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PIVX Price Drops by 11% Following Bithumb Listing

For most altcoins, getting listed on a prominent exchange will send prices upward. In the case of PIVX, the momentum looks surprisingly different, albeit it is unclear why that is the case. Despite getting listed on Bithumb, the price has plummeted by over 12%. A very peculiar trend worth keeping an eye on.

PIVX Price Trend Makes Little Sense

While it is true there is an overwhelming amount of bearish pressure across all cryptocurrency markets right now, it is evident some trends make less sense than others. In the case of PIVX, its current price is a lot lower than people had anticipated. This is not a positive way to head into the weekend, albeit it remains to be seen if any improvements can materialize in the coming few days.

Over the past 24 hours, the PIVX price has lost over 12% in value. There is also an 11% decline in the PIVX/BTC ratio. It is not uncommon for altcoins to lose a bit of value when Bitcoin is struggling, although such hefty declines are not warranted at this time. Especially not given the recent major exchange listing of PIVX, even though it seems that has not done the altcoin any favors so far.

To put this in perspective, the PIVX altcoin has been added to Bithumb. This is still one of South Korea’s biggest cryptocurrency exchanges. Newly added coins usually get a bit of a pump when trading goes live, yet it is not happening for PVIX at this stage. In fact, its ongoing decline today has only worsened ever since Bithumb trading went live, which is rather unusual.

Some community members see this addition to Bithumb as a validation of how PIVX is a potentially valuable privacy-oriented currency. Claiming it is better than any other privacy coin on the market might be a bit of a stretch, although one can easily understand where this sentiment is coming from. PIVX certainly has its merits, but no currency is perfect by any means.

It is quite interesting to note how this PIVX price downtrend occurred just a few hours after people got excited over its recent 7% spike. Trading momentum can turn around very quickly in the cryptocurrency world, and this particular altcoin is going through such a round at this stage. It is possible things will turn around, but so many currencies are down right now. Bucking the trend is pretty difficult given the current circumstances.

With the weekend around the corner, it will become all the more difficult for altcoins to note any real gains. A listing on Bithumb can usually have a positive short-term effect on any altcoin, and PVIX might not even be an exception in this regard. At the same time, the overall crypto trading volume looks abysmal, and it seems no real improvements should be expected in this regard. A worrisome outlook, although cryptocurrencies remain unpredictable first and foremost.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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