Here’s a summary of what’s been going on in the cryptocurrency market in the past few days. News includes:
- Bitcoin Cash (BCH) surging over 20 percent ahead of the hardfork.
- Goldman Sachs to expand its crypto exposure.
- Coinbase to add Basic Attention Token (BAT).
Bitcoin Cash (BCH) Surges Over 20% Ahead of Hardfork
First off Bitcoin Cash (BCH) became the king of top 100 cryptocurrencies as it surged over 20% on Sunday. The gains were potentially driven by the upcoming hardfork which is scheduled for November 15th. On that day at around 4:40 PM GMT, the Bitcoin Cash blockchain will split into Craig Wright’s nChain implementation and Bitmain’s Wormhole. Furthermore, Binance, the largest cryptocurrency exchange by trading volume, said it’s going to “support the upcoming bitcoin cash hard fork,” an announcement which added fuel to the already flaming support of the hard fork.
Goldman Sachs Onboards Clients for Future Crypto Products
Besides Bitcoin Cash, many other digital currencies saw gains last week throughout the weekend. Some of the fundamentals behind the gains may have been Goldman Sachs further foray into the industry. It’s reportedly onboarding clients for future crypto products.
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While the details are not finalized, the giant investment bank plans to roll out its bitcoin non-deliverable future contracts (NDF), a derivative product pegged to futures. According to sources, this service may allow investors to take a short-term position in Bitcoin even though the government may not allow such activities to be done on exchanges. Goldman Sachs is reportedly studying whether or not the industry needs a crypto NDF contract as a whole.
Coinbase to Accept Basic Attention Tokens, BAT
In other news, one of the U.S. based largest crypto exchanges, Coinbase announced on Friday that it’ll begin accepting Brave’s Basic Attention Tokens, BAT. Coinbase is famous for creating a positive buzz everytime it adds support for new tokens. However, while BAT saw moderate gains on Friday and Saturday following the announcement, it actually dropped by 1.5% by the end of Sunday’s New York trading session.
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Basic Attention Token is ranked 30 in terms of coin market cap, with a circulating supply of 1 billion and a total supply of 1.5 billion BATs. Bitcoin and Tether were among other cryptocurrencies that saw moderate drops in an otherwise surging market. We have a brand new week in November ahead of us so invest responsibly and subscribe to get more updates! Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.