Bitcoin Cash (BCH) fork, Binance “maintenance” and market dump coincidence?

There were couple of interesting coincidences that were simultaneous with today’s monumental crash of bitcoin and crypto prices. The long raging civil war in the BCH camp that will end in a malignant and bloody split with one of the chains probably dying is certainly one of the plausible explanations for the crash even though it is not likely that this irrelevant bitcoin fork can have such impact on the market.

Another eyebrow raising thing happened with Binance suspending their platform due to “regular maintenance”. It is almost impossible to prove anything, but it is a valid observation and fuel for wild speculation on Twitter. Nothing in this market can be claimed for certain as there are too many clans, companies and individuals with different self-interests that pull the strings in the background that the outcome is always completely different even to those who were the main actors of the action.

Aside of the historic tanking, there were some other news worth covering, you can read them below.

  • Bitcoin Cash fork battle about to reach its peak

Bitcoin Cash is about to see its network introduce a hard for on November 15th, one which will result in the creation of two blockchains called Bitcoin ABC and Bitcoin SV (short for Satoshi’s Vision).

For now it seems that SV is way ahead of ABC as most of the community looks set to stick with it after the fork.

The battle between these two forks has been personified by a clash between two former biggest BCH proponents, Craig Wright and Roger Ver.

Wright, the self-proclaimed Satoshi Nakamoto, is backing the SV fork. At the same time Ver, supported by the Chinese mining equipment giant Bitmain, remains a strong proponent of ABC.

Once close partners and cooperators on promoting BCH in the public, the two men have been going at eachother in the latest days, both stubbornly claiming that their version of the fork is better. Wright publicly called out Bitmain just a couple of days ago while Ver published a video on November 8 in which he implied that he was “wrong” about Wright.

With both sides resorting to name calling and showing few signs of compromise, the community of Bitcoin Cash remains unsure about the future. For the time being we seem to be getting two new cryptocurrencies whose long-term viability likely won’t be helped by the current war between them.

  • Bitcoin drops down below $6000

Breaking several weeks of relative inactivity and stability, Bitcoin decided to move again today.

The move wasn’t a positive one as the currency experienced a sharp drop from $6320 to a daily low of $5895, losing more than 8% of its value in the process.

This almost dropped Bitcoin’s market cap below $100 billion for the first time in quite a while.

Bitcoin hasn’t been having a positive month as of late, as its current value is 11.74% lower than where it was 30 days ago.

Check out our coverage of this latest drop here.

  • Another company handed the infamous BitLicense

New York State Department of Financial Services (DFS) handed out its 14th BitLicense to a crypto related project. The license is notorious for being difficult to get, as only 13 projects managed to fulfill all DFS demands prior to yesterday.

The project in question is New York Digital Investment Group (NYDIG); they will now have the official licensing required to offer liquidity and asset management to residents of the state of New York.

Self-custody, contracting with a third party to offer custodial services or contracting with NYDIG Trust or NYDIG Execution directly for custody services are among crypto-related services that the project offers.

“Today’s approval further demonstrates that operating within New York’s robust state regulatory system leads to a stronger Fintech marketplace and promotes innovation and necessary compliance with effective risk-based controls,” said Financial Services Superintendent Maria T. Vullo.

  • Google falls victim to cryptocurrency scammers

Crypto giveaway scam we covered multiple times before managed to claim yet another big victim.

This time the account that got hacked was one of Google’s G Suite, a brand of cloud computing, productivity and collaboration tools, software and products aimed for business use. At the moment of writing, their account has 822 thousand followers.

The account engaged in the same behavior we saw with similar hacks from the past, posting a link promising a massive crypto giveaway to people who send small amounts of BTC to a given address.

This time around, the total “fund” of the scammers was at 10 thousand BTC. They also falsely announced that G Suite began accepting crypto payments for their services.

The message lasted a lot shorter than the one from yesterday’s Target hack, as the post disappeared barely 10 minutes after it was originally posted.

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