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Sunday, 25 February 05:51 (GMT -05:00)



Foreign exchange market

Miners Start Panicking as Some Cryptocurrencies Start Going Down in Value


Bitcoin is making everyone nervous again. Bitcoin miners start panicking, and the panic is driven by the news that Bitcoin Cash and some other cryptocurrencies are crashing again, Market Leader reports.

 

 

 

 
Bitcoin Cash has been going down in value for a week or so. Over the last few days, the cryptocurrency has lost 21%. Yet, Bitcoin Cash is not the only one to make people worry. There are some other digital currencies that have been going down as well. Out of the 10 most popular digital currencies, Bitcoin and Ripple are the only ones that showed positive dynamics last week. However, Bitcoin Cash turned out to be the biggest loser of the week as compared to other popular digital currencies.
 

 

Around a week ago, Bitcoin Cash cost $457 per unit. On October 3rd, the price lunged below the $400 threshold. After that, the price went even lower and accelerated the downtrend. At this point, Bitcoin Cash costs under $350, according to coinmarketcap.com. At the same time, the analytic department of NordFX reports that Bitcoin Cash is currently trading around $366 per unit in South Korea.

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Downtrend Triggered by Miner Games, Experts Assume
 
Apparently, as the price of Bitcoin Cash went down, this also affected the currency’s market capitalization. As a result, the market cap went below 6 billion dollars. The stats show that for the first time since September 15th, Ripple managed to become the world’s 3rd most popular digital currency after outpacing Bitcoin Cash by 2,2 billion dollars of market cap.
 
Some of the drawdown can be explained by some changes made to the level of complexity (EDA) in the BCH network. The EDA is triggered when there are too many blocks in the chain. This mechanism makes life much simpler and easier for miners. In such cases, as a rule, miners switch from Bitcoin to Bitcoin Cash, which sharply increases the hash rate in the BCH network. At the same time, most miners prefer to cash out instantly, which is why such periods exert extra pressure in the Bitcoin Cash exchange rate. Eventually, the increased hash rate restarts the EDA, which regulates the level of complexity. Against such mechanisms, the profitability of mining BCH goes down considerably, which is why most miners go back to the Bitcoin network.
 

 

It’s common knowledge that most miners use EDA to maximize their profits. Playing with the hash-rate volatility wisely and timely makes them more money. At the same time, EDA is one of those things that are essential to the survival of Bitcoin Cash, experts say.

 

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Bitcoin Exchange Rate Drops Below $9000

Earlier today, the BTC exchange rate continued its way down to new local lows. In particular, it temporarily dove below the psychological threshold of 9000 dollars per 1 BTC. According to Coinmarketcap, the current local low is 8720 USD/BTC.

Publication date: 02 February 03:41 AM

Skeptics Predict Bitcoin Crash

As the amount of Bitcoin users is growing like never before, the amount of Bitcoin skeptics is growing as well. They are warning us that Bitcoin is doomed to crash at some point in the future. There are respected investors among them, who think that the rapid growth of Bitcoin and other altcoins is dangerous to those investing in them.

Publication date: 26 January 03:51 AM

Muslims Are Forbidden to Trade and Mine Bitcoin

The Grand Mufti of Egypt Shawki Allam is reported to have issued the so-called fatwa (which means a ban on something) against cryptocurrencies. This means that Muslims can no longer trade or invest in Bitcoin or other cryptocurrencies. To be more specific, the Mufti thinks that trading cryptocurrencies is almost the same as gambling. Yet, gabling is strictly forbidden in Islam.

Publication date: 12 January 03:19 AM

Alpari’s Mobile App Gets Over 400K Users

Over the last few years, the amount of online traders using mobile apps has increased dramatically. The stats show that most of the time mobile forex traders choose mobile trading apps by Alpari, one of the biggest brokers in the international forex industry.


Publication date: 03 January 07:06 AM

Bitcoin Harms Natural Environment

 Today, only 1% of the global population is investing in cryptocurrencies.  However, mining those cryptocurrencies is something that all of us have to pay for. This is what Deutsche Welle thinks on the matter.

Publication date: 02 January 11:43 AM

Bitcoin May Trigger Another Major Financial Crisis

 Some experts say that Bitcoin and other cryptocurrencies may trigger another major financial crisis.

Publication date: 02 January 11:42 AM

Fort Financial Services ¬– World’s Best Forex Bonus Offer 2017

Masteforex-V Academy has recently announced the results of the annual contest named «World’s Best Forex Bonus Offer 2017». Fort Financial Services won the title as the forex broker occupying the first position in the corresponding rating by Masterforex-V Academy.

Publication date: 28 December 09:28 PM

Bitcoin Exchange Rate May Drop to Zero, Morgan Stanley Experts Say

Bitcoin may drop all the way down to zero dollars. This is what Morgan Stanley analysts led by James Faucette told Business Insider. Such a gloomy forecast for the world’s first and most expensive cryptocurrency to date showed up amid another major drop in its exchange rate. The thing is that Bitcoin dropped by 40% from 19K dollars all the way down to 11,8K dollars on December 22nd. 

Publication date: 26 December 12:21 PM

Bitcoin is Yet to Win Major Investors’ Trust

The first Bitcoin futures were finally launched in the USA. However, despite the fact that cryptocurrencies have already been recognized a part of the financial world, skeptics still don’t believe in them and anticipate a cryptocurrency market crash. 

Publication date: 25 December 05:49 AM

Alpari PAMM Service Gets Its Monthly Turnover Exceed $15 Billion

Most people prefer to keep their savings in a bank. They believe that despite those tiny interest rates they get paid, storing money in a bank account is way safer than anything else. The point is, we are talking about storing money while it’s wiser to invest money so that it could make even more money. For example, Europeans like to consider investing their money in various kinds of assets. They further spend their profits on some big purchases or education for their kids.

Publication date: 21 December 03:17 AM