• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      February 25, 2021

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      February 25, 2021

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      February 25, 2021

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      February 25, 2021

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      February 25, 2021

      Oil and Gas

      OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement

      February 25, 2021

      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      February 25, 2021

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      February 24, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      February 25, 2021

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

      Analyst Insight

      Do we need more start-ups in insurance?

      February 16, 2021

      Analyst Insight

      Naira, PMI’s and Inflation in focus

      February 16, 2021

Frontpage

Bet on offshoot, bitcoin cash, crashes Bitcoin to its lowest since November

November 12, 20171.1K views0 comments

Bitcoin, which had hit a record high of $7,879.06, traded more than seven percent lower Friday near $6,621, according to CoinDesk, thus marking its lowest since Nov. 1.

A development analyst and traders claim may have be huge bets on on its offshoot, bitcoin cash.

The offshoot digital currency surged more than 30 percent to its highest since Aug. 19, and was last trading near $876, according to CoinMarketCap.

Bitcoin cash split off from the original version of bitcoin in August as a minority group of developers decided to implement an upgrade in an effort to increase transaction speeds for the digital currency.

An alternative bitcoin upgrade proposal, SegWit2x, which initially had more developers behind it, was called off Wednesday due to waning support.

“You can see people playing back and forth between bitcoin and bitcoin cash trading depending on where they think near-term catalysts may be,” said Chris Burniske, author of Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond.

“It’s been a battle of investors versus traders that were stockpiling bitcoin to get their ‘bitcoin2x dividend.'”

Investors at the time of a bitcoin split technically receive equal amounts of the offshoot currency. Disagreements over upgrade proposals have caused uncertainty over the future of bitcoin, but some traders had been buying bitcoin ahead of splits in order to benefit from a payout of a new digital currency and a potential relief rally in bitcoin following the split.

Creating bitcoin cash through the “mining” process was 13.6 percent more profitable than mining bitcoin, according to data on Coin Dance’s website.

Bitcoin’s story has been a faery tale. Its price has gone up 700 percent over the past 12 months, and 1,800 percent in the past 24 months. At over $5,000 (as of October 12), a single unit of the virtual currency is now worth more than three times an ounce of gold.

Though some Bitcoin evangelists see it going far higher in the next few years,” Kenneth Rogoff, professor of economics and public policy at Harvard University and recipient of the 2011 Deutsche Bank Prize in financial economics, in an article published in the worldeconomicforum.org., said the price of bitcoin would ultimately collapse in the long run.

While acknowledging that the cryptocurrency Bitcoin is the biggest bubble in the world today, or a great investment bet on the cutting edge of new-age financial technology, he said his best guess is that in the long run, the technology will thrive, but that the price of Bitcoin will collapse.

Share on Facebook Tweet Email
TagsBitcoin CoinMarketCap. Cryptoassets worldeconomicforum.org
PreviousBP sends in big guns as majors jostle for Abu Dhabi oil riches
NextAlibaba sold record $25bn on ‘Singles Day’ promotion

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Petrol: CSOs canvass labour union’s support for deregulation
  • Lions’ Den 2021: An opportunity for promising Nigerian entrepreneurs
  • Nigeria bourse in red as selloffs in banking, consumer goods stocks see bears return  
  • African Alliance paid N967m in claims in first 40 days of 2021, MD reveals
  • REA delivers 100kW hybrid solar mini grid to Edo community

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Oil prices down more than 2% on U.S. inventories, demand worries

Frontpage June 12, 2019

1
2

AFDB supports Francophone W/African countries with FCFA5bn grant

Frontpage September 1, 2018

3

NSE okays MTN listing at N90 per share

Frontpage May 15, 2019

4

Choked fixed income market sets returns on a spiral fall

Frontpage May 27, 2019

5

Bankers’ Committee says Nigeria’s economic indices point to earlier-than-expected recovery from recession

Frontpage August 11, 2017

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.