Bitcoin Battered Below $2000, Ether Tumbles As August 1st Scaling Deadline Looms
bitcoin·@zer0hedge·
0.000 HBDBitcoin Battered Below $2000, Ether Tumbles As August 1st Scaling Deadline Looms
<html> <p> It's another ugly day in cryptocurrency land. As <strong>anxiety over the looming 'civil war' deadline of August 1st grows,</strong> so it appears the entire virtual currency space is being derisked, with Bitcoin down over 10% today (below $2000) and Ether down 6% (at around $175).<br> <br> <a href="https://www.bloomberg.com/news/articles/2017-07-10/bitcoin-risks-splintering-as-civil-war-enters-critical-month"><em>As Bloomberg reports,</em> </a><strong>it’s time for bitcoin traders to batten down the hatches.</strong></p> <blockquote>The notoriously volatile cryptocurrency, whose 160 percent surge this year has captivated everyone from Wall Street bankers to Chinese grandmothers, <strong>could be headed for one of its most turbulent stretches yet.</strong><br> <br> <strong>Blame the bitcoin civil war.</strong> After two years of largely behind-the-scenes bickering,<strong> rival factions of computer whizzes who play key roles in bitcoin’s upkeep are poised to adopt two competing software updates at the end of the month.</strong> That has raised the possibility that bitcoin will split in two, an unprecedented event that would send shockwaves through the $41 billion market.<br> <br> <strong>While both sides have big incentives to reach a consensus, bitcoin’s lack of a central authority has made compromise difficult.</strong> Even professional traders who’ve followed the dispute’s twists and turns aren’t sure how it will all pan out. Their advice: brace for volatility and be ready to act fast once a clear outcome emerges.<br> <br> <em><strong>“It’s a high-stakes game of chicken,”</strong></em> said Arthur Hayes, a former market maker at Citigroup Inc. who now runs BitMEX, a bitcoin derivatives venue in Hong Kong. <em><strong>“If you’re a trader, there’s a lot of uncertainty as to what happens. Once there’s a definitive signal about what will be done, the price could move very quickly.”</strong></em></blockquote> <p>Once again it is the so-called 'civil war' that is weighing on the entire virtual currency space <a href="http://www.zerohedge.com/news/2017-07-10/looming-crypto-civil-war-sends-virtual-currencies-crashing-ethereum-below-200">as we noted previously,</a> <strong>behind the conflict is an ideological split about bitcoin's rightful identity...<br> <br> </strong>Bitcoin is back below $2000 - two month lows...<br> http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/07/14/20170715_BTC3.jpg<br> <br> <a href="https://cointelegraph.com/news/buckle-up-bitcoin-price-heads-for-below-2000-as-august-1-nears">As CoinTelegraph reports,</a> <strong>the knock-on effects for altcoins in the top 10 were as palpable as ever</strong>, with Ethereum, Litecoin and others following Bitcoin downhill.<br> http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/07/14/20170715_BTC1.jpg<br> <br> Ethereum has fared particularly badly over the past week, with monthly losses to its market cap now nearly $18 bln.<br> http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/07/14/20170715_BTC4.jpg<br> <br> As always, <strong>internal reactions with cryptocurrency were mixed, some despairing while others are eyeing a keen </strong><a href="https://twitter.com/alistairmilne/status/885941638983540737"><strong>buying opportunity</strong></a>.<br> <br> While a <strong>general consensus points to the upcoming </strong><a href="https://cointelegraph.com/news/despite-black-tuesday-at-crypto-markets-some-experts-say-its-best-time-to-buy"><strong>hard fork probability</strong></a><strong> as the principal motivation for market uncertainty, mainstream media have been quick to sound the alarm about Bitcoin once again.</strong> </p> <blockquote>“Rival factions of computer whizzes who play key roles in Bitcoin’s upkeep are poised to adopt two competing software updates at the end of the month,” Bloomberg <a href="https://www.bloomberg.com/news/articles/2017-07-14/this-is-how-bad-it-s-getting-for-wall-street-traders?cmpid=socialflow-twitter-business&utm_content=business&utm_campaign=socialflow-organic&utm_source=twitter&utm_medium=social">reported</a> Friday, announcing <strong>Bitcoin could be “nearing a total meltdown.”</strong><br> <br> “That has raised the possibility that Bitcoin will split in two, an unprecedented event that would send shockwaves through the $41 bln market.”</blockquote> <p>As areminder, <strong>below is an outline of the main events that could unify or divide bitcoin:<br> By July 21:</strong> SegWit2x software is released and supporters begin using it.<br> <strong>July 21 to July 31:</strong> The community monitors how many miners deploy SegWit2x:</p> <blockquote>If more than 80 percent deploy it consistently, that should signal community-wide adoption of SegWit and the avoidance of a split, at least for now.<br> <br> But if a majority do not deploy, expect anxiety within the community to grow as the focus shifts to the Aug. 1 deadline.</blockquote> <p><strong>Aug. 1:</strong> UASF is deployed by its supporters, who begin checking if bitcoin transactions are compliant with SegWit.</p> <blockquote>If a majority of miners still do not deploy SegWit2x or otherwise accept SegWit, and if UASF supporters do not back down, then two versions of bitcoin’s blockchain could come into existence: a UASF-backed one where only SegWit transactions are recognized, and another where all trades -- SegWit and non-SegWit -- are recognized.<br> <br> If a split occurs, bitcoin will likely begin existing on both blockchains in parallel, resulting in two versions of the cryptocurrency. Expect traders to quickly re-price the value of both, likely leading to massive volatility.</blockquote> <p><strong>“It’s moderates versus extremists,”</strong> said Atlanta-based Stephen Pair, chief executive officer of BitPay, one of the world’s largest bitcoin wallets. “It depends on how much a person values the majority of people staying on one chain at least for a little while longer, versus splitting and allowing each pursuing their own vision for scaling.”<br> <br> <em><strong>As a reminder,</strong></em> <a href="http://www.zerohedge.com/news/2017-06-27/investing-legend-calls-cryptocurrencies-biggest-bubble-lifetime-there-catch"><em><strong>investing legend Michgael Novogratz recently noted</strong></em></a><em><strong>, that he’s looking to add more ether if it falls between $200 and $150... and more bitcoin if it falls to $2,000.</strong></em><br> <br> Source : <a href="http://www.zerohedge.com/news/2017-07-15/bitcoin-battered-below-2000-ether-tumbles-august-1st-scaling-deadline-looms">ZeroHedge</a></p> <p>For only the best of ZeroHedge and articles relating to Steem, Follow me <a href="https://steemit.com/@zer0hedge">@Zer0Hedge</a> </p> <p> </p> <p>---</p> <p><strong>Disclaimer </strong>: This is not the real Tyler Durden! I read ZeroHedge <em><strong>every day</strong></em> to find the one or two best articles and reformat them for Steemit. Consider following the account and resteeming the articles that you think deserve attention.</p> <p>Head over to <a href="http://www.zerohedge.com/">ZeroHedge.com</a> for more news about cryptocurrency, politics and the economy.</p> </html>
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