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Bitcoin price continues to trade near its major support region – $4,050 to $4,200 range – after coming under pressure due to explosion in Bitcoin Cash price against the US Dollar above $800.
So long as the Bitcoin price stays above $4000, the next wave will take the price further up, potentially crossing $4500 mark. But if the price fails to find buyers’ support at $4000 and BCH price continue the bull run, we could see a downward trend sliding BTC price as low as $3600.
Furthermore, Bitcoin Cash has shocked the traders with its impressive rise. There are a lot of skeptics of BCH, but that didn’t stop it to reach its all time high of $996 on Saturday.
Since August 1, BCH prices were steadily trading around $300. Now that its price is what Bitcoin’s price was two years ago, traders and businesses are taking BCH seriously, and even considering it as a strong Bitcoin’s competitor in the future.
Korea remains the top trading market for BCH. Over $1.2 billion worth of BCH were traded in the past 24 hours only with BCH/KRW pair at the top three Korean exchanges — Bithumb, Coinone and Korbit.
Korea (heart) Bitcoin Cash.
Top Stories from the Crypto World
1. Bitcoin Cash mining is now more profitable than Bitcoin mining
BCH supporters were waiting for this day since August 1 when the hard fork took place that split Bitcoin into two. After the block 479808 was mined, difficulty of BCH was 7% of BTC. That means BCH is now 168% more profitable to mine than BTC.
This has driven considerable amount of hashrate towards BCH. So much so that it’s it’s churning out a block every minute or two. It will be interesting to see how this situation evolves over the next few days.
Why it matters: Miners will only mine a currency that is more profitable. If BCH continues to be more profitable to mine, it will attract more miners towards it. The infighting between the Core and miners is less about block size, but more about who gets control of the Bitcoin brand and momentum.
2. DASH registers an all time high
Following the news of DASH launching a “Blockchain Research Lab” in partnership with Arizona State University, the price skyrocketed to an all time high at $329 according to Coinmarketcap.
The Blockchain Research Lab was funded directly by the Dash network to the tune of $50,000. As per the Dash model, 45% of the block rewards go to miners, 45% go to special nodes called masternodes, and 10% goes to fund the decentralized budget system.
3. Binance announces an exciting platform upgrade
Binance is aiming to be the NYSE of the cryptocurrency sector. The platform will facilitate the trading of digital assets, which are akin to stocks, especially with rising number of blockchain projects.
A good thing to know: Binance has been a platform where people can deposit fiat or cryptocurrency and trade it for the other. The new version of Binance will be the extension of the same platform but with support for a range of crypto assets. This is a great new for ICO projects.