Bitcoin has had a vibrant week so far, which began with a vicious but prompt plunge to the $5,101 weekly low. This was soon followed by a rebound that pushed the price up to the new $6,180 all-time high. Volume has been strong since then, although selling was until recently, outpacing buy orders by a wider margin, in just these past few days alone. Caution is warranted, considering how unpredictable the implementation of the upcoming forks might end up being, especially when it comes to bitcoin’s future price advancement and momentum.
Bitcoin Tumbles After Saudi Prince Calls Crypto – "Enron In The Making" https://t.co/7rgd1PgYXP
— zerohedge (@zerohedge) October 23, 2017
I have to strongly disagree that the Saudi prince primarily impacted recent day’s downturn. It is more likely, that it was chiefly instigated by the hourly countdown to the listing of BTG on the YoBit exchange, and from the uncertainty of the actual Bitcoin Gold Fork event. Even though the exchange is hated by many, there were no other relevant trading events in the past 24 hours, aside from a vast swath of reiterated news pieces, which were mostly just quotes from the latest batch of talking heads. The swings in bitcoin’s price seem to be correlated with the volatility of bitcoin gold’s buy support as well, to a degree and for the time being at least.
— Joseph Young (@iamjosephyoung) October 23, 2017
Bittrex will be crediting accounts with BTG tomorrow. However, trading will not be possible via a separate market, so users will have to withdraw to other sources (exchanges and/or wallets). Just as it was with the bitcoin cash fork, the parity will remain the same; one BTG will be credited per one BTC during the snapshot block. There are many points of contention when it comes to the latest offshoot of bitcoin, one of the main concerns being the absence of replay protection, and a rather sizable developer premine (100,000 BTG).
Statement about bitcoin gold support https://t.co/eVGexekllC
— Bittrex (@BittrexExchange) October 22, 2017
For seasoned crypto enthusiast and traders, the forks and accompanying terminology do not really present anything new or challenging. We can only speculate as to how this all looks to newcomers and people who are less tech-savvy.
— De Cryptografter (@DeCryptografter) October 19, 2017
Ever since the $6,180 all-time high was achieved on October 21 (GMT 16:30), bitcoin has kept to its downward trend. Four reversals prominently stood out during this lead-out period, the last one happening today. Bitcoin price is trading at $5696.5, down -4.56% as of 12:00 GMT.
This post was originally published by EarnForex
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