Markets

Bitcoin Cash (BCH) Surges Ahead Of Hardfork, Goldman Sachs Onboards Crypto Clients

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.

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.

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 a s 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.

This article was originally published on InvestDiva.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kiana Danial

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert. She is a highly sought-after professional speaker, author and executive coach who delivers inspirational workshops and seminars to corporations, universities and entrepreneurial groups. She is a frequent expert on many TV and radio stations and has reported on the financial markets directly from the floor of NYSE and Nasdaq. She is a weekly investment expert guest on Tokyo’s #1 Investment TV Show. She has been featured in The Wall Street Journal, TIME Magazine, CNN, Forbes, The Street, and numerous other publications. Kiana’s book "Invest Diva's Guide to Making Money in Forex" was picked by McGraw-Hill only two years after she first moved to the US, and was an immediate domestic and international success. At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2015, and Pro Bono Humanitarian Award by IA Bar Association in 2013. Born and raised in Iran to a Jewish family as a religious minority, she was awarded a scholarship from the Japanese government to study Electrical Engineering in Japan, where she obtained two degrees in Electrical Engineering and researched on Quantum Physics in classes conducted in the Japanese language. Being the only girl and foreigner in her classes made her decide to dedicate her life to empowering minorities, especially women in male dominated industries. As the CEO of Invest Diva, Kiana’s goal is to empower and educate women to grow their wealth by investing like a ROCK STAR.

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