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Bitcoin Price Watch: Currency May Be Down, But It’s Still an Unstoppable Force

At press time, the father of cryptocurrency is back down in the $6,300 range. This is about $200 lower than where it has stood over the past couple of days. The currency made headlines after it rose back up to $6,500 following word that the Securities and Exchange Commission (SEC) was closing the public commentary period for nine recorded bitcoin ETF applications that the organization was originally set to examine and decide on last August.

In addition, Patrick Byrne – the CEO of Overstock.com – stated in an interview that he saw bitcoin and cryptocurrency becoming far more mainstream, and that countries would naturally turn to crypto as Venezuela, Cyprus and Syria have done in times of financial strain.

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October may be over and gone, but the autumn air still lingers about. This season brought about the latest installment in the never-ending “Halloween” franchise, which stems back to 1978. The story about a masked serial killer that escapes his psychiatric holdings and returns to his hometown to stalk babysitters on Halloween night has established a longstanding legacy and following, and no matter how old this story gets, people still want to see it continue.

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The franchise’s primary antagonist is Michael Myers. No matter what happens, Myers just won’t go down. He’s hit with cars, he’s chopped, he’s burned, he’s stabbed, and he’s even been shot multiple times throughout these films, but he always keeps coming back. He’s an unstoppable force that can’t seem to disappear by any means, and seemingly, this also explains bitcoin. While it’s odd to compare everybody’s favorite cryptocurrency with a notorious slasher villain, both seem to share that drive of always wanting to continue where they left off.

Bitcoin hasn’t necessarily been chopped or burned or stabbed, but it has obviously gone through a lot this year. To lose roughly 70 percent of its value over the course of roughly nine months has been a major game-changer for the currency. Google searches are down; we’ve witnessed massive sell-offs, and that mainstream future Byrne talks so freely about seems a bit off the mark.

At the same time, however, bitcoin isn’t dying off. It’s stumbled along the way, but it’s no doubt a force to be reckoned with in the financial arena, and it still has many devoted fans to its name. It holds a prominent position on the monetary ladder, and nothing has been able to bring it down completely. We are about to witness the start of Bakkt, and the potential of a bitcoin ETF increases every day. Bitcoin hasn’t necessarily had 10 sequels to its name, but it does have 10 years, and the fact that it’s survived this long undoubtedly commands respect.

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“Halloween” Image via Variety

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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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