Bitcoin cash sinks below $1000

Bitcoin cash sank more than 12% Wednesday, falling below $1,000 for the first time since April. The fourth-largest cryptocurrency by market cap is now …

bitcoin cash price ABCMarkets Insider

Bitcoin cash sank more than 12% Wednesday, falling below $1,000 for the first time since April.

The fourth-largest cryptocurrency by market cap is now trading near $997 per token, even after its recent fork which increased its block size fourfold.

“The Bitcoin Cash network has been displaying some erratic behaviour over the past few weeks, which has contributed to the downwards pressure on prices,” Iqbal Gandham, managing director for eToro, a British crypto firm, told Business Insider in an email. “Despite a recent surge, it’s now moving towards the head and shoulders pattern we’ve seen since last year.”

Last week, bitcoin cash upgraded its software with a patch known as Bitcoin ABC, which increased the size of transaction blocks on the network from 8mb to 32mb. The upgrade also removed the Segwit protocol, short for segregated witness, a process by which the number of transactions in a block can be increased by moving certain signature data from transactions to the end of the block.

Bitcoin cash has been accused of misleading investors by piggy-backing off the bitcoin name. While the new cryptocurrency includes the history of the original bitcoin’s transactions up until the split, since the fork, the two currencies are unrelated except for their shared history and name.

Vocal bitcoin cash supporter Roger Ver, who owns via an LLC registered at a Marriott resort on St. Kitts, and refers to the original bitcoin as “bitcoin core,” has appeared on numerous internet talk shows, including the conspiracy-theory site InfoWars, to promote the coin.

“For over a year Bitcoin cash has been fighting the battle to become the ‘default’ bitcoin, a battle which traditionalists are not keen to lose,” Gandham said. “This lack of clarity, has repeatedly called into question the authenticity of Bitcoin cash, and until that is resolved the direction of price movement will always carry an air of uncertainty.”

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Blockchain Skills? Hired! $120000+ Plus Bonus!

Satoshi Nakamoto’s insight, then, was to make coins like bitcoin cash become not only a medium of exchange and store of value but also contain a …
Blockchain Skills? Hired! $120,000+ Plus Bonus!
3 mins ago




Blockchain this and blockchain that might be so much hype, but no one can deny hundreds of millions of dollars, some say billions, sloshing around the ecosystem in search of advancing technology undergirding cryptocurrencies. There’s a battle in even the broader employment market as Facebook, Amazon, IBM and others search for blockchain development talent, pushing salaries and bonuses into the stratosphere.

Also read: CNBC Shows Bitcoin Cash (BCH) Love, Predicts Mooning

Blockchain Jobs Need Talent with Know-How

The Wall Street Journal recently profiled the booming blockchain industry, honing-in on the demand from employers for a seemingly small pool of qualified candidates. And basic economic theory holds when the supply is at a premium and being chased by more and more dollars, the relative price will inevitably increase.

Katheryn Griffith Hill of Blockchain Developers, a headhunter, confirmed, “We are seeing people who are making half a million dollars,” she’s quoted, adding those with as little as three years experience are fetching “definitely well over $120,000” to start. The Journal continues, “Some 4,500 job openings with the terms ‘blockchain,’ ‘bitcoin’ or ‘cryptocurrency’ in the title were posted on LinkedIn this year through mid-May, according to the company. That is up 151% over the total in all of 2017. Just 645 such job openings were posted in 2016.”

Blockchain Skills? Hired! $120,000+ Plus Bonus!

Blockchains are simply a spin on database technology, and really aren’t all that new or even novel. That they’re used as accountancy in distributed ledger form, and decentralized in the cryptocurrency context, makes them valuable when attached to a currency such as bitcoin cash (BCH). Within the crypto world, such ledgers act as payment settlement systems, and, in the case of BCH, have solved the notorious bugaboo of creating a digital currency: double spending. For years, inventors were foiled by this problem. Satoshi Nakamoto’s insight, then, was to make coins like bitcoin cash become not only a medium of exchange and store of value but also contain a payment system, allowing for relatively trustless transactions between private parties to occur all over the globe.

Still other wags within the financial technology industry have seized on the neologism “blockchain,” a descriptive term to help explain how miners connect it all together, and stress the tech can solve virtually any problem. Animal spirits being what they are, the corporate world has dutifully swallowed the hype whole, and so nearly any company attaching itself to the mere mention of the word can sit back and watch their valuations climb.

Too Rich for Traditional Employment

Yuliya Chernova writes of a paradox as employers seek blockchain devs, describing how “many of the more experienced crypto developers already have made money trading bitcoin and Ethereum.” Indeed, hammering home the point Daniele Sileri, CEO of Blockchain Studios, insisted most “of the developers are millionaires already, so they don’t really care about money.”

Blockchain Skills? Hired! $120,000+ Plus Bonus!Initial coin offerings (ICOs) and venture capital have combined to lure many an accomplished dev away from traditional employment. Ripple’s David Schwartz underscores the fact “ICOs dumped a bunch of money on the industry,” to the degree that even money is “devalued” in the blockchain employment market, according to the Journal. Mr. Schwartz remarked how compensation has become “insane,” as he’s witnessed blockchain devs, at least two, receive “$1 million signing bonus offers,” the Journal notes.

Dearth of top dev talent is a global problem, and companies are struggling to distinguish themselves from the pack. Remote working arrangements, along with killer remuneration schedules, reveal work that “might have been free, there’s now a market for that work,” a dev at Augur said. Even “Augur itself has posted rewards of up to $100,000 for developers to complete certain tasks,” the Journal explained.

Do you think the blockchain employment market is overblown, or is it a good sign? Let us know what you think of this subject in the comments below.

Images via Pixabay.

Now live, Satoshi Pulse. A comprehensive, real-time listing of the cryptocurrency market. View prices, charts, transaction volumes, and more for the top 500 cryptocurrencies trading today.

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CheapAir Adds Support For Bitcoin Cash, Dash, and Litecoin for Flights and Hotel Bookings

CheapAir added support for more cryptocurrencies on May 22, as it looks to provide digital currencies enthusiasts a variety of payment option for flight …

CheapAir added support for more cryptocurrencies on May 22, as it looks to provide digital currencies enthusiasts a variety of payment option for flight and hotel bookings. The online travel agency is now accepting bitcoin cash (BCH), dash (DASH), and litecoin (LTC) payments for its offerings.

CheapAir Expands Cryptocurrency Support

The three additions will strengthen the travel agency’s cryptocurrency community support hold that has been growing over the years.

In 2013, CheapAir became the first travel agency to accept bitcoin (BTC) as a payment option for booking hotel rooms and Amtrak train seats. The company, later on, added support for Dogecoin (DOGE) and Litecoin (LTC), on bitcoin sales surging to $1.5 million.

CheapAir‘s support for cryptocurrencies payments has seen it cement its reputation when it comes to adoption of the new payment option. The addition of new cryptocurrencies was triggered by growing customer demand for such payment options. The travel agency also added the new digital currencies to address the shortcomings of current currencies and the challenges that have come to be, with the usage of bitcoin.

Adding support for other cryptocurrencies will seek to address the shortcomings of bitcoin. Network congestion and higher transaction fees have seen most people shun the popular cryptocurrency, with the focus now shifting to the likes of bitcoin cash and litecoin.

“Our cryptocurrency customers tend to be very vocal about what they want, something we appreciate very much. Over the last six months, we’ve seen a huge uptick in the number of customers requesting alternative currencies, so we’ve worked hard to integrate the three that were most requested,” said CheapAir CEO Jeff Klee.


Source: Twitter

Cryptocurrencies Payments Proliferation

Cryptocurrencies bookings are also backed by the agency’s Price Drop Payback, a price guarantee that gives customers up to $100 in travel credit in case a flight fare drops.

Accepting cryptocurrencies payments on behalf of hotel suppliers and airlines has had its fair share of challenges given the constant price fluctuations. However, CheapAir insists it has solved a good number of the problems and should continue offering support for the foreseeable future.

While CheapAir was the first to accept cryptocurrencies payments for hotel and flight bookings, it is no longer the only one offering such services. Integration of such payments into the mainstream sector has gained momentum in the recent past. ABitSky, BTCTrip, and Destinia are examples of other travel sites that allow people to purchase flights using bitcoin.

Since Madrid-based Destinia started accepting bitcoin payments, the agency claims to have registered a spike in such payments in contrast to credit card payments.

Cryptocurrency Merchant Adoption

There needs to be real merchant adoption if cryptocurrencies are to compete with fiat currencies in future. Very few merchants accept such payments and those that do, do not account for a considerable chunk of market share in their respective fields of operation.

Cryptocurrency merchant adoption is still lagging even with bitcoin’s meteoric rise to become one of the most sought-after investment. Accelerated adoption has been stiffed by the fact that cryptocurrencies are incredibly volatile, something that affects their value, unlike fiat currencies that are relatively stable.

Merchants have shied away from adopting such payment on concerns that they could affect their returns, given their constant value fluctuation. Regulatory concerns have also had a catastrophic impact on the adoption of cryptocurrencies as there are areas and countries where dealing in cryptocurrencies is banned. For instance, banks and other financial institutions in India are prohibited from providing support for cryptocurrencies payments.

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Bitcoin Cash Price Watch – BCH/USD On Bearish Run, Falls Below $1000

On Wednesday morning, Bitcoin Cash broke below the pivotal $1,000 price level, now trading at around $995. BCH/USD could still slip further later in …
Bitcoin Cash Price Watch

Key Highlights:

  • Bitcoin Cash is now on a bearish run, breaking below the pivotal $1,000 level.

  • Just like with other major cryptocurrencies, BCH/USD is now on a long-term bearish trend.

  • On the downside, BCH/USD could slide to $950 later this week.

BCH/USD Breaks Below $1,000

On Wednesday morning, Bitcoin Cash broke below the pivotal $1,000 price level, now trading at around $995. BCH/USD could still slip further later in the day, where the downside could take its price toward $950 later this week. On the upside, a retest of the $1,000 level may still be possible.

At the moment, Bitcoin Cash is holding a major resistance level around $1,080, while its support is at $960. If sellers remain in control, a movement past $960 could happen any time. The moving averages show that this downward price movement could still continue.

Bitcoin Cash Price Watch

Source: Tradingview

On the bright side, the hourly MACD line has just crossed the signal line, so a short-term bullish signal is shown. In addition, the RSI indicator shows that Bitcoin Cash is currently in oversold territory.

Looking at the Technical Indicators:

  • Hourly MACD — BCH/USD is on a short-term bullish trend

  • Hourly MACD — BCH/USD is in oversold territory

  • Major Resistance Level — $1,080

  • Major Support Level — $960

Featured Image: Twitter


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Bitcoin Cash price analysis: BCH/USD hammered on Wednesday, as $1135 support fails to hold …

Bitcoin Cash price analysis: BCH/USD hammered on Wednesday, as $1135 support fails to hold, eyes and hope on long running trend line again now.

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