Uncategorized BITCOIN EXCHANGE: Orders for bitcoin cash are 'exploding'

BITCOIN EXCHANGE: Orders for bitcoin cash are ‘exploding’

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  • Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 5, 2017. REUTERS/Brendan McDermid
    Traders
    work on the floor of the NYSE in New York

    Thomson Reuters

    On Tuesday, bitcoin ruptured into new distinct
    currencies: bitcoin and bitcoin cash.  

  • Australian Bitcoin Exchange has opened and interest in
    the new bitcoin cash are exploding.

NEW YORK – Sebastian Quinn-Watson has had more than 12 cups of
coffee since he woke up around 24 hours ago.

Quinn-Watson is a venture partner for a bitcoin exchange
operator based in Australia. As such, he has had to stay wide
awake to help the firm through the ramifications of
Tuesday’s fork that ruptured the
 bitcoin cryptocurrency
into two
: bitcoin and the new bitcoin cash.

“We are in a new paradigm,” Quinn-Watson told Business Insider
around 5 PM ET on Tuesday, or 6 AM Wednesday in
Australia. “People have been asking a lot of questions and we
expect a lot of volatility.”

He said the crypto-madness that has swept the globe is just the
beginning. His firm, Blockchain Global, just re-opened its
exchange, the Australian Cryptocurrency Exchange.

“We literally just re-opened the bitcoin exchange and are
confirming the BCC trades over the course of the day,” he said.”
We are receiving a lot of off market orders for bitcoin cash –
they’re exploding!”

Bitcoin cash is a fork of the original bitcoin blockchain: It’s a
new software that has all the history of the old platform, but is
made up of eight megabyte “blocks” instead of one megabyte
blocks, making it faster.

“People are selling their bitcoin positions and buying bitcoin
cash as a proposition that it is the ‘new coin’ that has more
value in the future,” he said.”It’s a bit speculative.”

He said he expects to see a relatively small drop of about 10% to
15% in the price of bitcoin over the course of the next 36 hours
as investors, including new market entrants, look for other
opportunities.

“Money will pour into Ethereum and bitcoin cash,” Quinn-Watson
said.”I think the excitement will also bring more people into the
market looking to invest.”

To be sure, not everyone is looking to stay in the crypto space.
Some of Quinn-Watson’s hedge fund clients in Singapore completely
cashed out of their bitcoin holdings because of the activity.

Bitcoin
is currently trading down about 4.15% since market open.

Get the latest Bitcoin price here.

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