Talk about crypto volatility. Two days ago BitcoinPrice.com reported if Bitcoin price goes below $4000 mark it will test the next support level at $3600. On Monday we saw exactly that — prices fell as low as $3643, but quickly recovered to reach above $3900.
Since Bitcoin Cash won more mining power (reached 30% from 25%) and its price reached almost $1000 few days ago, Bitcoin price looks to be struggling to gain momentum. If more exchanges continue to accept forked version of Bitcoin along with the original version, it could revive confusion and incompatibility troubles in the future.
Investors are waiting for the SegWit activation. which would increase the capacity of Bitcoin network in terms of handling transactions at lower fees. Bitcoin needs to be very careful with the implementation of new technology like SegWit and lightning network.
Bitcoin Cash has emerged as a strong competitor and could be on its way to replace Bitcoin Core in case there are any serious setbacks with Bitcoin. BCH price is up 10% to $673 in the past 24 hours at the time of writing.
Notably, many users complained about Bitcoin network being painfully slow on Monday.
Top Stories from the Crypto World
1. AMD launches new software for Blockchain Compute graphics card driver
Semiconductor firm Advanced Micro Devices (AMD) recently launched a beta version of its new Radeon Software Crimson ReLive Edition Beta for Blockchain Compute graphics card driver.
The driver will boost performance for “Blockchain Compute Workloads,” thus bolstering the efficiency of digital currency mining computers that use a graphics processing unit (GPU) for mining.
2. Credit Suisse eyeing the launch for Blockchain loans platform
According to reports, Credit Suisse is eyeing the launch of a commercial platform for blockchain-based syndicated loans.
It is planning to use smart contracts to reduce those turnaround times that could increase the market’s appeal to potential lenders and investors.
3. Bitwala releases statement on SegWit2x
“We will not actively fork away from what we view as “bitcoin”, which is the chain that is supported by the current Core dev team. We urge all developers to take into account the demands of users and all parties of the NYA and address them adequately, if not implement them.”
Full statement can be read here.
Why it matters: At this point in order for Bitcoin to flourish in the future, both coins (BTC and BCH) must survive. With this statement Bitwala has withdrawn its support from NYA and followed Bitcoin Core. They actually care what their user base is saying instead of jumping the gun and going against everything Core stands for.