominance stood at 61.74%.

At the time of writing, Bitcoin was down by 0.26% to $11,155.0. A bearish start to the day saw Bitcoin fall from an early morning high $11,213.1 to a low $11.085.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV bucked the trend early on, rising by 0.03%.

It was a bearish start for the rest of the majors, however. At the time of writing, Tezos (-2.93%), Stellars Lumen (-2.86%), and Ripples XRP (-2.64%) led the way down.

Bitcoin would need to move through the $11,194 pivot to support a run at the first major resistance level at $11,386.

Support from the broader market would be needed, however, for Bitcoin to break back through to $11,300 levels.

Barring an extended crypto rally, the first major resistance level and Tuesdays high $11,396 would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,587. Expect plenty of resistance at $11,500, however.

Failure to move through the $11,194 pivot level would bring the first major support level at $10,993 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$10,800 levels on the day. The second major support level at $10,801 should limit any downside.

This article was originally posted on FX Empire

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The Crypto Daily Movers and Shakers August 5th, 2020 - Yahoo Finance

Basler Kantonalbank (BKB), Switzerlands eighth-largest bank, is getting into crypto through its subsidiary, Bank Cler. Owned by the Swiss Canton of Basel-City, BKB has total assets of approximately $49 billion.

Local Swiss government-owned commercial bank BKB will be offering cryptocurrency services through Bank Cler, the bank told Citywire Switzerland Monday. Founded in 1899, Basler Kantonalbank, also called Basel Cantonal Bank, offers retail, corporate and private banking services. It has total assets of approximately $49 billion.

Bank Cler said that its crypto push is in response to demand among its younger clientele, who wish to invest in crypto assets. Bank Clers spokesperson, Natalie Waltmann, told the news outlet:

We will launch an offering for the trading and custody of digital assets next year.

The bank has hired Alain Kunz to lead its digital asset business. His Linkedin page shows that he is the CEO of fintech company Polarlab and founder of Tokensuisse.

S&P Global Ratings gave BKB a stable outlook in December last year, which reflected on the banks owner and grantor, the Swiss Canton of Basel-City. We expect BKB to remain the eighth-largest bank in Switzerland, with total assets of CHF45 billion [$49 billion] as of June 30, 2019 consolidating its subsidiary Bank Cler, which had total assets of CHF18 billion at the same date, S&P Globals analysts wrote.

BKB and Bank Cler hold separate banking licenses in Switzerland. Waltmann further told the news outlet that BKB is also interested in cryptocurrencies. Other banks in Switzerland that have announced their cryptocurrency services include Seba, which launched a range of crypto services in November last year, Sygnum, Julius Baer, and Falcon. Maerki Baumann announced in June the launch of its trading and custody services, supporting bitcoin, bitcoin cash, ether, litecoin, and XRP initially.

What do you think about Bank Cler launching crypto services? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Government-Owned Swiss Bank Launching Crypto Trading and Custody Services | News - Bitcoin News

According to a study conducted by The Block, Bitcoin is still the users' favorite crypto for making payments and withdrawing money on the darknet.

As per the results of the study, 98% of the 49 darknet markets analyzed support the largest cryptocurrency on the market.

However, it is not the only one. Monero, a popular privacy-centered crypto, is the second most widely used cryptocurrency, as it is used in 45% of the darknet markets studied.

The third and fourth place are occupied by Litecoin and Bitcoin Cash, which are used in 29% and 12% of the markets, respectively.

iHodl reported in mid-July the use of BTC's mixing services, which allow users to hide their trace on the network, surged during the first quarter of the year.

In May it was known the total dollar value of Bitcoins transferred on the dark web had increased by 65%.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

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Bitcoin Still the Favorite Currency on the Darknet - ihodl.com

BCH/USD daily chart

BCH/USD bulls managed to squeeze out an advantage in the early hours of Wednesday and is currently trading for $288.95. This Tuesday, the price dropped after meeting resistance at the $297.10 line and dropped below the upward channel formation. The MACD shows decreasing bullish momentum.

Apart from $297.10, we also have strong resistance at $314.62. On the downside, there are healthy support levels at $272.60 (SMA 200), $266.45, 263.40 (SMA 20), $252.45 and $243.49 (SMA 50).

ETC/USD bears stayed in control for the fourth straight day. ETC/USD is currently priced at $7.13. The sellers are looking to get the price below the $7-level.The RSI is trending horizontally around 59.46. On the upside, we have two strong resistance levels at $7.40 and $7.80. Plus, we have healthy support levels at $7.055 (SMA 200), $6.96, $6.79 (SMA 20), $6.63 and $6.40 (SMA 50)

XLM/USD was overpriced and trending above the 20-day Bollinger Band. However, the $0.1103 resistance level has dropped the price back inside the band and is currently priced at $0.1081.

The MACD has reversed from bearish to bullish, plus the RSI is trending around 65, next to the overbought zone. The price chart shows healthy support levels at $0.1043, $0.0999 (SMA 20), $0.0944 and $0.0857(SMA 50).

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Altcoin Market Update Bitcoin Cash, Ethereum Classic and Stellar: ETC and XLM face continual bearish correction - FXStreet

Following a 39% price surge at the end of July, at least 10 Bitcoin Cash whales have left the network, possibly trading or selling their millions in holdings.

According to Crypto Twitter user Ali Martinez, data from analytics site Santiment shows the number of investors holding between 10,000-100,000 Bitcoin Cash (BCH) roughly $3-30 million has fallen by 10 since Aug. 1. The drop comes after the token surged 38.7% from $224.46 on July 17 to a three-month high of $311.34 on July 31, implying that a number of whales could have sold their holdings.

BCH continues to be the fifth largest crypto asset by market capitalization at $5.6 billion, with Chainlink (LINK) trailing at $4.6 billion. At the time of writing, Bitcoin Cash is trading at $307.84, having risen 3% in the last 24 hours.

Bitcoin Cash uses the SHA256D algorithm the same as that used by Bitcoin. However, its hashing power is less than 5% of that of Bitcoin, which has sometimes left it vulnerable to a 51% attack.

In response, the BCH community has floated changing the algorithm as part of the networks November upgrade. Cointelegraph reported on Aug. 7 that developers have worked out a compromise between two proposed solutions. The network will implement the Aserti3-2d difficulty adjustment proposed by lead BCHN maintainer Jonathan Toomin, and an infrastructure funding plan.

Link:

Number of Bitcoin Cash Whales Drops Following 39% Price Surge - Cointelegraph

What is Bitcoin Cash?

Bitcoin Cash is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy, and high transaction capacity (big blocks). In the same way that physical money, such as a dollar bill, is handed directly to the person being paid, Bitcoin Cash payments are sent directly from one person to another.

As a permissionless, decentralized cryptocurrency, Bitcoin Cash requires no trusted third parties and no central bank. Unlike traditional fiat money, Bitcoin Cash does not depend on monetary middlemen such as banks and payment processors. Transactions cannot be censored by governments or other centralized corporations. Similarly, funds cannot be seized or frozen because financial third parties have no control over the Bitcoin Cash network.

Bitcoin Cash combines gold-like scarcity with the spendable nature of cash. With a limited total supply of 21 million coins, Bitcoin Cash is provably scarce and, like physical cash, can be easily spent. Transactions are fast with transaction fees typically less than a tenth of a cent. Anybody can accept Bitcoin Cash payments with a smartphone or computer.

Bitcoin Cash has various use cases. In addition to peer-to-peer payments between individuals, Bitcoin Cash can be used to pay participating merchants for goods and services in-store and online. Very low fees enable new micro-transaction economies, such as tipping content creators and rewarding app users a few cents. Bitcoin Cash also reduces the fees and settlement times for remittances and cross-border trade. Other use cases include tokens, simplified smart contracts, and private payments with tools such as CashShuffle and CashFusion.

In 2017, the Bitcoin project and its community split in two over concerns about Bitcoins scalability. The result was a hark fork which created Bitcoin Cash, a new cryptocurrency considered by supporters to be the legitimate continuation of the Bitcoin project as peer-to-peer electronic cash. All Bitcoin holders at the time of the fork (block 478,558) automatically became owners of Bitcoin Cash.

Unlike Bitcoin BTC, Bitcoin Cash aims to scale so it can meet the demands of a global payment system. At the time of the split, the Bitcoin Cash block size was increased from 1MB to 8MB. An increased block size means Bitcoin Cash can now handle significantly more transactions per second (TPS) while keeping fees extremely low, solving the issues of payment delays and high fees experienced by some users on the Bitcoin BTC network.

Development to further optimize the Bitcoin Cash network continues on the Bitcoin Cash roadmap, led by the Bitcoin ABC full node team. Planned upgrades take place every six months to put into effect the latest network developments.

Mining is the process in which new Bitcoin Cash transactions are confirmed and new blocks are added to the Bitcoin Cash blockchain. Miners use computing power and electricity to solve complex puzzles. By doing so, they gain the ability to produce new blocks of transactions. If one of their blocks is accepted by the network, the miner, or mining pool, earns a block reward in the form of newly-issued Bitcoin Cash.

Mining is highly competitive. As the price of Bitcoin Cash in the marketplace rises, more miners are incentivized to bring more hash rate into the ever-increasing miner competition to produce blocks and have them accepted by the Bitcoin Cash network. More miners make the network more secure by increasing and distributing the hash rate. This prevents a single miner from having control over the network.

Anyone can mine Bitcoin Cash. Mining requires specialized hardware called mining equipment, which can either be bought or rented. Miners also need to run a full node software (with the majority of miners currently running Bitcoin ABC) to build blocks and connect to the rest of the Bitcoin Cash network. Mining can be done independently but miners often pool their hash rate together and share proportionally in the earned block rewards.

Bitcoin Cash is available at a variety of crypto exchanges, depending on your region. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairs tab. Be sure to do your own research before picking an exchange for purchasing Bitcoin Cash.

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Bitcoin Cash (BCH) price, charts, market cap, and other ...

Cryptocurrency that is a fork of Bitcoin

Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin.[5][6] Bitcoin Cash is a spin-off or altcoin that was created in 2017.[7][8][5] In 2018 Bitcoin Cash subsequently split into two cryptocurrencies: Bitcoin Cash, and Bitcoin SV.[9] Bitcoin Cash is sometimes also referred to as Bcash.[10]

The need to accommodate an increasing count of transactions per second contributed to a push by some in the community to create a hard fork to increase the block size limit.[11] This push came to a head in July 2017 when some members of the bitcoin community including Roger Ver felt that adopting BIP 91 without increasing the block-size limit favored people who wanted to treat bitcoin as a digital investment rather than as a transactional currency.[12][13] Fortune Magazine in early 2020 referred to Roger Ver as the co-creator of Bitcoin Cash.[14] Bitcoin Cash supporters, compared to Bitcoin, were more committed to a medium of exchange function.[15] This push by some to increase the block size met a resistance. Since its inception up to July 2017, Bitcoin users had maintained a common set of rules for the cryptocurrency.[12] Eventually, a group of bitcoin activists,[16] investors, entrepreneurs, developers[12] and largely China-based miners were unhappy with Bitcoin's proposed SegWit improvement plans meant to increase capacity and pushed forward alternative plans for a split which created Bitcoin Cash.[17] Segwit controversially would later enable second layer solutions on bitcoin such as the Lightning Network, and this controversy led to the split that created Bitcoin Cash.[15] The proposed split included a plan to increase the number of transactions its ledger can process by increasing the block size limit to eight megabytes.[12][13]

The would-be hard fork with an expanded block size limit was described by hardware manufacturer Bitmain in June 2017 as a "contingency plan" should the bitcoin community decide to fork implementing SegWit; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. In July 2017, the Bitcoin Cash name was proposed by mining pool ViaBTC. The change, called a fork, took effect on 1 August 2017. As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two.[18]

A Hong Kong newspaper likened this to a new version of word processing software saying:

Bitcoin cash is like a new version of Microsoft Word, which generates documents that can no longer be opened via the older versions.[19]

Bryan Kelly, a stock analyst likened it to a software upgrade:

Bitcoin cash is doing a hard fork or effectively a software upgrade, Kelly said on Fast Money. When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing.[20]

At the time of the software upgrade (also known as a fork) anyone owning bitcoin came into possession of the same number of Bitcoin Cash units.[21][18] The technical difference between Bitcoin Cash and Bitcoin is that Bitcoin Cash allows larger blocks in its blockchain than Bitcoin, which in theory allows it to process more transactions per second.[22] Bitcoin Cash was the first of the Bitcoin forks, in which software-development teams modified the original Bitcoin computer code and released coins with Bitcoin" in their names, with "the goal of creating money out of thin air."[23] In relation to Bitcoin it is characterized variously as a spin-off,[5] a strand,[24] a product of a hard fork,[25] an offshoot,[26] a clone,[17] a second version[16] or an altcoin. On 1 August 2017 Bitcoin Cash began trading at about $240, while bitcoin traded at about $2,700.[18]

A key difference of opinion between bitcoin cash and bitcoin camps was over the running of nodes. Bitcoin supporters wanted to keep blocks small so that nodes could be operated with less resources, while some bitcoin cash supporters find it acceptable that (due to large block sizes), nodes might only be run by universities, private companies and nonprofits.[27]

In 2018 Bitcoin Core developer Cory Fields found a bug in the Bitcoin ABC software that would have allowed an attacker to create a block causing a chain split. Fields notified the development team about it and the bug was fixed.[28]

Controversy

The arguments have devolved over three or four years of bitter debate, the principles are real and they are important to preserve, but a lot of the drama has nothing to do with principles anymore. A lot of this debate is now more about hurt feelings. Its about bruised egos. Its about things that were said that cant be unsaid, insults that were exchanged, and personalities and ego.

Andreas Antonopoulos, "The Verge"

In 2017 there were two factions of bitcoin supporters, those that supported large blocks and those who preferred small blocks.[22] The Bitcoin Cash faction favors the use of its currency as a medium of exchange for commerce while the Bitcoin-supporting faction view bitcoin's primary use as that of a store of value.[22] Bitcoin Cash detractors call the cryptocurrency "Bcash," "Btrash," or "a scam", while its supporters maintain that "it is the pure form of bitcoin".[22]

Samson Mow of Blockstream pointed to Bitcoin Cash's use of the "Bitcoin" name as a source of animosity between the Bitcoin and Bitcoin Cash camps.[22] Emin Gn Sirer, a professor at Cornell stated that Bitcoin Cash was focused on use and Bitcoin was "enormously" focused on store of value.[22]

Bitcoin Cash trades on digital currency exchanges including Bitstamp,[30] Coinbase,[31] Gemini,[32] Kraken,[33] Bitfinex, and ShapeShift using the Bitcoin Cash name and the BCH ticker symbol for the cryptocurrency. On 26 March 2018, OKEx removed all Bitcoin Cash trading pairs except for BCH/BTC, BCH/ETH and BCH/USDT due to "inadequate liquidity".[5] As of May2018[update], daily transaction numbers for Bitcoin Cash are about one-tenth of those of bitcoin.[5] Coinbase listed Bitcoin Cash on December 19, 2017 and the coinbase platform experienced price abnormalities that led to an insider trading investigation.[34]

By November 2017 the value of Bitcoin Cash, which had been as high as $900, had fallen to around $300, much of that due to people who had originally held Bitcoin selling off the Bitcoin Cash they received at the hard fork.[11] On 20 December 2017 it reached an intraday high of $4,355.62 and then fell 88% to $519.12 on 23 August 2018.[35]

As of August 2018, Bitcoin Cash payments are supported by payment service providers such as BitPay, Coinify and GoCoin.[36]

Both Bitcoin, as well as Bitcoin Cash, use a proof-of-work algorithm to timestamp every new block. The proof of work algorithm used is the same in both cases. It can be described as a partial inversion of a hash function. Additionally, both Bitcoin and Bitcoin Cash target a new block to be generated every ten minutes on average. The time needed to calculate a new block is influenced by a parameter called the mining difficulty. If the total amount of mining power increases, an increase of the mining difficulty can keep the block time roughly constant. Vice versa, if the mining power decreases, a decrease of the mining difficulty can keep the block time roughly constant.[37]

To keep the block generation time equal to ten minutes on average, both Bitcoin and Bitcoin Cash use an algorithm adjusting the mining difficulty parameter. This algorithm is called the difficulty adjustment algorithm (DAA). Originally, both Bitcoin and Bitcoin Cash used the same difficulty adjustment algorithm, adjusting the mining difficulty parameter every 2016 blocks. Since 1 August 2017, Bitcoin Cash also used an addition to the DAA, called an Emergency Difficulty Adjustment (EDA) algorithm. EDA was used alongside the original DAA and it was designed to decrease the mining difficulty of Bitcoin Cash by 20%, if the time difference between 6 successive blocks was greater than 12 hours.[37]

EDA adjustments caused instabilities in mining difficulty of the Bitcoin Cash system, resulting in Bitcoin Cash being thousands of blocks ahead of Bitcoin. To address the problem with stability, a change of the Bitcoin Cash DAA was implemented and the EDA canceled. The change took effect on 13 November 2017. After the change, the Bitcoin Cash DAA adjusts the mining difficulty after each block. To calculate the difficulty for a new block, the Bitcoin Cash DAA uses a moving window of last 144 blocks.[37]

A group of researchers demonstrated that, as of June 2019, Bitcoin DAA fails to generate new blocks at a constant rate as long as the hash supply is elastic. In contrast to that, the group demonstrated that Bitcoin Cash DAA is stable even when the cryptocurrency price is volatile and the supply of hash power is highly elastic.[38]

On 15 November 2018, a hard fork chain split of Bitcoin Cash occurred between two rival factions called Bitcoin Cash and Bitcoin SV.[39][40] On 15 November 2018 Bitcoin Cash traded at about $289 and Bitcoin SV traded at about $96.50, down from $425.01 on 14 November for the un-split Bitcoin Cash.[41]

The split originated from what was described as a "civil war" in two competing bitcoin cash camps.[20][42] The first camp, supported by entrepreneur Roger Ver and Jihan Wu of Bitmain, promoted the software entitled Bitcoin ABC (short for Adjustable Blocksize Cap) which would maintain the block size at 32MB.[42] The second camp led by Craig Steven Wright and billionaire Calvin Ayre put forth a competing software version Bitcoin SV, short for "Bitcoin Satoshi Vision," that would increase the block size limit to 128MB.[39][42]

Original post:

Bitcoin Cash - Wikipedia

Bitcoin, BTC to USD, fell by 0.75% on Sunday. Partially reversing a 1.59% gain from Saturday, Bitcoin ended the week up by 5.57% to $11,675.3.

It was a mixed start to the day. Bitcoin rose to an early morning intraday high $11,788 before hitting reverse.

Falling short of the first major resistance level at $11,866, Bitcoin slid to a late afternoon intraday low $11,530.0.

Bitcoin fell through the first major support level at $11,593 before finding support.

A late move back through to $11,600 levels cut the deficit on the day.

The near-term bullish trend remained intact, supported by the latest move through to $11,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.

Across the rest of the majors, it was a mixed day for the majors on Sunday.

Stellars Lumen and Tezos bucked the trend, with gains of 2.03% and 8.98% respectively.

It was a bearish day for the rest of the majors.

Bitcoin Cash SV led the way down, falling by 3.51%.

Bitcoin Cash ABC (-2.36%), Binance Coin (-2.23%), Ethereum (-1.78%), Litecoin (-2.55%), Moneros XMR (-2.13%), and Ripples XRP (-2.56%) also saw heavy losses.

Cardanos ADA (-1.28%), EOS (-1.20%), and Trons TRX (-0.43%) saw modest losses on the day.

It was also a mixed week for the majors.

Ripples XRP bucked the trend with a 0.04% loss.

It was bullish for the rest of the pack, however.

Tezos led the way, rallying by 27.30%.

Binance Coin (+6.82%), Bitcoin Cash ABC (+6.61%), Cardanos ADA (+8.36%), Moneros XMR (+9.69%), and Trons TRX (+7.38%) also found strong support.

Bitcoin Cash SV (+1.90%), EOS (+2.95%), Ethereum (+4.90%), Litecoin (+0.30%), and Stellars Lumen (+2.73%) trailed the front runners.

In the week, the crypto total market cap rose from a Monday low $322.88bn to a Thursday high $355.09bn. At the time of writing, the total market cap stood at $349.50bn.

Bitcoins dominance fell to a Tuesday low 61.24% before rising to a Friday high $63.16. At the time of writing, Bitcoins dominance stood at 62.15%.

At the time of writing, Bitcoin was up by 0.80% to $11,769.0. A bullish start to the day saw Bitcoin rise from an early morning low $11,746.3 to a high $11,789.0.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Cardanos ADA bucked the trend early on, falling by 0.16%.

It was a bullish start for the rest of the majors, however, with Tezos up by 2.71% to lead the way.

Bitcoin would need to avoid a fall through the $11,664 pivot to support a run at the first major resistance level at $11,799.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $11,789.

Barring an extended crypto rally, the first major resistance level and the morning high would likely cap any upside.

In the event of a crypto breakout, Bitcoin could eye the second major resistance level at $11,922.

A fall through the $11,664 pivot level would bring the first major support level at $11,541 into play.

Barring another extended crypto sell-off, however, Bitcoin should avoid the second major support level at $11,406.

This article was originally posted on FX Empire

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The Crypto Daily The Movers and Shakers August 10th, 2020 - Yahoo Finance

Bitcoin Cash 4 Hour Price Update

Updated August 10, 2020 11:19 AM GMT (07:19 AM EST)

Bitcoin Cash is down 2.46% ($7.51) since the previous 4 hours, marking the 2nd candle in a row a decline has happened. Those trading within the Top Cryptos asset class should know that Bitcoin Cash was the worst performer in the class during the previous 4 hours.

Bitcoin Cash entered today at $300, down 1.6% ($4.89) from the previous day. The change in price came along side change in volume that was up 6.5% from previous day, but down 73.79% from the Sunday of last week. Out of the 5 instruments in the Top Cryptos asset class, Bitcoin Cash ended up ranking 2nd for the day in terms of price change relative to the previous day. Here is a daily price chart of Bitcoin Cash.

Volatility for Bitcoin Cash has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For another vantage point, consider that Bitcoin Cashs price has gone up 6 of the previous 10 trading days.

For laughs, fights, or genuinely useful information, lets see what the most popular tweets pertaining to Bitcoin Cash for the past day were:

@qqjettkgjzhxmwj @micropresident If ABC ends up with majority hash, they will literally be able to pay for talent of a greater caliber than currently exists in Bitcoin Cash. Thats always been one of Amaurys points.You get the caliber of talent you pay for.

@Hayden_Otto Whatever nonsense is currently going on within the Bitcoin Cash community, I just hope that they dont screw you over Hayden. You have done a hell of a lot of good in bringing cryptocurrency adoption to Australia, especially up in Townsville.

You have to admit that being a part of the Bitcoin Cash community is never boring.

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Bitcoin Cash (BCH) Up $1.38 Over Past 4 Hours, Started Today Up 0.85%; in an Uptrend Over Past 30 Days - CFDTrading

President Donald Trump this week announced his intentions to ban US companies from transacting with Chinese payment and messenger app WeChat, leading to a spike in downloads for privacy-first messenger app Signaland reigniting the debate on decentralized platforms.

The US Presidents Thursday executive order is so far vague but any transaction with the platform from US companies will be prohibited. The order, which also bans such transactions with social media app TikTok will come into effect on September 20.

Talk of banning TikTok started this year because the Trump administration was worried about the app collecting users data and the potential links its parent company, ByteDance, has with the Chinese government.

The WeChat ban had also been on the cards for a while. The two countries continue to aggressively clash heads during the coronavirus pandemic.

But while the US government was warning of banning WeChat, downloads of private messaging app Signal were soaring in China, according to a CNBC report. Unlike other messaging appsTelegram, Facebook Messenger or WhatsAppSignal isnt banned in China.

So worried Chinese people living, studying, or doing business in the US can turn to the highly secretive app in place of WeChat to communicate with family and friends without fear of government snooping or being shut downfor now.

Signal downloads were also on the up in Hong Kong after Mainland Chinas new security law hit the region. Despite WeChats popularity in China, it doesnt have the same level of encryption as apps like Signal and WhatsApp.

But even though Signal is secure, it could technically be banned by the Chineseor USgovernment tomorrow. Thats why decentralized chat apps or messaging systems are a must, some say.

Decentralized chat would completely solve this problem [of government bans and snooping], said Brad Kam, the co-founder of Dapp Unstoppable Domains, a decentralized domain name registrar that has built an Ethereum-based decentralized chat app, Unstoppable Chat.

The issue is that user data is sitting on Tencents [WeChats owner] servers and gets passed directly to the Chinese government. If WeChat were a decentralized chat app, then users would control their own messages stored on P2P storage networks. Not even WeChat would be able to read the messages," he said.

He added that Signal can still shut off users and any messaging app can be hacked or shut down.

Communication channels should not be pawns for geopolitical games, he said. They should be utilities for the people of the world.

Chris Troutner, a Bitcoin Cash developer, also told Decrypt that decentralized messaging systems are the way forward.

His highly encrypted messaging system based on Bitcoin Cash transactions, bch-encrypt, went live this year. His team is working on refining it: an end-to-end encrypted messaging system that will look and feel a lot like email.

He said that although Signal and Telegram are highly praised for their privacy features, they could still be banned by governments.

Decentralized, open-source, and end-to-end encrypted, he added. You really need all three [with a messaging app].

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US bans WeChat, Chinese turn to Signaldecentralization is the answer - Decrypt