August 1st is finally here. Bitcoin has officially “forked” from the main bitcoin blockchain. The fork has created another cryptocurrency called Bitcoin Cash (BCH). This lead Bitcoin price to slip to $2700 bracket on Tuesday, after almost reaching $2900 the day before.
If the price stays around $2750 and does not form a downward turn, the growth might keep on. On the other hand BCH has managed to cross $500 from $350.
Top stories from the crypto world
1. BCH first block size mined at 1.915 MB
After a long wait BCH eventually mined its first block of 1.915 MB that contained 6,985 transactions. Since then four Bitcoin Cash blocks have been mined, though only the first of the initial five had a block larger than 1 MB.
The most recent block contained 520 transactions, using about 0.4 MB of space in the transaction block.
2. Bank of America files for 3 new blockchain patents
Bank of America has been working on using blockchain technology to validate the veracity of information. So far the bank has filed total 3 patents. The details of the three applications were made available to the public last week by the U.S. Patent and Trademark Office.
3. Hong Kong exchange to launch blockchain powered market in 2018
The Hong Kong Stock Exchange (HKEX) has been working on its blockchain-powered private market for the past couple of years. At one point they also partnered with NYSE to collaborate blockchain backed market.
HKEX chief executive Charles Li said, “The Private Market will serve as a ‘nursery’ for early stage companies before they are ready to enter public markets”.