Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Bitcoin Almost Back to $6,000 After Monstrous Dip, Bitcoin Gold Support, and the SegWit2x Fork

October 23, 2017 at 21:02 by Daniel Green

Bitcoin has had a vibrant week, which began with a vicious but prompt plunge to the $5,101 weekly low. This was soon followed by a rebound that pushed the price up to the new $6,180 all-time high. Volume has been strong since then, although selling was until recently, outpacing buy orders by a wider margin, in just these past few days alone. Caution is warranted, considering how unpredictable the implementation of the upcoming forks might end up being, especailly when it comes to bitcoin’s future price advancement and momentum.

I have to strongly disagree that the Saudi prince primarily impacted today’s downturn. It is more likely, that it was chiefly instigated by the hourly countdown to the listing of BTG on the YoBit exchange, and from the uncertainty of the actual event. Even though the exchange is hated by many, there were no other relevant trading events in the past 24 hours, aside from a vast swat of reiterated news pieces, which were mostly just quotes from the latest batch of talking heads. The swings in bitcoin’s price seem to be correlated with the volatility of bitcoin gold’s buy support as well, to a degree and for the time being at least.

Bittrex will be crediting accounts with BTG tomorrow. However, trading will not be possible via a seperate market, so users will have to withdraw to other sources (exchanges and/or wallets). Just as it was with the bicoin cash fork, the parity will remain the same; one BTG will be credited per one BTC during the snapshot block. There are many points of contention when it comes to the latest offshoot of bitcoin, one of the main concerns being the absence of replay protection, and a rather sizable developer premine (100,000 BTG).

For seasoned crypto enthusiast and traders, the forks and accompanying terminology do not really present anything new or challenging. I can only speculate as to how this all looks to newcomers and people who are less tech savvy.

BTG futures are also tradable on the Bleutrade exchange, while HitBTC is offering B2X trading pairs (B2X/BTC, B2X/ETH, and B2X/USDT). It should be noted that these SegWit2x futures are currently not available anywhere else.

Involuntary browser mining has become more rampant in the last few weeks, with non-torrent sites joining the fray too. Monero is commonly used as the currency of choice in these cases, and checking cpu and gpu usage while browsing, is the most simplest way to confirm if your device resources are being forcibly exploited.

Ever since the $6,180 all-time high was achieved on October 21 (GMT 16:30), bitcoin has kept to its downward trend. Four reversals prominently stood out during this lead-out period, the last one happening today at 15:30 GMT, when the $5,617.55 daily low was touched. The price has recovered in the meantime, and was close to $6,000 at the time of writing.

If you have any questions and comments on bitcoin today, use the form below to reply.

Leave a Reply