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Crypto Chaos – Bitcoin Spikes Back Above $17,000 After Flash-Crash, Bitcoin Cash Up 60%

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Zero Hedge
December 20, 2017

Well that didn’t take long – Bitcoin is back at $17,000; Bitcoin Cash +60% at $3,500….

There is some logic as the forked currency gains over $1000 so the original Bitcoin loses that ‘dividend’…

Bitcoin rebounded earlier…

After futures were briefly halted on a crircuit-breaker…

For now the catalyst for the move appears to be a wave of selling from Coinbase HODLers as the exchange began allowing sends and receives in Bitcoin Cash (which split off from the original bitcoin on Aug. 1 after a group of developers decided to try to improve bitcoin transaction speeds and costs).

Investors in bitcoin at the time of the split should have received an equivalent amount of bitcoin cash, but Coinbase did not immediately do so, and said it would provide support by January. On Tuesday, Coinbase said all customers at the time of the split would have bitcoin cash.

The announcement follows news in the last few days that a large bitcoin payments processor BitPay and major cryptocurrency storage company Blockchain would support bitcoin cash.

Roger Ver (aka Bitcoin Jesus), an outspoken and early bitcoin investor, is a major supporter of bitcoin cash.

Additionally, some chatter that Tezos escaping an asset freeze of its $1.2 billion funds put some additional pressure on bitc55oin.

San Francisco federal judge refused to temporarily freeze $1.2 billion in cryptocurrency and other funds related to the Tezos Foundation and the block chain startup in a dispute between an investor and Tezos founders.
Investor Bruce MacDonald accused Tezos of engaging in the unlicensed sale of securities and use of a Swiss-based entity in an attempt to evade U.S. securities laws

*  *  *

Update: The entire Crypto space is under pressure as Asia opens…

Bitcoin is tumbling…

BTC flash crashed to $14,000 on GDAX…

Except Bitcoin Cash (which is up over 50% as Coinbase added the forked currency and it appears traders are rotating into it)…

*  *  *

Update: Bitcoin spot and futures are bid and have reebounded notably off the after-hours lows…

*  *  *

As we detailed earlier, shortly after the US equity market closed this evening, someone decided it was time to dump a few hundred Bitcoin, sending the price plunging below $17,000…

Did another HODLer just fold?

Potential investors in bitcoin should steer clear of a dangerous gamble and not complain to financial regulators if things do go wrong, Denmark’s central bank governor warned.

“You should stay away (from bitcoin). It is deadly,” central bank head Lars Rohde said in an interview with state broadcaster DR published online on Monday.

Additionally, CoinTelegraph reports that, according to Bitcoin.com co-founder and CTO Emil Oldenburg, Bitcoin is “useless” and has no future as a tradeable currency, citing high transaction fees and long lead times. In an interview with Swedish tech site Breakit, Oldenburg said that he had sold all of his Bitcoin and switched to Bitcoin Cash, a hard fork of Bitcoin created in August 2017.

Oldenburg justifies his actions, saying:

“An investment in Bitcoin right now I would say is the most risky investment one can make. It is extremely high-risk. I’ve actually sold all of my Bitcoins recently and switched to Bitcoin Cash.”

Despite the fact that Oldenburg’s company is in fact a Bitcoin wallet, the CTO says that he has become disenchanted with Bitcoin due to its high transaction fees and slow confirmation time, saying Bitcoin’s current performance is “completely unreasonable.”

Increased transaction speed and lower costs are the main features supporters of Bitcoin Cash point to when comparing the two coins.

Ethereum is also being sold but remain positive on the day…

Bitcoin futures are bid now…

This article was posted: Wednesday, December 20, 2017 at 6:15 am

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