Independence Day is Here, as Bitcoin Cash Debuts

Investing, News | August 1, 2017 By:

The long-awaited arrival of Independence Day is here, and as predicted, bitcoin has indeed split into two different coins.

Bitcoin (BTC) dipped slightly to the $2,700 level, but predictions of terrible things that might happen will have to wait for another day.

Bitcoin Cash (BCC), the new fork coin created by a dissenting blockchain development group, clocked in at the $53 level for its single coin price at mid-day in the early stages of its creation. Its first block was created shortly before 2;30 p.m. ET, according to reports. Volume sat at $250,000 for BCC at mid-day.

However, mining efforts on the new Bitcoin Cash blocks were slow-going. About five percent of hashing power is estimated to be trying to mine new blocks for Bitcoin Cash. Digital currency mining and trading firm ViaBTC showed that miners had completed three blocks for the new coin as of mid-day. The lag in block development had some observers wondering if some sort of technical issues were hampering efforts.

Overall BTC activity was slightly up, despite many exchanges and ATMs halting inbound/outbound traffic. The Block Tribune Volatility Index was at 57.5, indicating a higher than normal amount of volatility among the players who were able to do thing with their bitcoins.

This moment has been long predicted and provoked bitter arguments among the various bitcoin camps. There are a range of predictions as to what will happen in the near-term future to bitcoin, but still a lot of bulls in the yard when it comes to the future of the cryptocurrency.

Many bitcoin holders expressed frustration in social media, as long delays in moving out of locked-down custodial sites – most prominently, Coinbase – caused a lot of anxiety. Those who have bitcoin in a non-custodial wallet as of August. 1 will receive an equal amount of Bitcoin Cash, prompting the surge. Bitcoin Cash has been pegged at initial valuations of $200 or more, but many may be buying it to immediately dispose of it, thereby crashing the crypto in its cradle.

Other cryptocurrencies did well with bitcoin on hold. Ether surged to $225, a ten percent bump and a major leap over its sub-$200 level from the weekend. Litecoin was down slight to the upper $42 level, while Dash was up to $184 at mid-day and Monero skied to near $44, a ten percent bump upward. Ripple XRP was at $0.173611, a slight increase over the last 24 hours.



Bitcoin market highlights for the 24 hours ending August 1, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $3,048.00 on the BTCC exchange at 3:48 am today. BTCC saw $7,952,400 of bitcoin change hands.

The lowest price seen was $2,581.08 on Bittrex’s exchange at 9:48 am today. Bittrex’s 24 hour volume was $18,769,000.

The average price on the surveyed exchanges, as weighed by volume, was $2,780.86.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 57.5. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 10 different exchanges. It includes only USD/BTC trades and only on those exchanges that had at least 1% of the total volume of USD/BTC trades during the measurement period.