Traditional Sunday ForkLog review — update annual minimum of bitcoin prices, Bitcoin hardwork Cash, triumph tablconv and complete transfer Kik messenger on Stellar.
Back to the past
The price of bitcoin reaching a new year low — after breaking the long-suffering support in the neighborhood of $6000, the price was at last October.
This collapse began on Wednesday, November 14. Traditionally, the falling price of the first cryptocurrency pulled a the vast majority of other digital assets.
As you can see from CoinMarketCap data, for the week slipped almost all the first ten rankings:
Against the market moves only XRP, which is already quite firmly entrenched on the second line, again surpassing Ethereum. XRP’s market capitalization has reached $20 billion.
Total market capitalization is $185 billion, which is about four times less than the values of the beginning of January this year. It can be assumed that most of this year CryptoRandom suffer severe unrealized losses.
Testing the nerves of hamsters, add fuel to the fire dimension. So, Rob Sluymer of Fundstrat Global Advisors says that “it could take weeks or even months” to restore a more favourable technical picture for BTC.
The cryptanalyst and the Creator of the indicator MVRV Makhmud Muradov confident that the worst is yet to come.
1/ The unwind is far from over. pic.twitter.com/K6zfhEOHk2
— Murad Mahmudov 🚀 (@MustStopMurad) 15 Listopad 2018 R.
In a series of tweets, he notes that the “bottom” of bitcoin prices can be around $3000. Muradov also convinced that the market cycles are becoming longer in duration.
In his analysis he relies on the Momentum indicator Bitcoin Network. According to Muradova, after the current growth of transactions in the bitcoin network will follow growth, but it will start no earlier than mid-late 2019.
A Split Bitcoin Cash
A resonant event this week was hardwork Bitcoin Cash, which occurred 15 Nov. As expected, the main blockchain fork of bitcoin split into two competing chains.
The first block of the blockchain the Bitcoin ABC pool added Roger Faith. Right before hardforum “bitcoin Jesus,” has invested substantial power in support of the updated chain.
The https://t.co/6EeRmpfaH7 pool now has more hash rate on it than the entire BCH network had earlier today.
Bitcoin is cash for the world! #BitcoinCash #bitcoincashfork pic.twitter.com/n2MqQ5mlfK— Roger Ver (@rogerkver) 15 Listopad 2018 R.
After some time, were extracted and the first block of Bitcoin SV. However, this implementation is not so great, given that the asset is trading significantly above BCHABC BCHSV:
Data on the 18 November, the exchange Poloniex
…and that Bitcoin ABC support more miners:
Data: CoinDance
At the same service hangs a notice that supposedly the majority of the cryptocurrency companies and stock exchanges “real” Bitcoin Cash believe implementation of the Bitcoin ABC. However, many of the trading platforms have added support for Bitcoin SV under the Ticker BSV and BCHSV.
With regard to the accrual of coins, one of the first to do exchange Bitfinex, Poloniex and later, Binance.
The current weighted average rate of Bitcoin Cash is below $400. On the relevant page of CoinMarketCap there is a notification that on many exchanges the frozen I / o BCH.
A surge of demand for stabilini
Amid the collapse in market capitalization occurred an abrupt increase in the demand for stabilini. According to a leading analyst Amarkets Artem Deev, investors see stalking “safe haven” in periods of uncertainty and exerts a strong pressure on the price of bitcoin.
Indeed, collapsing over November 14-15 significantly increased trading volumes stablename. While Tether (USDT) is still in fact a monopolist in this segment, significantly outpacing the capitalization of all new stabilini together.
Data: CoinDesk, CoinMarketCap
The tax against miners
During the tax audit has suspended the mining enterprises in the Chinese provinces of Xinjiang and Guizhou.
At the time of checking the authorities cut mining farm from the power grid. The result of this enterprise was daily incurred losses in the amount of 1 million yuan (about $143 700).
Companies will have to significantly tighten the rules work and, in particular, to refuse service to customers without proper verification.
It is obvious that the actions of the Chinese authorities was one of the reasons for the decline Hasrat network of bitcoin, which since the beginning of the week decreased by almost 20%.
Mining on the brink of break-even
According to experts at Susquehanna, most of the miners of Ethereum cryptocurrency on the brink of break-even. In other words, the cost of electricity is approximately equal to income from the extraction of coins.
The main factor reducing the profitability of production of the ether on the cards was a significant fall in the price of the cryptocurrency with $1350 in January to $175 at the moment.
The loss in the corresponding segment bears and the graphics card manufacturer NVIDIA.
Refusal Kik from Ethereum in favor of Stellar
Messenger Kik now fully into the Ethereum blockchain in a more productive, according to the developers, Stellar.
In March 2018, the company has developed a system to work on both platforms. Ethereum has been used for greater security, and Stellar — to increase the speed. The interaction between the block chain system was developed atomically swaps.
Now the company will stop atomic swaps with ETH. Also in Kin Ecosystem Foundation are working on a tool to output tokens KIN from the Ethereum blockchain.
Progress in the development of the network Lightning Network
This week is not only full of negative events — the number of active Lightning-node in the bitcoin network exceeded 4000.
According to the service 1ML, currently, these nodes link together 11 353 payment channel on which is transmitted a total of 332 BTC (about $1.87 million).
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