Today, the price of Bitcoin plummeted by 12%. The market’s leading crypto-currency is trading below USD 17,000.

The crypto market is in the red. The crypto market is in the red. When the leading crypt currency by market value fell from over USD 19,300 to USD 16,320.

Thus registering a drop of -12.39% in the last 24 hours. According to our internal online crypto tool, the price is quoted at USD 16,700.

This drop in the price of Bitcoin Pro comes just when the digital currency was close to reaching new all-time highs. That would exceed what was seen at the end of 2017.

Although this generated surprise among enthusiasts and investors. Analysts point out that this was to be expected given the route that Bitcoin took to reach USD 19,000 in the last few days.

They described this fall as a correction of the market in the face of what seemed to be a sustained rise. This is precisely because of the departure of certain investors who are looking to secure their profits in the short and/or medium term.
Main altcoins also registered, as well as Bitcoin, a fall on November 26th

The fact that the price of Bitcoin plummeted this Thursday It also led to a sort of domino effect among the main altcoins of the ecosystem. These are also going down this November 26th with quite remarkable percentage reductions.

Among the main altcoins with falls above two digits we have the cases of Ethereum (ETH) -15.99%, XRP -29.32%, Bitcoin Cash (BCH) -23.91%. And many more like Chainlink (LINK), Litecoin (LTC), Cardano (ADA), Polkadot (DOT), Binance Coin (BNB), Stellar (XLM), Bitcoin SV (BSV), EOS, TRON (TRX), Monero (XMR), among others.

Bitcoin rates are still low despite the price increase, but Vitalik says it’s only a matter of time

Despite the sudden increase in Bitcoin to re-test its 2017 highs. A combination of low chain transactions and reduced retail speculation has kept transaction fees low.

Ethereum (ETH) co-founder Vitalik Buterin doesn’t think Bitcoin’s current low rates will last. In a Twitter thread, the co-founder of Ethereum suggested that an inevitable increase in transaction fees will drive out most users:

I would say it’s more like „why do Bitcoin’s unique features matter given that any wide adoption scenario will lead to base chain fees pricing out most of those users and it’s proving hard to extend those features to the L2s intended to circumvent those limitations?
– vitalik.eth (@VitalikButerin) November 25, 2020

„Why are Bitcoin’s unique features important given that any scenario of wide adoption will lead to base chain rates discounting most of those users and it’s proving difficult to extend those features to L2s intended to circumvent those limitations,“ Vitalik Buterin said in a tweet.

However, the data do not suggest that high rates are likely in the current environment. To understand what is happening in the background It is important to look at the number of transactions that are processed, the value of these transactions, and the amount of BTC that is retained over the long term.

In short…

Coinbase is experiencing another disruption of its website and mobile applications, a re-emergence of a problem that seems to plague the leading crypto currency exchange every time the price and volume of Bitcoin increases.
After suspending all user withdrawals for five weeks, the OKEx kryptonie exchange resumed its services at 8:00 am UTC on November 26.
Teams representing the mathematics and science departments of the universities of Cambridge and Oxford are competing to design cryptocommerce algorithms.

 

Bitcoin is in a wedge formation which could determine the further course of the upward trend.

Bitcoin’s (BTC) current climber seems to be taking a short breather after reaching an annual high so far of USD 15,960 on 5 November.

In the one-hour and four-hour charts, the price contracts in a wedge formation that has found solid support at USD 15,500. Bitcoin must now break through the $15,750 mark to make another attempt to jump above $16,000.

With the last downturn, a Dragonfly doji candle has formed as the price tested support at the lower end of the wedge formation at $15,166. The more the formation moves towards its end, the more investors hope to jump above the $15,500 or $15,600 mark where a VPVR node is located. So resistance is likely to be expected here.

Although on the surface Bitcoin News Trader is clearly on an upward trend, behind the scenes there is a pulling and stabbing between the bears and bulls. A jump over US$15,600 would be important for the latter to tackle the US$16,000 hurdle again.

The Relative Strength Index (RSI) continues to climb above 70, which is a positive signal, although daily buying volumes have eased somewhat after some traders booked out partial profits at $15,900.

A downturn out of the wedge formation or under its support at $15,100 would open the door for a decline to the 20-MA at $14,680. During the brief crash on 4 and 5 November, no „new supports“ have emerged, and there is also a gap in the VPVR between $13,900 and $15,500.

So if the price falls below the USD 15,100 mark and investors do not interpret this as a buying opportunity, a downward pull to USD 14,000 or even USD 13,800 could follow.

A downturn of 9% or $1,400 sounds severe, but in this case it would be perfectly normal for the lower supports to be tested again after generating strong gains this week.

So while Bitcoin is waiting for the next directional move, the Altcoins, i.e. the remaining „alternative“ crypto currencies, have been able to recover some of their losses in the last two months. Ether (ETH) has made up most of the ground with an upswing to 447 US dollars and is pushing towards the 450 US dollar mark.

Yearn Finance (YFI) has also made strong gains, climbing more than 30% to USD 11,100. The Uniswap UNI token gained 15.5 %, which is enough for a price level of USD 2.53.

According to CoinMarketCap, the current total market capitalisation of the crypto markets amounts to 444.6 billion US dollars, of which 64.7% market share is accounted for by Bitcoin.

 

Almost one fork per year – After the fork between Bitcoin (BTC) and Bitcoin Cash (BCH) in August 2017, then the fork between BCH and Craig Wright’s BSV in November 2018, it is a third “hash war” which looms this November 15. A deep disagreement within the BCH community will cause a further split into two distinct blockchains.

We no longer stop the cloning of BCH: here we are now BCHA and BCHN

The communities in the Immediate Edge platform seem to agree to disagree. The bone of contention is the implementation of an 8% tax on mined block rewards .

This implementation, scheduled for the fork of November 15, has been very strongly criticized from its first evocations at the beginning of 2020. Although the controversial tax has since been reduced (from 12.5 to 8%), nothing is there. fact: some miners and nodes in the network will refuse this forced taxation.

The two clans are divided as follows.

On the one hand, there is the clan gathered around Bitcoin ABC , whose crypto will be called „BCHA“ . This camp will implement the famous tax, which aims to help the development of the BCH network (well BCHA, we must manage to follow!).

On the other hand, there is the “BCHN” (Bitcoin Cash Node) tribe , led by Roger Ver . They refuse taxation, criticizing in particular the fact that all the withdrawals will go to a portfolio controlled by Amaury Séchet .

Emergency plans created in panic by crypto platforms

The CoinDance site allows you to list by which node software client the last 1,000 blocks on the BCH network were validated . The least that can be said is that taxation is not on the rise at all.

As can be seen below, 767 of the last 1000 blocks ( more than three-quarters therefore) were mined by nodes with the tax-free implementation of BCHN . Only 8 blocks (or 0.8%) validated a block with the client version of Bitcoin ABC . However, it should be noted that 22.5% of “neutral” nodes have still not chosen their camp.

Breakdown of customer types who have validated the last 1,000 blocks of the Bitcoin Cash network
As we can see on the Bitcoin.com site , the exchange platforms and the various crypto services are a little overwhelmed by so much separatist violence .

Realizing the big problem on the way, crypto exchanges Binance and Huobi, for example, have just announced that they will stop a certain number of services relating to BCH during this stormy transition phase of the hard fork . Binance will more precisely stop these BCH futures contracts in prevention, from this November 9.

On the side of Coinbase and BitGo , the decision is made: the two companies will only keep BCHN type nodes , and will no longer support BCHA after the November 15 fork.

Even if this umpteenth schism now seems inevitable within 10 days of the hard fork , the BCHA clan seems reduced to grief. The latest snub to the minors‘ tax camp would be that BCHN ultimately retains the title of BCH, experiencing the same fate of “forced renaming” of BSV.