Bitcoin prices fell to a five day low while other cryptocurrencies start to gain some momentum. At the time of writing Bitcoin is trading at $5725 with a market cap of $95 billion – a decline of 3%.
Ethereum prices saw an increase of 8% recovering beyond $300 mark. After the Byzantium hard fork and adding new members to the Enterprise Ethereum Alliance (EEA), this is the first time ETH has seen a rise of 8% in one go for the first time since late September.
According to a prominent Bitcoin analyst and investor, Tuur Demeester, the upcoming Bitcoin Gold hard fork has caused the price of bitcoin to remain below the $6,000 mark, as traders move their funds from other alternative cryptocurrencies and digital assets.
All the Bitcoin holders will receive BCG in 1:1 ratio by most exchanges and wallets such as Trezor and Bittrex. But in order for this to happen successfully, Bitcoin Gold has to implement strong replay protection to ensure Bitcoin holders can receive Bitcoin Gold safely. Without replay protection, the process of retrieving Bitcoin Gold could endanger existing Bitcoins.
Due to weak replay protection by the BCG team, traders, and investors have opted out to distribute their funds across many altcoins and digital assets.
Demeester further said, “I expect a similar effect post the B2X fork November 16: ‘pent-up bitcoins’ being redistributed into alts (e.g. LTC).”
Top Stories from the Crypto World
1. Bitcoin is better than gold and USD, says Steve Wozniak
Co-founder of Apple, Steve Wozniak, thinks Bitcoin is better than gold and the U.S. dollar, which he called “phony,” because the government can always print more.
Wozniak feels a currency is more “stable” when it cannot be diluted and, while Bitcoin has a fixed future supply (only 21 million bitcoins will ever be mined), the same cannot be said about government-backed fiat currencies.
2. Russia will regulate ICOs and mining
Russia’s President Vladimir Putin has said the country will regulate ICOs and mining by July 2018.
According to the local news outlet RNS, the Russian government may now legally define the status of various terms related to what the Kremlin describes as “digital technology.” These include so-called ‘distributed ledger technology’ alongside ‘cryptocurrency,’ ‘token’ and ‘smart contract.’
3. Cryptocurrencies not supported by government are junk: Mastercard CEO
Mastercard president and CEO Ajay Banga has dismissed all non-governmental cryptocurrencies as ‘junk’. He said:
“If the government creates digital currency, we will find a way to be in the game. We will provide rails for moving currency from customer to merchant. The government mandated digital currencies are interesting. Non-government mandated currency is junk.”