The Bitcoin price rode a bullish wave this week, rising as high as $10,300 after trading below $8,000 as recently as Feb. 11. On Friday, though, the Bitcoin price dipped back below $10,000. As of the time of writing, Bitcoin was valued at $9,793 on Bitfinex, which translates into a $166.9 billion market cap and represents a slight increase over its previous-day level.
The decline correlated with the start of Chinese New Year but it is unclear to what extent the events are linked, given that Bitcoin surged in advance of the holiday. Conventional wisdom, though, suggests that the holiday could lead to some downward pressure on the markets, as regional investors exchange their cryptoasset holdings for fiat to finance their holiday spending.
While the majority cryptocurrencies in the market recorded a 1 to 3 percent decline or increase in price, the value of Bitcoin Cash skyrocketed by 25 percent, leading traders in the cryptocurrency community to suspect a short-term pump. Over the past few weeks, throughout the large correction, cryptocurrencies in the global market moved on a similar trend led by bitcoin and Ethereum. Apart from several rare instances wherein small market cap cryptocurrencies like FunFair increased for a brief period of time, the majority of cryptocurrencies in the market moved up and down simultaneously. However, in the past 24 hours, the price of Bitcoin Cash increased from $995 to $1,250, with volume heavily concentrated on OKEx, the Hong Kong-based cryptocurrency exchanges operated by OKCoin, formerly the largest cryptocurrency exchange in China prior to the country’s cryptocurrency trading ban in September 2017.
Bitcoin Cash (BCH)
Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as “Peer-to-Peer Electronic Cash”. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development. All Bitcoin holders as of block 478558 are also owners of Bitcoin Cash. All are welcome to join the Bitcoin Cash community as we move forward in creating sound money accessible to the whole world.
Current Price: $993.44 USD
Market Cap: $16,843,416,270 USD
Circulating Supply: 16,954,588 BCH
Total Supply: 21,000,000 BCH
The fear and build up towards Aug. 1, 2017, and the creation of Bitcoin Cash which forked off the original chain was monumental. However, it was a damp squib for the future of Bitcoin as it actually spiked in value.
Since then, forks on Bitcoin have become almost as common as ICOs, and in fact, forks on the Bitcoin chain look to be the latest trend for 2018 as new companies look to cash in on the familiar Bitcoin name.
Canada’s Hydro Quebec will have to turn away cryptocurrency miners looking to setup operations in the province. The electricity supplier has been inundated with requests from cryptocurrency miners looking to setup operations in energy-rich province Quebec, according to Reuters.
Many miners, including giants like China-based Bitmain, have made it clear that they are looking to setup new mining operations overseas in countries with low power costs and surplus of energy. The crack down on cryptocurrency exchanges in China, as well as talks of power regulations applying to miners, has prompted miners to consider new sites to operate from.