Market Analysis Report (10 Oct 2017)

B2X: Bitfinex Reveals Ticker for SegWit2x Fork

Bitcoin exchange Bitfinex has signaled its intent to provide support for both bitcoin blockchains following the SegWit2x hard fork in November. The exchange will continue to list the incumbent blockchain as “Bitcoin” under the ticker symbol “BTC” and will list the SegWit2x blockchain as “B2X”.

Bitfinex made the announcement in a statement on the exchange website on Friday, stressing that it does not “intend to advocate for or against any particular hard fork” and made the decision to list the incumbent blockchain as BTC and the new one as B2X due to operational concerns. The statement reads:

“We have a responsibility to foster, maintain, and support orderly markets that trade continuously 24/7/365. With a hard fork that lacks clear community consensus, we cannot suspend operations and wait for a winner to emerge. Leveraged trading requires that our markets operate continuously. On operational requirements alone, we must designate such forks as new assets.”

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Xapo Announces Position on Segwit2x Hard Fork

Today, Xapo, a Bitcoin wallet, made an announcement to inform their customers, stating that Xapo customers won’t have to do anything in order to get the new forked coins in their wallets. The statement reads:

“Just like we did with the Bitcoin Cash fork, if you are a Xapo customer you don’t need to do anything, we will take care of the security of your bitcoins and we will make the new coin available for you to easily sell or withdraw. Xapo’s policy in regards to forks is that, when there is a fork, we always follow the chain with the most accumulated difficulty and we make the minority chain available to our customers for them to sell or withdraw from Xapo.”

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Mastercard CEO Attacks Bitcoin

Ajay Banga, CEO of MasterCard, has leveled an attack on all cryptocurrencies that are not government mandated, calling them “junk”. Digital currencies are the most direct competition for a company like MasterCard. Banga’s attack on Bitcoin brought up nothing new or visionary. He criticized Bitcoin for its volatility, and use-cases for illegal activities, such as ransomware attacks:

“If I pay for a bottle of water in Bitcoin, one day it is two bottles for a Bitcoin the other day it is 9,000 bottles. This does not work. Any currency needs stability and transparency, otherwise, you will get all the illegal activities in the world. Why was the ransom for the virus collected in Bitcoin? Why has China cracked down on Bitcoin?”

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Swiss University Accepts Crypto for Tuition

The Lucerne University of Applied Sciences and Arts in Switzerland announced the decision to accept Bitcoin payments. The university has identified that Bitcoin is on the cutting edge of new technologies and seemingly appreciates the direction in which cryptocurrency is heading. The University said:

“Its Bitcoin’s ability to disseminate knowledge on cutting-edge technologies such as Blockchain, as well as its desire to gain experience in the practical aspects of this novel area.

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