Kraken warns of extremely high risk when investing in Bitcoin Cash SV

by Ben Pena November 21, 2018, 0:56
Kraken warns of extremely high risk when investing in Bitcoin Cash SV

The cryptocurrency market is falling without a parachute, with the price of a single bitcoin down to $4,483 as of press time. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase.

Traders and analysts still uncertain how to get the cause of the price drop. The Bloomberg Galaxy Crypto Index fell as much as 8.3 per cent to a one year-low on a closing basis.

Thomas J. Lee, managing partner at Fundstrat Global Advisors and a long-time crypto bull, slashed his year-end price target for bitcoin to US$15,000 from US$25,000.

"It does rather look like the bottom is coming out of this market".

The market drop has been led by Ethereum (ETH) and Bitcoin Cash (BCH), which have seen massive drops of 35% and 60% respectively from their November highs.

Chelsea's Maurizio Sarri: We are not creating enough chances
I don't think the problem is a physical problem because, in the last two or three matches, the effort was the same." . Pressed again on whether he will leave west London in early 2019, Christensen said: "I don't think so".

On a positive note for bitcoin, Switzerland approved its first cryptocurrency exchange-traded financial (ETF) product.

Monday's falls extend a frightful week for bitcoin, which has seen it drop to a low not seen since late 2017, just prior to the explosion in prices which saw bitcoin come close to $US20,000 per coin before collapsing rapidly.

There were whales that chose to accumulate their Bitcoin after Bitcoin dropped because of the Bitcoin Cash. Bitcoin Cash ABC [IOU]'s official website is www.bitcoinabc.org. Bitcoin Cash ABC [IOU]'s official Twitter account is @Bitcoin_ABC. The SEC ruling last week - that two ICOs were securities - will affect Ripple as many think that XRP should already be classified as a security. So-called alternative coins slumped even more, with Ether tumbling as much as 13 percent and Litecoin cratering as much as 14 percent. It's to be remembered that Bitcoin is the original chain from which Bitcoin Cash was forked out previous year. "Over longer periods of times these events are less meaningful", said Mike Loewengart, chief investment officer at E-Trade Capital Management. Airfox and Paragon Coin Inc. will each have to pay $250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities. If Willy Woo is to be believed, there will be a healthy level of support at $4,400.

The Bitcoin cash' hard fork happened as a result of the developers and miners of the coin not being able to agree on a direction for the crypto currency, leading to the creation of Bitcoin ABC and Bitcoin SV.

XRP/USD: Ripple, also remained in the red zone, albeit not suffering to the extent of its wider peers, as many investors have started to shift positions from Bitcoin and Bitcoin Cash towards Ripple, on hopes of better returns.

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