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Bitcoin Price Loses Another $100 in Value – Here’s Why

· March 18, 2017 · 11:00 am


Bitcoin has suffered back-to-back losses, losing over 7% in value on Friday and over $2 Billion in market cap over the last 48 hours. Bitcoin price has fallen under $1100 USD for the first time in almost a month. Here, we break down the reasons and the industry fallout.

Apparently, the most powerful companies in the Bitcoin community feel a hard fork is becoming all but inevitable. Their statement surely stunned the investment market. Many of the world’s leading Bitcoin exchanges, including Bitfinex, Shapeshift, BTCC, Kraken, Bitstamp and ten others put out a statement detailing their contingency plans if the Bitcoin Unlimited fork against Bitcoin is launched. Here is an excerpt of the statement (you can view in its entirety here):

If a contentious hard fork occurs, the Bitcoin Core implementation will continue to be listed as BTC (or XBT) and the new fork as BTU (or XBU), but not without adequate replay protection. We do this not out of judgment or philosophical reasons but rather for practical and operational considerations.



Who is benefiting the most from this issue is up for debate, but some are telling the mainstream media that Ethereum is the most direct beneficiary, as Ethereum has been moving up in leaps and bounds recently.

Aurélien Menant, CEO of Gatecoin

Aurélien Menant, CEO of Gatecoin, told CNBC:

Bitcoin traders may have wanted to offset some of their exposure should a fork occur or the scaling deadlock continues, and ether seems to be the most promising alternative. Bitcoin-ether volumes have surged since and are currently rivaling bitcoin-fiat currency trading liquidity.

In my opinion, people are using Dash as a hedge against Bitcoin forking drama, and the numbers from yesterday bear that out. Gold and Ethereum prices hardly moved, Bitcoin lost about 10% in value while Dash gained over 11%, at the time of this writing, and passed $101 earlier in the day. Since the Enterprise Ethereum Alliance was announced a month ago, ETH value has taken off. The timing of the fork debate may be coincidental.


There was a very interesting quote about the potential hard fork from an unexpected source yesterday, as former Mt. Gox chief Mark Karpeles added this Tweet to the ecosystem:

Regardless of who wins or why it is hard to take yesterday’s events as a positive turn in the narrative, Bitcoin may end up better off if a split leads to adoption of additions like Segregated Witness, once upgrade dissenters leave the system to form what would become an altcoin. Ethereum has flourished since their fork last year, so all may not be lost, in the event of what may be inevitable. At least according to some of the biggest players in the market, we look like we’re headed for a fork in the road.

Will the price of Bitcoin rebound? Who do you think is benefitting the most from the current scenario? Let us know what you think below.

Images courtesy of Bitcoin Average, 121 Tech Investment, AdobeStock

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OXBTC: A Cryptocurrency Investment Service Platform

Source: bitcoin


OXBTC is a cryptocurrency “investment service platform” that offers many different options for profiting from the growing digital currency market. Just recently, the company added Ether cloud mining to its list of services.

Disclaimer: This is a sponsored story. Bitcoinist is not responsible for this company’s products and/or services.

As an all around “investment platform,” OXBTC boasts “the world’s highest ROI,” with users able to make money from cloud mining, trading and “Bitcoin deposit investment products.”

The company provides Bitcoin and Litecoin deposit and GHS, MHS, and ETH cloud mining services “for all cryptocurrency enthusiasts.” OXBTC’s deposit contracts reportedly “enjoy the world’s highest Bitcoin/Litecoin ROI.” Users can also purchase and trade cloud hashing power.

Located across China in the Sichuan, Ordos and Inner Mongolia regions, the company’s mining farms cover over 200 acres, producing 10 PetaHash of bitcoin cloud mining hashing power and an Ether cloud hashrate of 30 GigaHash.

These mining farms are powered by low-cost electricity. At only 15 cents per kilowatt hour, OXBTC’s low electricity overhead allows it “to deliver the most cost-efficient cloud mining services” to its nearly 80,000 customers worldwide.

In response to the recent rally in the price of Ether, OXBTC has launched cloud mining contracts for the token fueling the Ethereum network. Customers can now purchase a 1-year mining contract at $34.9 USD per ETH MHS with NO maintenance fees.

Regarding all of his company’s mining contracts, OXBTC CEO Weicheng GUO says, “OXBTC is undoubtedly profitable and will continue to be as the mining rigs keep updated.” He continues, “OXBTC will continue to introduce the best miners to guarantee a highest ROI for our users.”

While deposit and cloud mining contracts are the company’s main focus right now, GUO says that they are open to providing other investment products “as long as it’ll benefit our 80,000 users globally.”


OXBTC was founded in October 2014 by several well-established investors in China. We have an experienced R&D team who has been in the Bitcoin industry for many years. Our long-time experience in Bitcoin mining and farm deployment support our success and leadership in China’s Bitcoin mining industry. Meanwhile, Our Global Mining Network consists of many reliable partners to make the best of global resources and deliver the most cost-efficient hashing power.

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OXBTC: A Cryptocurrency Investment Service Platform