- All major cryptocurrencies saw a decline during the Asian session on the back of the announcement that Coinbase allows to trade Bitcoin Cash
- Some rumours that Bitcoin’s SegWti2x fork will take place yet this year
- South Korean digital currency exchange Youbit is going to file for bankruptcy
There was a wide-spread sell-off across the major cryptocurrencies during the Asian session except Bitcoin Cash which gained momentum substantially. Declines came on the heels of the Coinbase’s announcement claiming that it’s rolling out support for Bitcoin Cash. Let’s remind that Coinbase is the leading platform for buying and selling Bitcoins in the US. The Bitcoin price (BTCUSD on xStation5) slumped to as low as $15,600 while Ethereum (ETHUSD), Litecoin (LTCUSD) and Ripple (XRPUSD) also saw quite severe slides.
At the same time the company said that buying and selling of Bitcoin Cash will be available to customers once there is sufficient liquidity on GDAX. However, a subsequent statement issued by Coinbase said the service will likely not be available until Wednesday. What’s more, Coinbase decided to disable trading on its newly launched assets Bitcoin Cash.
Bitcoin Cash saw an incredible rally as it surged from below $2400 to above $3800 just in several hours. Since then the price subsided somewhat but it’s remained close to its highs anyway. Source: coinmarketcap.com
Everybody being interested in cryptocurrencies remembers the contentious Bitcoin’s SegWit2x hard fork which was to take place earlier this year. While there was no enough support to do so in the past, supporters of the process could take a stab at doing it yet again. According to a statement published on the project’s website supporters of the fork have announced that the split will be revived. They added that a specific change in the rules of the Bitcoin blockchain might take place for a block number 501451 which will be produced roughly 28 December 2017. Looking for any advancements stemming from the split one may single out: raising block size up to 4MB and the production rate of a block to 2.5 minutes. Moreover, the founder of the project Jaap Terlouw promised that all Bitcoin holders will receive not only B2x in the ratio of 1 to 1 but also a proportional number of Bitcoin founder Satoshi Nakamoto’s coins as a reward for their commitment to progress.
Bitcoin tumbled to its crucial support located at $15,600 being underpinned by a 38.2% retracement of the latest leg higher. Once bulls manage to keep the price above that area, a resumption of increases might be probable. On the other hand, a breakout of that zone could see the price slipping as low as $13,100. Source: xStation5
Finally let’s mention the South Korean cryptocurrency exchange Youbit which revealed plans to file for bankruptcy yesterday, the decision which caused a 17% loss of the company’s total assets. The official reason why the exchange plans to wind down its business is the second hack attack this year. Youbit said also that all customers’ cryptocurrency assets will be marked down to 75% of their value, adding that there were no additional losses in other coins kept in cold wallets. Although Youbit is a smaller player in South Korea, the story underlines how fragile cryptocurrency exchanges could actually be.