Summary:

  • Major players of the cryptocurrency industry say Bitcoin (BTCUSD on xStation5) could fork once again
  • Bitcoin steps back from a notable resistance line
  • China may try to block all Bitcoin transactions in the country

Several weeks already passed when the Bitcoin fork took place and there is guesswork that a second split could occur in the nearest future. According to major industry players, including the Bitcoin investor Roger Ver known as “Bitcoin Jesus”, say consensus between opposing camps (miners and developers) looked increasingly unlikely. As a result he thinks that it could be another split between Bitcoin legacy and SegWit2X version of Bitcoin. Let us remind that in recent weeks, a group of miners – people who crunch complex math problems to generate and transact the digital currency – split off from the legacy Bitcoin to use a new version known as Bitcoin Cash.

Bear in mind that when the split occurred around the beginning of August – with Bitcoin Cash diverging from legacy Bitcoin – the digital currency initially slumped 6.8 percent in a two-day slide as investors appeared to discount the value of the new coin but prices subsequently rallied. It’s worth also mentioning an opinion of Samson Mow, chief strategy officer at Blockstream, which states “many developers, users, miners, and businesses have already stated they do not agree with the pointless 2x fork, so we’ll likely end up with three chains” and “long-term, only the main Bitcoin chain which has the support of users and developers can survive”.

link do file download linkMeanwhile, the Bitcoin price action remains still largely contained. However, if the price breaks $3850, a move towards $3500 might be probable. Source: xStation5

There is no doubt that China has strongly contributed to the latest carnage seen on Bitcoin. And it looks like the country wants to penalize Bitcoin once again. Namely, Chinese authorities have reportedly informed several industry executives at a closed-door meeting in Beijing on Friday that they are “moving toward a broad clampdown on Bitcoin trading”. It could result in a comprehensive ban on channels for the buying or selling of the virtual currency in China that goes beyond plans to shut commercial Bitcoin exchanges. If it’s implemented, it would mean there is no a possibility to enable buyers and sellers to find each other and trade directly.

Other news worth looking at:

  • John McAfee (MGT chief and cyber-security visionary) says China Bitcoin ban will not extend to mining
  • Mexican law would give the central bank oversight of cryptocurrency start-ups