Bitcoin’s Hard Fork Is In-Reports Of Hacking, But Cryptocurrencies Remain Stable

Earlier today Bitcoin (BTC) underwent the scheduled “hard fork” creating Bitcoin Gold (BTG). Bitcoin Gold has been touted by developers to be a miner-friendly cryptocurrency and one that has the potential to revolutionize the industry. No one knows if it will, but the hard fork has created a new dynamic to account for when studying the budding cryptocurrency markets.

Investors have not been rattled by reports of hacking in Bitcoin Gold.

The Launch

BTG is the undertaking of LightningAsic CEO Jack Liao, an outspoken critic of current Bitcoin mining practices. BTG is supposed to solve many of the issues facing an unequal playing field among cryptocurrency miners, promoting fair competition.

The cryptocurrency markets have taken the fork in stride, with two of the big three showing considerable strength over the last 24 hours:

• Bitcoin is down over 1% to $5715.00

• Ethereum is up almost 10% to $306.00

• Litecoin is up 8.5% to $58.25

Volatility is relatively stable for cryptocurrencies in general, even amid widespread hacking of BTG. A few hours ago, reports began to surface on Twitter concerning a massive attack on BTG website shortly after the fork. The site was shut down and currently remains down. Not the best start for BTG.

Overview: Cryptocurrencies and “hard-forks” are still in their fledgling stage. The good news is that the entire market seems to be intact, and secondary cryptocurrencies are rallying.

If you are interested in engaging these exciting markets, check out the signals page for ideas on how to profit from the action.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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