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      "body": "Bitcoin plummeted, extending its drop to 29 percent from a record high, on speculation some traders were buying its offshoot amid a struggle over the digital currency’s future.\nBitcoin dropped to as low as $5,605 on Monday, from a record high $7,882 reached on Wednesday, data compiled by Bloomberg show. Bitcoin cash rose to $2,426 on Sunday, before plunging to $1,379 as of 9:32 a.m. in Hong Kong, according to Coinmarketcap.com.\nBitcoin has slumped since the cancellation of a technology upgrade to increase its block size, amid speculation supporters of the proposal bid up bitcoin cash to undermine the original bitcoin.\n“It’s the bitcoin cash pump,” said Arthur Hayes, chief executive officer of BitMEX, a cryptocurrency exchange based in Hong Kong. “It’s obviously a coordinated action of certain individuals who have a vested interest in bitcoin cash.”\n\nAt the heart of the debate is how bitcoin’s underlying technology can accommodate rising transactions as its popularity booms. While increasing its block size would help, opponents argue it would only concentrate mining power, undermining the decentralized nature of bitcoin.",
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      "body": "THE WILD PRICE RISES AND DROPS IN THE BITCOIN AND BITCOIN CASH ARE TEMPORARY SO DON'T BE AFRAID HOLD TIGHT ON YOUR BITTIES AND LET THE BITCOIN CASH GOES WHERE IT WANTS TO GO!!!",
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      "body": "\"BITCOIN CASH IS BITCOIN NOW.\"\n\nIssued by Li Ang, head of China-based bitcoin mining outfit Canoe Pool, the proclamation may not be distinguishable from typical cryptocurrency banter. However, the difference this time around is the context.\n\nNo idle statement, Ang's comment comes amid what can only be characterized as one of the biggest migrations of capital yet seen in the nascent asset class. Billions are on the move in the crypto markets, and it's plainly observable where the funds are headed.\n\nAfter hitting a record high above $800 on Friday, the price of bitcoin cash, the alternative cryptocurrency forked from the bitcoin blockchain in August, has doubled within 24 hours, hitting a high of $1,856, according to figures from data firm CoinMarketCap.\n\nWith the move, bitcoin cash is now valued at more than $30 billion, passing ethereum to move into second-place standing in the market.\n\nThe move follows the sudden decision this week by a group of businesses and mining pools to suspend an effort to change the rules of the bitcoin software. Called Segwit2x, or simply '2x' by some, the effort would have increased bitcoin's block size – one unit by which its transaction capacity can be measured.\n\nBut while bitcoin's developers and technologists lauded the move, miners and entrepreneurs lamented what they described to CoinDesk as a decision that would inspire others to migrate to blockchains more accommodating to their ideas and ideals. And if it was unclear at the time which alternatives would benefit, bitcoin cash is already proving the primary beneficiary.\n\nEarly and active in migrating support appears to be bitcoin's miners.\n\nAccording to data from Fork.lol, at roughly 4:30 UTC on Sunday the total amount of mining power backing the bitcoin cash blockchain surpassed that of the bitcoin blockchain.\n\n\n\nWhen asked about the move Jiang Zhuoer, founder of bitcoin mining pool BTC.Top, said simply that \"2x fans\" are moving both funds and mining hardware to bitcoin cash.\n\n\"BTC is going to die,\" Zhuoer said. Hapio Yang, CEO of mining pool operator ViaBTC, responded similarly, indicating he believes that businesses and investors are now migrating funds to bitcoin cash.\n\n\"I think more and more bitcoin holders are starting to understand what is the real bitcoin,\" he said via WeChat.\n\nDoom sellers\n\nIndeed, spurred by a sudden change in market outlook, bitcoin cash supporters appeared emboldened in their remarks.\n\nJake Smith, general manager of cryptocurrency web portal Bitcoin.com, own by investor and block size increase advocate Roger Ver, doubled down on the idea that the new investment dollars represent more than a speculative migration in the market soon to pass.\n\nSmith noted that, with the price boost bitcoin cash's value proposition can only now be strengthened by what he categorized as its performance increases over the bitcoin blockchain.\n\n\"I think a positive feedback loop has been created. This is waking people up to the shaky foundations BTC is built on,\" he said.\n\nSmith went so far as to describe the typical doomsday situation predicted by those supporting larger blocks – that bitcoin's transaction backlog will continue to grow, its transactions will become more expensive, and that these two factors will decrease user experience forcing users to migrate.\n\nOther supporters like bitcoin cash developer Juan Garavaglia chalked up the day's price movements to \"better planning\" by those using the protocol.\n\n\"Bitcoin Core is unable to execute, has a poor roadmap [and is] disconnected with market needs,\" Garavaglia said. \"We can execute, we have smooth coordination with key market actors and we address market needs.\"\n\nSame suspicions\n\nIf those boasts sound familiar, so, too, was the rhetoric from those who were more apt to read the bitcoin cash price movements with more incredulity.\n\nJack Liao, the CEO of Hong Kong-based mining firm LightningASIC, for instance, sought to frame the idea that the bitcoin cash price increase represented any real uptick in interest in the project as \"total bullshit.\"\n\nOne of the leaders behind the bitcoin gold cryptocurrency, set to launch tomorrow, Liao has been a noted critic of bitcoin's mining operators, in particular Bitmain, one of the industry's largest sellers of specialized mining chips and the operator of several mining pools.\n\nFor those following the scaling debate, Bitmain's conduct has been one of the larger contentious narrative points, and Liao (like others) believes the explosion seen in the bitcoin cash market value is nothing more than an orchestrated bid by the firm (and its supporters) to prop up the market\n\n\"Many, many investors just see the change in hash rate,\" he said. \"But they cannot support such a big bitcoin cash price.\"\n\nBeijing-based over-the-counter Zhao Dong reported a similar sentiment in some circles, crediting the price to manipulation by miners and investors who have supported Segwit2x and bitcoin cash in the past. Bitmain and Ver were both signatories of the agreement that sparked the 2x software.\n\n\"They have money, they have hash power, they have everything need to pump the bitcoin cash price,\" he said.\n\nSwing states\n\nStill, that's not to say reaction was broken along partisan lines.\n\nWilly Woo, recently named one of CoinDesk's Top 5 Token Analysts of 2017, sees the price move as perhaps one to watch. In contrast to other alternative cryptocurrencies that he said may lack value propositions, he went so far as to call bitcoin cash more sophisticated.\n\n\"It's backed by a lot of money from China controlling its price and supporting its network. If you buy bitcoin cash, you are betting that China wants it to dominate. That's a strategic and geopolitical bet,\" he told CoinDesk.\n\nBobby Lee, CEO of mining pool and exchange operator BTCC, had a similar reaction. Long a business that supported the Segwit2x proposal to upgrade the blockchain, he reads the price boost in bitcoin cash as an obvious side effect of the decision to block that change.\n\nWhile he acknowledged it's yet to be seen whether this weekend's movements amount to anything more than a quick speculative fervor, he still hinted the situation remains one he'll be watching and observing.\n\nOf particular concern for Lee – and others – is the decline in bitcoin's total mining power.\n\nLee went so far as to suggest that any continuing decline in this metric could cut into an attribute that has traditionally been one of the cryptocurrency's defining characteristics.\n\nLee concluded:",
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