Bitcoin Cash has a lot to answer for, or rather Craig Wright and nChain does. Bitcoin has crashed to $5,510 according to coinmarketcap as the heavy selling that began yesterday continues. On Coinbase BTC is priced even lower, at $5,393.
The sheer arrogance of the man who has single handedly crashed the crypto markets is astounding. And all this for a fork to deliver 128MB block which at this point in time is an irrelevance because no one is using Bitcoin Cash to buy or sell anything much.
Sure, the network should prepare for the future so in principle the block size increase is fine, but it is the way Wright has gone about it.
The market had stopped falling overnight but hsas picked up pick up again.
Bitcoin market cap has dropped below $100 billion to $98.5 billion. Altcoins have generally fallen much harder.
BTCUSD 30min chart 15 November 2018
Yesterday it looked as if BCHSV might do the flippening on BCHABC in the Poloniex futures market. But today it is a different story, as we predicted in an earlier report. SV is down 31% to $164 and BCHABC is 12% higher at $271 at the time of writing.
Wright has bitten off more that he can chew in his fight with ABC. Bitmain has very deep resources, financially and in mining. Although BCHSV is ahead on hashrate (72-75%), BCHABC is winning on nodes (75%), according to coin.dance.
Meltem Demirors, chief strategy officer at CoinShares, says this sell-off could kill off hundreds of “shitcoins”, as they start to run out of funds.
“What we see across the board is asset prices are down 75 percent or more, in some cases 95 percent. They’re going to need to start firing employees. They’re going to need to cut costs.”
“You’re going to see consolidation, and some of these assets, inevitably, will get marked to zero,” She told CNBC.
XRP moves above Ethereum
Elsewhere, the fight for second place in the crypto league table is ongoing between Ethereum and XRP.
Currently XRP is at $18,163,539,478 having pushed ETH into third place for now, at $18,080,656,480, according to coinmarketcap data.