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Bitcoin Gold Officially Launches, and Plunges Immediately

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Bitcoin Gold (BTG) has officially launched this week, although immediate price action suggests investors have largely disavowed the new cryptocurrency.

Bitcoin’s second major fork, which lacks the technical robustness of the one before it, came on to the scene Wednesday after its backers published the software. Apparently, BTG launched after surviving a “massive and concerted attack from its first moment of existence.”

“A massive attack was made in an apparent effort to disrupt the mainnet launch, but the Bitcoin Gold team managed to get the network up and running… albeit a little later than planned,” the developers added.

BTG officially forked Oct. 25 when Bitcoin block 491,406 was mind. Its developers had stated the official launch would occur sometime in early November.

Lingering Doubts

BTG failed to generate the support of a Bitcoin Cash mainly because of the widespread criticism surrounding its use. Analysts uncovered many red flags associated with BTG, including the fact that the proposed fork wasn’t publicized initially. This led to the suspicion that developers will mine on the chain indefinitely to line their pockets following launch day. A lack of replay protection and “scammy” URLs associated with the cryptocurrency were also cited as major concerns.

The most important difference between original bitcoin and BTG is the latter’s proof-of-work protocol. Instead of SHA256, the BTG algorithm uses Equihash, which is currently implemented by Zcash.

BTG Price Levels

Despite all the skepticism surrounding the new coin, BTG is tradable on some of the major exchanges, including Bitfinex. These exchanges are also supporting BTC/BTG futures trading. This cross has traded at roughly 0.02 BTC in recent weeks.

Bitcoin Gold spiked on launch day, reaching a high of $505, according to CoinMarketCap. However, the gains would be short-lived, with prices crashing back down to the $225 range. Presently, BTG is trading at $265 for a loss of 28%. Its 24-hour trading volume exceeded $62 million, with Bitfinex responsible for the bulk of the turnover.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 499 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Cryptocurrency Market Cap Approaches $300 Billion as Bitcoin, Altcoins Continue Surging

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Cryptocurrencies were nearing an important psychological milestone Wednesday, as surging trade volumes propelled the market to its highest level in five weeks.

Market Update

The digital asset market has tacked on over $26 billion in the last 24 hours to reach $296.1 billion, according to CoinMarketCap. At this pace, $300 billion is likely within reach in the coming day. Total market prices have been capped below that level since June 12.

Daily trade volumes on global exchanges now exceed $20 billion for the first time since May. Three exchanges processed more than $1 billion worth of trades.

Bitcoin, which was the main catalyst for the rally, has retained a 43% share of the total market. The largest cryptocurrency by trading volumes and market cap is up nearly 11% over the past 24 hours to trade at $7,741. The bitcoin price peaked just below 7,500 overnight.

Altcoins have also picked up the pace, with all the majors reporting solid gains. Ethereum was up 6% as prices approached $500. Ripple XRP gained almost 9% to $0.513.

Stellar Lumens led the double-digit gainers with returns of 28.4% over the last 24 hours. XLM now sits at $0.296.

Cardano’s ADA coin jumped 19.6% to $0.181. Bitcoin cash, the no. 5 currency, rose 10.1% to $872.

Bitcoin Volumes Double

Bitcoin’s trading volumes have virtually doubled over the past week, as positive headlines surrounding adoption and regulation triggered renewed interest in the cryptocurrency. Hacked previously reported that daily trade volumes of $4 billion or greater are needed to sustain a meaningful rally for the bitcoin price. On Wednesday, bitcoin turned over nearly $6.6 billion.

Tether – a cryptocurrency pegged to the dollar that is often traded against bitcoin – continues to exhibit higher than normal trade volumes. On Wednesday, USDT trades generated $4.2 billion in volume, which is an all-time high.

Unlike previous rallies that appeared technical in nature, the latest uptrend was sparked by news that a trillion-dollar asset manager was exploring ways to enter the cryptocurrency market.

BlackRock, which controls over $6 trillion in assets, has assembled a working group to explore crypto adoption. In an interview, CEO Larry Fink said his firm is a “big student of blockchain” but that he does not see “huge demand for cryptocurrencies” at the moment.

Fink has changed his tune compared to last year, when he called crypto assets “an index for money laundering.”

Coinbase, a large and influential digital currency exchange, has also fueled positive sentiment after the firm said it had gained regulatory approval to begin listing security tokens. Last week, Coinbase also said it had short-listed five cryptocurrencies for future consideration on its exchange.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 499 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins ADA, BAT, XLM, ZEC and ZRX Enjoy a Coinbase Pop

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The Ethereum price wasn’t able to hold onto its gains today despite seemingly marching toward the $500 level on Monday, as market technicians have predicted that the downward trend remains intact despite yesterday’s rally. Meanwhile, daily trading volume in the cryptocurrency market is hovering at about $13.8 billion compared to its 2017 peak of more than $50 billion, as per CoinMarketCap data cited in reports.

The more trading in digital currencies, the higher the revenue of bitcoin exchanges like U.S.-based Coinbase, which incidentally is in the process of adding a handful of altcoins. While it may seem that Coinbase’s answer to the weaker average trading volume these days is to bolster its platform with more coins, a leading exchange executive said that’s not the case. Coinbase Vice President and General Manager Adam White told CNBC that customer demand fueled the decision.

“Certainly volumes today are lower than they were at the end of Q4 and January. The idea behind adding new assets is very simple: our customers want it,” White said, adding that more than 20 million individuals are signed up on the exchange in addition to institutional investors, the latter of whom are demonstrating “unprecedented” interest in the space.

The assets that Coinbase is moving toward adding include Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). And while these coins are likely to be directed to the exchanges indexes, their presence does not reflect a bullish position on the part of Coinbase, White noted. Nonetheless, let’s take a look at each of them.

Cardano (ADA)

eToro exchange just published a report focused on Cardano, referring to the smart-contract-fueled platform as “Blockchain 3.0.” Cardano remains in the nascent stages but it’s designed to pick up where the Bitcoin and Ethereum networks fall short on scalability. ADA has advanced about 13% since Coinbase’s Friday announcement. But Cardano has shed more than three-quarters of its value since the beginning of the year.

Basic Attention Token (BAT)

Basic Attention Token describes itself as a “blockchain-based digital asset” startup. BAT is advancing more than 4% today and has been among the top performers since Coinbase announced plans to add the coin. BAT has added 33% to its value since the Coinbase announcement.

Stellar Lumens (XLM)

Stellar is advancing about 1% today and has tacked on about 28% since the Coinbase announcement. The coin also got a boost when the SEC Thailand said that Stellar would be an acceptable form of payment by iPO issuers. A Stellar follower on Twitter joked that soon XLM would be accepted at every McDonald’s.

Zcash (ZEC)

Privacy coin Zcash is up almost 2% today and its value has ballooned by 22% since the Coinbase announcement. ZEC was also added by fellow U.S.-based cryptocurrency exchange Gemini in recent weeks, so it has the tailwind of both listings.

0x (ZRX)

The thing about 0x is that it already had a relationship with Coinbase ahead of the listing announcement. So much of the enthusiasm for a listing may have already been baked into the price. ZRX is shedding some ground today, down about 1%, but it’s up about 48% since last week.

Disgruntled XRP Investors

Coinbase was accused by some XRP investors, a community that has been waiting for their Coinbase day in the sun, of price manipulation in the altcoin the exchange announced it’s exploring now.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 23 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Dogecoin Price Surges 20% After Robinhood Listing

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Dogecoin has been one of the day’s biggest movers, climbing 20.8% and trebling its daily volume in the process.

Given that we’re dealing with DOGE, we’re going to have to make full use of our decimal places. This time last night one DOGE coin was trading at a price of $0.0024. Fast forward 24 hours and its value now stands at $0.0029 – that’s a 20.8% growth which has come fairly steadily over the last day, except for the brief spike which sent it to $0.0027 at 6pm (UTC) last night.

Today’s movement puts Dogecoin at 31.8% gains for the week, based on the $0.0022 starting point seven days ago.

Looking at DOGE’s monthly numbers, we see that it has now returned to the monthly high with its breach of the $0.0029 mark today. But as is always the case at this stage of a market downturn, such numbers require to be placed in the larger context. Three months ago, during the mild peak of April, one DOGE was worth $0.0058, meaning that even with today’s growth factored in, Dogecoin is still down 50% over the last 90 days.

Robinhood and DOGE

Recently launched crypto exchange, Robinhood, added Bitcoin Cash and Litecoin just last week, and now a press release has dropped which signals Dogecoin’s integration onto the Robinhood platform. As stated in the release:

“Starting today, you can invest in Dogecoin on Robinhood Crypto, commission-free. With last week’s announcement of Litecoin and Bitcoin Cash, you can now invest in five different cryptocurrencies on Robinhood.”

Robinhood is a U.S based exchange which offers compatibility with stocks and ETF trading, as well as cryptocurrencies. The service is only available in the U.S at the moment, but has not yet been rolled out across all states. According to Robinhood they are currently working on extending their reach beyond the current 17 states they have already.

“We’re working hard to make Robinhood Crypto available to everyone, and it’s currently available in 17 states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI.”

Beyond the Meme

Everyone will be somewhat familiar with DOGE’s humble beginnings in the crypto space, and many initially derided it for its seeming silliness and triviality.

Yet the community at large thought differently, and eventually DOGE grew in stature to become a regular fixture in the top-100 coins, and has taken its position just in front of the fire in the cryptocurrency living room.

During January’s peak DOGE reached a market cap of over $2 billion and a price of $0.0178. DOGE’s 11 billion circulating supply contributes to keeping its relative value down, but Dogecoin has often popped up as the most transacted cryptocurrency in existence at certain times, although not necessarily the most valuable.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 23 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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