Bitcoin Daily – July 25, 2017

 

Bitcoin price slumped back to $2500 on Tuesday from $2830 the day before, when it was just starting to correct sharply from the month’s low of $1900. This 11% decline could be attributed to the fears of August 1st – the day when Bitcoin could potentially split into two or more chains.

While the overall trend still looks bullish, these frequent dips are making investors nervous. If Bitcoin does split into multiple chains on August 1st, it will likely lead to further devaluation of Bitcoin – but in case it manages to avoid the split, we could see the price surpass $3000 (or even $3500) in the month of August.

Top stories from the crypto world

1. Bitcoin.com has come out in support of Bitcoin Cash (BCC)

Since the very beginning of scaling debate Bitcoin.com has been supporting Bitcoin Unlimited* or Segwit2x** in this case. Bitcoin.com pool will give mining customers the option of supporting the Bitcoin Cash chain (BCC) with their hashrate. Interestingly, if Segwit2x fails to activate, Bitcoin.com will immediately shift all company resources to supporting Bitcoin Cash exclusively.

2. Hacker steals $8.4 million worth of ETH from Veritaseum hack

In the second ICO hack this week and the fourth hack of an Ethereum platform this month, a hacker managed to steal a whopping $8.4 million worth of ETH. Apparently, the hacker first stole VERI tokens during the ICO and immediately sold them to other buyers in exchange of ETH.

3. Gemini exchange to begin daily Ether auctions

Winklevoss brothers, famous for coming up with the original Facebook idea are also major Bitcoin holders. Their exchange, Gemini, announced on Monday that they are set to begin daily Ether auctions on Friday (July 28). The indicative auction price will be broadcasted through its market data API and website 10 minutes before the auction time.

This provides an opportunity for both buyers and sellers to trade in an instant of elevated liquidity and price discovery,” the exchange said.

* The scaling debate has divided the Bitcoin commutnity into two camps; Bitcoin Core and Bitcoin Unimited. Core comprises of the developers and Unlimited has major miners behind it. They both have different scaling proposals. Core’s idea is to scale Bitcoin’s network without increasing the blocksize. Bitcoin Unlimited wants bigger blocks to whatever size is needed.

** Segwit2x is Bitcoin Unlimited’s proposal to scale the Bitcoin network by increasing the blocksize to 2MB.

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