Hash Watch: The Highly Anticipated Bitcoin Cash Fork Is Now Complete – Bitcoin News
The Bitcoin Cash community has been patiently waiting for weeks for the November 15, 2020 upgrade and the day is finally here. Every six months the Bitcoin Cash network upgrades, but this time around, a conflict sparked over Bitcoin ABC’s Infrastructure Funding Plan (IFP). During the course of the day, the following editorial will be monitoring the Bitcoin Cash upgrade in real-time so our readers can be kept up to date.
**Last update 12:33 p.m. EST**
Shortly after 12:00 p.m., UTC on November 15, 2020, Bitcoin Cash experienced a scheduled upgrade. Bitcoin Cash developers from various full node projects changed the Difficulty Adjustment Algorithm (DAA) to a new DAA called ‘aserti3-2d‘ (or ‘ASERT’ for short).
The aserti3-2d Github description details that people can get a “high-level description of the motivation and background” for ASERT by reading the programmer Jonathan Toomim’s read.cash article. Specifications for ASERT can be read here on the Bitcoin Cash upgrade specifications web portal.
As usual, Bitcoin Cash supporters watched the upgrade in real-time by leveraging the web portal Coin Dance. The website has maintained a countdown clock for the upgrade, information, and it displays three full node software clients in three separate sections. Additionally, the fork monitor operated by the derivatives exchange Bitmex has also been monitoring the fork.
The data shown on Coin Dance includes the full node clients’ Bitcoin Unlimited, Bitcoin Cash Node (BCHN), and Bitcoin ABC. Coin Dance stats say BCH Unlimited 188.8.131.52 will follow the longest chain. Bitcoin Cash Node (BCHN) 22.1.0 will follow the longest chain, unless the 10-block re-org protection is violated. Bitcoin ABC 0.22.4 will follow the chain that complies with the Infrastructure Funding Plan (IFP).
Because Bitcoin ABC stuck with implementing the IFP, it is expected to produce two incompatible networks. Every full node client, except for ABC’s IFP version, will be agreeing on the same rules. Bitcoin cash (BCH) users should see a smooth transition, but they may see an airdropped coin if miners decide to mine the ABC software that introduces the controversial IFP mechanism.
At approximately 6:55 a.m. EST, at Bitcoin Cash (BCH) block height 661,641 the upgrade was initiated. Following block 661,641, six more blocks needed to be mined for the upgrade to go live on the network. The last Bitcoin Cash common block was at block height 661,647 and was mined by Binance.
The live stream crypto show hosted by Collin Enstad will be broadcasting live today on November 15 with Mike Komaransky and the show will be covering the airdrop all day on Youtube with a number of special guests.
News.Bitcoin.com readers can check out prior articles on this subject here, here, here, and this article here. Those editorials not only explain the situation at hand, but also wallet and exchange contingency plans. A number of wallets and exchanges plan to support both tokens in the event of a split, while other third-party services have revealed only supporting one side.
During the morning hours before fork activation, the crypto trading exchange Coinex changed the futures market from BCHN and BCHA to BCH and BCHA to represent the split. At the time of publication, spot prices for Bitcoin Cash (BCH) on Coinex are $243 per unit while ABC’s airdrop token is $15.82 per unit. On Poloniex the ABC airdrop is swapping for $14 against USDT pairs, and on Coinflex ABC is trading for $11 per unit.
Software developer Christ Troutner announced the launch of a website that hosts a splitting tool and the alpha web-based tool at splitbch.com will be available after the upgrade is settled. Troutner also published a demo of the splitbch splitting tool on Youtube. However, as of right now, at 10:37 a.m. EST, the ABC side of the fork has not seen a single mined block.
As of 10:28 a.m. EST, ten blocks have been mined under the new Bitcoin Cash consensus rules. There have been zero Bitcoin ABC blocks mined so far since the fork initiated after the last common block.
As of right now, there doesn’t seem to be a coin-split token for the ABC-IFP side with the chain showing zero functionality. (10:37 a.m. EST). Twelve BCH blocks under the new consensus rules have been mined at this time. With no split, it means that BCH simply upgraded and a node fell out of consensus. A valid block has to be mined for the ABC-IFP side to continue as a viable chain.
At approximately 12:33 p.m. EST, the ABC-IFP side has two mined blocks while the BCH chain is 20 blocks ahead. According to stats, an unknown miner has mined block 661,648 and 661,649 on the ABC-IFP side. This means there was a split, but people will have to continue monitoring the airdrop (ABC-IFP side) to see if the chain remains functional over time.
What do you think about the completion of the Bitcoin Cash upgrade and the split? Let us know what you think about this subject in the comments section below.
Bitmex Fork Monitor,
block height 661641,
Coin Dance Monitor,
infrastructure funding plan,
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.
Traders say $15.5K level ‘crucial’ after Bitcoin price dips below parabola
Bitcoin price dropped below the parabola on the 12-hour timeframe but traders aren’t calling for a big correction yet.
Published on November 15, 2020
Over the weekend numerous traders pointed out that Bitcoin (BTC) price broke its parabolic uptrend which had dated back to September. Technical analysts are bracing for a pullback as the dominant cryptocurrency eyes consolidation.
Bitcoin could still see a strong recovery after the weekly close if there is a continuation of the rally. But it would need to quickly re-enter the parabola or risk a potential downward correction.
Since early September, Bitcoin has continuously rallied without major corrections. Typically, during bull trends, BTC historically saw 20% to 30% drops. There is a possibility that a large pullback could ensue if BTC fails to reenter the parabola.
According to the 12-hour Bitcoin price chart shared by the pseudonymous trader “Altcoin Psycho,” BTC is now out of 2-month the parabolic advance.
The trend does not necessarily indicate that BTC would see a deep correction in the near term. Rather, it merely signifies that a trend might form as the markets cool down.
For instance, long-time technical analyst John Bollinger said that BTC is likely to pull back or consolidate. Considering that BTC is hovering at the top of the Bollinger Bands, BTC is hovering in overbought territory.
But, there is always a possibility that BTC could see a stronger rally in the near term in a different technical structure.
The break of the parabolic uptrend simply signifies that a new market structure would emerge. Whether this means a downtrend would emerge or a broader rally would occur remains to be seen.
In the foreseeable future, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said $15,500 holds the key. He said that if BTC drops below it, a large correction is possible. He wrote:
“The market in general is at crossroads of direction. Breaking below $15,500 and I assume we’ll see a correction across markets with $BTC to possibly $13,000 or lower.”
Technical analysts are generally cautious in predicting a clear short-term direction due to the uncertainty in the market. There are strong chances that BTC could either continuously surge upwards or see a major price drop.
If Bitcoin drops below $15,500, however, it would mean that the probability of BTC testing low support levels is high.
On the weekly chart, the two key short-term moving averages (MAs) are found at $13,967 and $12,390. Although the weekly chart does not have to retrace to MAs, in previous bull cycles, there were instances where the weekly chart retested lower MAs.
Since Nov. 10, Gemini exchange recorded unusually high deposits. This typically indicates that whales are moving to sell their holdings to take profits.
A pseudonymous analyst known as “Blackbeard” said an unusually high amount of $BTC has been transferred to Gemini wallets” on Nov. 10, referring to CryptoQuant’s on-chain data.
On Nov. 15, as Cointelegraph reported, Gemini deposits spiked again, which might lead to higher selling pressure in the near term.
In the foreseeable future, if BTC struggles to recover, the selling pressure from whales and miners would remain as important variables.
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Bitcoin CZ (BCZ) Price Tops $0.0205
Bitcoin CZ (CURRENCY:BCZ) traded up 0.4% against the US dollar during the 24 hour period ending at 23:00 PM ET on November 15th. Bitcoin CZ has a market cap of $64,215.69 and approximately $2,855.00 worth of Bitcoin CZ was traded on exchanges in the last day. Over the last week, Bitcoin CZ has traded 3.1% higher against the US dollar. One Bitcoin CZ coin can now be bought for $0.0205 or 0.00000128 BTC on cryptocurrency exchanges including Sistemkoin and Crex24.
Here’s how similar cryptocurrencies have performed over the last day:
Bitcoin CZ Coin Profile
Buying and Selling Bitcoin CZ
Bitcoin CZ can be traded on these cryptocurrency exchanges: Sistemkoin and Crex24. It is usually not currently possible to purchase alternative cryptocurrencies such as Bitcoin CZ directly using U.S. dollars. Investors seeking to trade Bitcoin CZ should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as GDAX, Changelly or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Bitcoin CZ using one of the exchanges listed above.
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Author: ABMN Staff
Bitcoin Whale Sell Off $100M BTC on ByBit
A Bitcoin whale sells off $100 million on Nov. 15 as investors experience a price drop scare. Several on-chain data points at a whale-induced BTC sell-off throughout the past week.
A Bitcoin (BTC) whale placed a $100 million short on Bybit, according to the pseudonyms trader CL. It comes after various on-chain data points toward a whale-driven sell-off throughout the past week.
Though the momentum of Bitcoin remains strong, there are many reasons that make $16,000 an attractive area for sellers.
There is significant liquidity at $16,000, primarily because it is a heavy resistance level. But the level has seen relatively high buyer demand, stablecoin inflows show. Hence, the battle between buyers and sellers at $16K makes it an area with high liquidity, which is compelling for sellers.
A seller aggressively sold Bitcoin on Bybit on Nov. 15. Order flows show that there were sell orders worth around $3.5 million on average consecutively over several hours.
Based on the abrupt large-scale sell order, CL suggested that this may result in two scenarios.
First, the seller could get engulfed and cause a squeeze, which might cause the BTC price to increase. Second, it could continue to apply selling pressure on BTC. The trader wrote:
“Approx 2 hours ago, someone aggressive sold almost ~100M on Bybit, a 3rd of the sells are opens, personally pretty curious to see what happens if this seller/shorter does get engulfed, or if he is let free.”
Meanwhile, other major exchanges have spotted large deposits over the last 24 hours. United States-based cryptocurrency exchange Gemini saw a 9,000 BTC deposit, according to the data from CryptoQuant.
Whales typically utilize exchanges with strict compliance and strong regulatory measures, which include platforms like Coinbase and Gemini.
Considering the large Bitcoin deposit into Gemini, which is worth $143 million, a pseudonymous researcher known as “Blackbeard” said it is time to be cautious.
As CL noted, Bitcoin’s current market structure is different from the previous cycle. For instance, when BTC was at $16,000 in 2017, the market was extremely overheated with extreme volatility. The trader said:
“Back in 2017, when we pumped from 10k, 15, into 20k, we had OKEx weekly futures trade in 1000$ contangos, now we’re here with quarterlies only 100$ above.”
This time around, the rally appears to be more sustainable and gradual. Bitcoin has continued to see a staircase-like rally over the past six months, which has allowed it to evolve into a prolonged uptrend.
Rather than a sudden spike followed by another steep uptrend, BTC has seen upside followed by consolidation, and so on.
As Cointelegraph reported earlier this month, various data, including Google Trends, show there is still little interest from retail investors unlike in late 2017. On the other hand, there is increasing evidence that Wall Street is starting to take notice.
Hence, there is a strong argument to be made that the ongoing rally is fundamentally different from 2017 despite the current “extreme greed” market sentiment. Notably, the available supply has decreased due to the recent halving, as well as dwindling reserves on exchanges over the past year.
The Bitcoin futures funding rates are also neutral at around 0.01%, which means the market is not as overheated or overcrowded as it was three years ago. This trend could make the downside limited, especially in the medium term.
This article is sourced from:https://cointelegraph.com
Author: Comfort Obe
Bitcoin Holds Floor, Altcoins Right Decrease
Bitcoin worth began a draw back correction under the USD 16,200 and USD 16,050 help ranges. BTC even broke the USD 16,00Zero degree earlier than it discovered help close to USD 15,800. The worth is presently (04:30 UTC) buying and selling above USD 16,000, nevertheless it should climb above USD 16,200 to start out a recent enhance.
Conversely, there was a considerable decline in most main altcoins, together with ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin money, and ADA. ETH/USD is down 2% and it broke the USD 460 and USD 455 help ranges. XRP/USD carried out effectively prior to now 2-Three days, however there was a pointy correction from the USD 0.278 resistance.
Complete market capitalization
Prior to now 2-Three classes, bitcoin worth noticed bearish strikes under the USD 16,200 help. BTC even broke the USD 16,00Zero degree, however the bulls have been in a position to defend extra losses under USD 15,800. The worth is now recovering and buying and selling above USD 16,000. To proceed larger, the value should clear the USD 16,200 resistance zone. The primary weekly resistance sits at USD 16,500.
If there is no such thing as a clear break above the USD 16,200 resistance, there’s a danger of one other decline under USD 16,000. On this case, there’s a danger of a drop in the direction of the USD 15,500 degree.
Ethereum worth began a significant decline under the USD 460 help degree. ETH even broke USD 450 earlier than the bulls appeared close to USD 440. The worth is correcting losses and buying and selling above USD 450. Nonetheless, it should clear USD 455 and USD 460 to maneuver again right into a constructive zone.
On the draw back, the USD 445 and USD 440 ranges are essential helps. An in depth under the USD 440 help could maybe begin a pointy decline within the coming days.
After a tough fork, Bitcoin money worth is down 3% and it settled under the USD 250 help degree. BCH is holding the USD 245 degree, however there’s a danger of extra losses in the direction of USD 240. The subsequent main help is seen close to the USD 232 degree. On the upside, the bulls want to achieve power above USD 255 for a sustained upward transfer.
Chainlink (LINK) failed to remain above the USD 13.00 help and it began a significant decline. There was a break under the USD 12.50 help degree and the value examined the USD 12.00 zone. If there are extra losses, the value might revisit the USD 11.50 help zone. On the upside, the USD 12.80 and USD 13.00 ranges are main hurdles.
XRP worth rallied sharply after it broke the USD 0.255 and USD 0.260 resistance ranges. The worth even spiked above USD 0.272 earlier than the bears took a stand close to USD 0.278. There was a draw back correction under USD 0.270, however the worth remains to be buying and selling above the USD 0.262 and USD 0.260 help ranges.
Prior to now few hours, a number of altcoins gained over 5%, together with SUSHI, RDD, SOL, RUNE, WAVES, HEDG, NXM, LTC, CRV, and SNX. Conversely, ABBC, TMTG, AMPL, UNI, CELO, and ZRX are down over 5%.
Total, bitcoin worth is holding good points above the USD 16,00Zero and USD 15,800 help ranges. Having mentioned that, there are probabilities of extra losses until BTC surges above USD 16,00Zero and USD 16,350.
Author: By admin