John J. Ray III, the chief executive officer of FTX Trading Ltd., has issued a strong rebuttal against former CEO Sam Bankman-Fried’s assertions regarding the company’s financial state and the impact on its creditors. FTX Chief Restructuring Officer and CEO Debunks Bankman-Fried’s FTX Solvency Claims John J. Ray III outlined the extensive efforts made to […]
Bitcoin News
EIA Launches ‘Emergency Survey’ on Crypto Mining’s Power Use Amid Concerns of Alleged ‘Public Harm’
The U.S. Energy Information Administration (EIA) has gained clearance from the Office of Management and Budget (OMB) to conduct an urgent survey regarding electricity usage by cryptocurrency mining firms across the U.S. The EIA submitted this request on the grounds that “public harm is reasonably likely” should standard operations persist.
Biden’s OMB Approves EIA’s Emergency Survey on Crypto Mining Energy Impact
The Biden administration’s Office of Management and Budget (OMB) has greenlit the Energy Information Administration (EIA) of the U.S. government to initiate a survey among mining enterprises. Starting next week, the EIA aims to gather information from specified commercial crypto mining companies, mandating their cooperation in disclosing energy consumption details. The authorization for this emergency data collection request was granted by the OMB on Jan. 26, 2024. Additionally, the EIA plans to invite public feedback regarding the data gathering on the energy usage of cryptocurrency miners.
“We intend to continue to analyze and write about the energy implications of cryptocurrency mining activities in the United States,” Joe DeCarolis, the EIA administrator said. “We will specifically focus on how the energy demand for cryptocurrency mining is evolving, identify geographic areas of high growth, and quantify the sources of electricity used to meet cryptocurrency mining demand.”
Biden has declared a Federal “emergency” because #bitcoin is winning pic.twitter.com/NwxLxHynQ9
— Pierre Rochard (@BitcoinPierre) January 31, 2024
The justification for the approval presents a compelling case, with the EIA highlighting that “public harm is reasonably likely” should the current course remain unaltered.
Currently diving into this edict from the EIA against bitcoin mining operations in the US. It is extremely Orwellian.
It seems like they are trying to create a hyper-detailed registry of miners in the US down to particular ASICs. pic.twitter.com/tfZRhjugHe
— Marty Bent (@MartyBent) February 1, 2024
“As evidence, the price of bitcoin has increased roughly 50% in the last three months, and higher prices incentivize more crypto mining activity, which in turn increases electricity consumption,” the reasoning behind the emergency request notes. “At the time of this writing, much of the central United States is in the grip of a major cold snap that has resulted in high electricity demand.”
Furthermore, the request elaborates:
The combined effects of increased crypto mining and stressed electricity systems create heightened uncertainty in electric power markets, which could result in demand peaks that affect system operations and consumer prices, as happened in Plattsburgh, New York in 2018.
Glenn McGrath, an EIA spokesperson conveyed to Reuters that the request is warranted. “We do think it is a significant source of demand which is worthy of our efforts to quantify it,” McGrath said. “However, until we are able to substantiate the activity with better data, we, too, have more questions than answers.”
What do you think about the EIA’s emergency mandate? Share your thoughts and opinions about this subject in the comments section below.
Economist Peter Schiff Says Fed Policies Significantly Harm Economy — Warns of More Inflation
Economist Peter Schiff has warned that the Federal Reserve has gotten its policies wrong for 20 years, which has “significantly harmed the economy and made dire consequences inevitable.” Emphasizing that the Fed cannot win its fight against inflation, he stressed: “The markets are confident that the Fed is going to pull this off. It’s not going to happen. The markets are completely wrong.”
Peter Schiff Says ‘We’re Going to Have More Inflation’
Economist and gold bug Peter Schiff issued more warnings about the U.S. economy over the past week in a series of posts on the X platform and on the Peter Schiff Show. Emphasizing “how badly the Fed has screwed up monetary policy,” Schiff wrote Monday:
Not only have they gotten it wrong for 20 years, but their policies have significantly harmed the economy and made dire consequences inevitable.
He explained that many people are wrong in thinking that the Federal Reserve can beat inflation and guide the U.S. economy to a soft landing, asserting that the central bank cannot win.
Referencing the Federal Reserve Bank of Atlanta revising its estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter using the GDPnow model to 5.8% on Aug. 16, Schiff exclaimed: “5.8%, that isn’t landing at all. That’s the plane still up there in the air. You’re not landing at 5.8%. You’re not even close to the runway.”
He stressed: “Now, a lot of people would think if the economy is this strong, well, the Fed can’t cut. In fact, the Fed has to hike.” Schiff cautioned:
We’re going to have more inflation. Because you still have all these Keynesians out there who think that inflation is a byproduct of economic growth, and if we’re going to have this booming economy, well, then we’re going to have the trade-off of higher inflation.
The economist continued: “As if slowing the economy is what’s going to bring down inflation. It’s not. The truth is if they really want to bring down inflation, the consequence is going to be that the economy weakens. It has to, because we have a bubble economy that is based on debt. Everybody is loaded up with debt and it’s all based on excess consumption. The American economy is about spending more than you earn. We have elevated that to an art form.”
Schiff, who owns Schiffgold, a precious metals dealer specializing in gold and silver bullion, proceeded to comment on the price of gold. “The only thing that’s keeping gold from exploding is this idea that the Fed is going to succeed in bringing inflation back to 2% and a soft landing.” The economist concluded:
The markets are confident that the Fed is going to pull this off. It’s not going to happen. The markets are completely wrong. And so gold is priced for something that is not going to happen.
Do you agree with economist Peter Schiff regarding the U.S. economy? Let us know in the comments section below.
US Lawmaker Slams SEC’s ‘Reckless’ Rulemaking — Warns of ‘Lasting Economic Harm’
A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, for “pursuing a reckless, rushed rulemaking agenda with inadequate economic analysis and limited public input.” He warned that “the adverse consequences in one sector can bleed over into another, causing lasting economic harm.”
Gary Gensler’s SEC Faces Backlash for Rushed Rulemaking
Congressman Frank Lucas (R-OK) has slammed the U.S. Securities and Exchange Commission (SEC) and its Chair Gary Gensler over the regulator’s reckless approach to rulemaking. The official account for Financial Services GOP wrote on the X platform Monday:
Gary Gensler’s SEC is pursuing a reckless, rushed rulemaking agenda with inadequate economic analysis and limited public input — threatening to upend our capital markets. Rep. Frank Lucas is holding the SEC accountable to ensure our markets remain the envy of the world.
As the longest-serving Republican on the House Financial Services Committee, Lucas serves on the Digital Assets, Financial Technology, and Inclusion Subcommittee as well as the Capital Markets Subcommittee.
“The volume and breadth of SEC rulemaking is of significant concern to me,” the lawmaker stressed. “The implication of many of the proposed rules are massive and often affect the same or interconnected financial products and market sectors. The adverse consequences in one sector can bleed over into another, causing lasting economic harm.”
SEC Chair Gensler has been criticized for his enforcement-centric approach to regulating the crypto sector. Former SEC internet enforcement chief John Reed Stark recently warned that “the SEC’s crypto-regulatory onslaught will never end (ever).”
Several lawmakers are currently probing the SEC and the Financial Industry Regulatory Authority (FINRA) regarding the “shady approval” of crypto firm Prometheum. Moreover, the securities regulator is currently in a legal battle with Ripple Labs and its executives over XRP. Last week, the SEC filed a motion to certify an interlocutory appeal of the Ripple ruling regarding XRP.
Do you agree with U.S. congressman Frank Lucas about Gary Gensler’s SEC? Let us know in the comments section below.
Ripple CEO Warns of Harm to Crypto Industry if SEC Wins Lawsuit Over XRP
The CEO of Ripple Labs has warned of the harm to the crypto industry if the U.S. Securities and Exchange Commission (SEC) is able to prevail in its lawsuit against Ripple over xrp. He cautioned that the SEC’s enforcement-centric approach to regulating crypto “is not a healthy way to regulate an industry.”
Ripple’s CEO on SEC Lawsuit, U.S. Crypto Regulation
Ripple CEO Brad Garlinghouse warned about harmful consequences to the crypto industry if the U.S. Securities and Exchange Commission (SEC) wins its lawsuit against him and his company over the sale of XRP in an interview with Bloomberg on Thursday.
“The SEC bringing the case against Ripple was not really just a case about Ripple or about XRP — It’s really about the industry,” Garlinghouse began. Asserting that the SEC is “playing offense and attacking” the entire crypto industry, the Ripple CEO stressed:
This is going to be pivotal for the whole industry.
He further warned that “if the SEC is able to prevail” in its lawsuit over XRP, more enforcement will be carried out against crypto firms. The securities watchdog recently took action against Kraken over the cryptocurrency exchange’s staking program, and Paxos over its issuance of stablecoin Binance USD (BUSD). Furthermore, SEC Chairman Gary Gensler believes that all crypto tokens other than bitcoin (BTC) are securities.
Citing the SEC’s enforcement-centric approach to regulating the crypto industry, Garlinghouse opined:
The macro headline for me is this is not a healthy way to regulate an industry.
The Ripple executive proceeded to explain that the SEC’s focus on enforcement differs from the regulatory approaches of other nations with regard to cryptocurrencies.
“We’re seeing in other countries where they’re doing the work right. They’re codifying. They’re creating a framework that allows an industry to grow while protecting consumers,” Garlinghouse detailed, adding:
I think that’s really what the U.S. is lagging.
Noting that a lot of crypto businesses are already moving offshore, Garlinghouse emphasized: “The sad reality is the U.S. really is already behind … This is not behind countries that we haven’t necessarily heard of. This is behind Australia, and behind the U.K., Japan, Singapore, Switzerland. There’s a lot of countries that have taken the time and thoughtfulness to create that clear rules of the road.”
Garlinghouse explained that when he first got involved in the tech industry in the late 1990s, “some were saying the internet should be banned.” He continued: “They were saying how the internet is being used for illicit purposes, but the U.S. government said: ‘no, no, no, we are going to create a framework.’ And that allowed entrepreneurs, that allowed investors to come in and look at the benefits to the United States on a geopolitical basis.”
Noting that the U.S. risks missing out on the “next evolution of technology around blockchain and crypto,” the Ripple boss warned:
The consumers are suffering … because you don’t have the same protections that the U.S. regulatory framework can provide.
The Ripple CEO previously expressed optimism regarding the XRP lawsuit. The securities regulator sued him and his company in December 2020 alleging that the sale of XRP was an unregistered securities offering. Garlinghouse has maintained that XRP is not a security, anticipating an outcome to the case this year, potentially within the first six months.
Do you agree with Ripple CEO Brad Garlinghouse about the SEC and U.S. crypto regulation? Let us know in the comments section below.
Robinhood Fined $70M For Causing “Significant Harm” To Customers
Robinhood has been fined by FINRA and the finance company will have to pay roughly million in penalties. The company was fined for causing what was described as “widespread and significant” harm to customers.
FINRA announced that it had fined Robinhood million. And ordered the company to pay .6 million in damages to customers, plus interest. Bringing the total amount to roughly million to be paid in damages.
This penalty is the largest penalty ever ordered by the Financial Industry Regulatory Authority. FINRA is a non-governmental, self-regulatory organization that oversees the brokerage industry.
What Triggered This?
FINRA cited that Robinhood had caused customers significant harm by showing them incorrect balances.
Related Reading | Why Bitcoin Could Still Hit 0K This Year
One of such cases had led to the suicide of a 20-year-old customer. In the suicide note left behind, the customer says that they did not believe they had turned on margin trading. And yet somehow, Robinhood had let them trade with borrowed money. Leading to massive losses for the customers.
The platform had shown the customer that he had a negative balance of 0,165. Losses that were incurred from using the margin trading feature. When in fact, the customer had a balance of 5,530.60.
There have been numerous allegations of Robinhood showing customers wrong balances.
According to FINRA, the 20-year-old was not the only victim of this. More than 800,000 Robinhood customers had been allowed to make trades that automatically triggered margin trading. Allowing users to trade with borrowed money. This would happen regardless of whether they had turned on the margin trading feature or not.
Total crypto market cap holding steady ahead of trading day | Source: Crypto Total Market Cap on TradingView.com
According to them, Robinhood had failed to establish and maintain an adequate system for complying with regulations.
“Compliance with these rules is not optional and cannot be sacrificed for the sake of innovation and willingness to ‘break things’ and fix them later.” – Jessica Hopper, Head of FINRA’s Enforcement Department
The creation of fraud accounts on the platform was also another issue cited. Apparently, Robinhood had authorized the opening of accounts even though they were warned that these accounts might be fraudulent.
There were more than 100 accounts that had social security numbers that may belong to deceased people.
Containing on further, FINRA also alleged that Robinhood had failed to report tens of thousands of complaints that the company was obligated to report.
Robinhood’s Response
Robinhood has neither confirmed nor denied the allegations levied by FINRA. But the company did reply to the action being taken by FINRA against them. The company ensured that Robinhood had invested heavily to improve the platform.
“Robinhood has invested heavily in improving platform stability, enhancing educational resources, and building out customer support and legal and compliance terms. We are glad to put this behind us and look forward to continuing to focus on our customers and democratizing finance for all.” – Jacqueline Ortiz Ramsay, Head of Public Policy Communications at Robinhood.
Robinhood was founded in 2013 and has been in operation ever since. Headquartered in Menlo Park, the American financial company offers commission-free trades on stocks and exchange-traded funds. They do this through the mobile app that they released in 2015.
Related Reading | How Ethereum Can Reach Trillion In Market Cap, Matthew Sigel
Robinhood rose to prominence with the explosion of “meme stocks” during the pandemic. Stocks like GameStop were traded based on social media sentiment and Robinhood was the primary medium for most investors.
Robinhood had already set aside .6 million in preparation for the fine which they predicted was coming. But the fine turned out to be more than double the amount they had speculated.
This will not be the first time the company is getting fined by FINRA. Robinhood had been fined .25 million earlier in 2019 for best execution violations.
It is not yet known when Robinhood will pay out the fines and settlement. But the company looks ready to move forward from this as quickly as possible.
Featured image from Two Oxen, chart from TradingView.com
Third Time’s The Harm: Trader Warns Of Bitcoin Reversal Pattern
Bitcoin price is back at local highs, but still struggling to set a new record beyond ,800. The lack of a further push by bulls even with positive news out of PayPal, has caused one iconic trader to warn of the possibility of a topping pattern forming.
The theory is based on a set of technical analysis tools the trader himself created. But what exactly is a “Three Pushes to a High” pattern and what might it suggest about the coming price action?
John Bollinger, Bollinger Band Creator, Warns Of Bitcoin Reversal
The leading cryptocurrency by market cap is only a few hundred dollars below ,000 – an area that has resulted in repeated rejections. It has been the first major area of supply catching up with the overwhelming demand for Bitcoin ever since the pandemic first began.
But as the dollar strengthens, and gold prices fall early bull run levels, Bitcoin could see its first major correction. Various technicals are overheated, causing the once powerfully trending cryptocurrency to respond less and less positively to news that drives adoption further.
Related Reading | Career Commodities Trader Warns Bitcoin Community Over Coinbase Concerns
For example, the Tesla pump has yet to retrace, while the following rally related to the announcement that the company had enabled Bitcoin for payments was immediately wiped out.
The most recent bullish news, has PayPal finally enabling its customers to use crypto at its millions of merchants globally. However, further record highs have yet to materialize. The lack of continued enthusiasm around the asset class has prompted iconic trader John Bollinger to warn of a potential topping pattern in Bitcoin.
With the Paypal news fully in the market (payments start today) and no new high for $BTCUSD traders should start considering the possibility of Three Pushes to a High.
— John Bollinger (@bbands) March 30, 2021
What Is A Three Pushes To A High Technical Chart Pattern?
Bollinger, who created the Bollinger Bands technical analysis indicator, often speculates publicly via Twitter regarding his thoughts on where Bitcoin goes next. In the past, he’s given a heads up and told the trading community when it’s “time to pay attention,” but ultimately leaves the predictions up for debate.
His latest tweet warns that Bitcoin could be forming a Three Pushes to a High pattern. He offers no further clues as to why he’s making such a warning, only calling the rare pattern by name.
In technical analysis, there’s all sorts of patterns, mostly following a naming convention mimicking the shapes they take, such as triangles or head and shoulders. But there’s a wide world of wacky patterns across Japanese candlesticks and indicators themselves that provide potentially profitable trading signals.
Not all the conditions are met currently for the pattern to confirm | Source: BTCUSD on TradingView.com
Because the pattern is rare, there’s very little educational materials that exist aside from those instructed by Bollinger himself. Upon further research, Bollinger in the past has shared the conditions as part of a “micro-lesson” in TA.
Related Reading | Heads Up: Bearish Bitcoin Technical Pattern Shouldn’t Be Shrugged Off
The living legend reveals that a Three Pushes to a High typically is accompanied by lower peaks in %B, the Bollinger Band Width turning down, and finally, confirmation when the BBTrend tool also turns down. As of right now, that’s the missing piece of the puzzle.
But they sure appear similar to the last time the bullish impulse ended | Source: BTCUSD on TradingView.com
Zooming out shows that this might not be the first instance of this pattern, and could also indicate that a more extended peak is near – at least potentially for several months, until demand is reestablished and prices move higher.
Because BBTrend hasn’t turned down, there’s a chance not all conditions have been met yet for a deeper correction to yet trigger.
If Mr. Bollinger is incorrect about the theory, and he’d be the first to agree that these are simply predictions based on probabilities, then Bitcoin will blast off like never before.
Featured Image From Deposit Photos, Charts From TradingView.com
Ripple Fires Back Saying SEC to Blame For Harm to Innocent XRP Holders
The Ripple Team has released a statement in response to the events of the past week or so. In it, they maintain their innocence against all charges levied by the U.S. Securities and Exchange Commission (SEC).
They added that the “muddied waters” have adversely affected innocent XRP holders, who they claim, have no connection to Ripple. What’s more, the firm accuses the SEC of acting against their own manifesto in continuing to pursue this case.
“their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple. It has also needlessly muddied the waters for exchanges, market makers and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result.”
The statement was not enough to stop the XRP price from falling further. Bears continue to dominant, but the .17 support level did hold yesterday, leading to a daily close above that level at .22.
However, mounting sell pressure today sees a continuation of the downward trend. Currently, the price of XRP is down 7% to .20301.
Source: XRPUSDT on TradingView.com
The Exodus of Crypto Exchanges Continues
The announcement by Coinbase that it will suspend XRP trading was a massive blow for Ripple. The firm said:
“We will continue to monitor legal developments related to XRP and update our customers as more information becomes available.”
Today sees an escalation of the exchange exodus as Bittrex follows suit in suspending XRP trading.
From January 15, 2021, Bittrex will remove all four available XRP trading pairs on its platform. Much like Coinbase, wallet transfers in and out will remain functional after the removal date.
Both Coinbase and Bittrex have drawn criticism because a global suspension makes no sense when the SEC has no jurisdiction over non-U.S. customers.
However, as mentioned in Ripple’s response to recent events, exchanges that have bailed are exercising extreme caution to avoid any legal repercussions during this period of uncertainty.
Ripple Pre-Trial Conference Date Set
A pre-trial conference to hear the Ripple securities fraud case is set for February 22, 2021.
Pre-trial conferences are used to ensure a smooth trial, such as establishing facts, simplifying the issues of the case, and making document submission schedules.
But the judge may also use the pre-trial conference to help settle the case, therefore avoiding trial altogether.
“A pretrial conference may be conducted for several reasons: (1) expedite disposition of the case, (2) help the court establish managerial control over the case, (3) discourage wasteful pretrial activities, (4) improve the quality of the trial with thorough preparation, and (5) facilitate a settlement of the case.“
However, Garlinghouse has previously said he wants the opportunity to clear his and Ripple’s name in court. He upholds the view that this is necessary to defend the crypto industry.
With that in mind, given that no party is backing down, it looks as though we are in for a long and drawn-out case. What will happen to the XRP price in the meantime?
SEC’s Hester Peirce on DeFi & Crypto: Regulation Will Harm Disenfranchised
One of the biggest stories in crypto and in decentralized finance (DeFi) of the past few weeks is the potential regulation that may affect this space. A number of confirmed stories and rumors indicate that there is going to be an increase in the measures placed on cryptocurrency exchanges and stablecoin providers.
Brian Armstrong, CEO of Coinbase, for instance, recently said that he has heard the U.S. Treasury is looking to crack down on self-hosted crypto asset wallets.
“Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects, and wanted to share those concerns.”
This regulation would require “financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet.”
This would basically disallow those without access to ID to operate in the crypto space, at least in many capacities.
There is also a push from U.S. representatives to ensure that stablecoin providers will need to abide by banking law. This would basically disallow stablecoin transactions from taking place between addresses that aren’t tied to an identity.
Some fear that this may be going too far, meaning that it will stifle innovation. In fact, an SEC Commissioner recently said in a speech on DeFi and crypto more broadly that this space and its users may be harmed by such regulation.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
SEC Commissioner On Crypto Regulation
In a speech earlier today, SEC Commissioner Hester Peirce said that the U.S. should learn to “embrace the personal liberty principles undergirding [crypto]” to foster innovation and to provide opportunities to the disenfranchised:
“As this technology gains adoption outside and now inside the legacy financial system, we should figure out a way to embrace the personal liberty principles undergirding it. If we were instead to steamroll the technology’s liberty-enhancing features under the weight of regulation, we would lose a lot of the power of the new technology to afford opportunities to people whose autonomy has previously been curbed by, for example, limited access to the traditional financial system, geographic location, social standing, or subjection to a repressive government.”
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Not Going to Ban This Thing: Comptroller of the Currency
This comes shortly after the Comptroller of the Currency, a U.S. Treasury official, said that he has no plans on banning Bitcoin, crypto, or any related technologies.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com SEC's Hester Pierce on DeFi & Crypto: Regulation Will Harm Disenfranchised
Forking Bitcoin Cash Fracas Caused More Harm Than Good to Crypto
When a blockchain forks, the new chain is often seen as an improvement over the existing one. The loyalties of the developers and crypto communities may be divided, but failure to come to consensus will result in a forked chain.
Stress Test Breaks BSV
This is exactly what happened to Bitcoin Cash last week and the fallout has not been pretty as it appears that both blockchains are having major technical issues. The first problem was a bug in the Bitcoin Cash SV chain. Now called BSV, the big block Craig Wright version of BCH suffered what has been termed a ‘block reorganization’ whereby transactions on two different blocks were overwritten.
It turns out that a stress testing group intentionally overloaded the BSV blockchain in order to test network capacity. Instead of resulting in a successful demonstration of the new chain, the 24 million transactions actually spurred a new fork as synchronization between nodes went awry according to reports. The issue has now been resolved but it is not the best of starts for a blockchain that was supposed to be superior to the one that spawned it.
Code Update Endangers BCH
The rival chain, Bitcoin Cash ABC, which is commonly known just as BCH, rolled out a software update that put the entire network at risk of a 51% attack. According to TNW the BCH developers introduced code which alters the way the network enforces trust in submitted transactions.
Just like its big brother, Bitcoin, BCH uses a proof of work consensus mechanism. But with the introduction of the update and ‘checkpoints’, miners were able to check that they were working on the valid chain. The notion was to protect the chain from attacks whereby miners can take over the network by focusing on an alternative chain.
The new system was designed to use the tenth block as a test for accuracy but this has drawn criticism from industry insiders;
ABC officially abandons proof of work. Devs decide the correct chain. Also it's now easy to forcibly hard fork the network by causing a 10-deep reorg. Next up, Bitcoin ABCD! https://t.co/GiEv4ZzCrV
— Bob McElrath (@BobMcElrath) November 21, 2018
Miners could now use this tenth block vulnerability to force another chain split for as little as ,000 with a standard crypto miner according to the report.
Coinbase was concerned enough to suspend trading for both forks as it posted a couple of days ago;
“For Coinbase.com and the iOS and Android apps, we will continue to evaluate the safety of the network before re-enabling buys, sells, sends, and receives. We expect that to occur within the next week. We will resume all BCH services when it is safe for our customers. We will continue to evaluate the safety of the BCH SV chain. Our current intention is to support withdrawal services for the BCH SV chain so that our customers may withdraw funds at a future date. We anticipate this development work will take at least a few weeks, but may take longer.”
At the time of writing Bitcoin Cash, the ABC version closest to the original, has dumped almost 50% over the past week. The constant ‘hash wars’ and infighting on social media has also been partially blamed for the recent market dump by a number of observers.
Image from Shutterstock
The post Forking Bitcoin Cash Fracas Caused More Harm Than Good to Crypto appeared first on NewsBTC.