Bitcoin Flippening: BCH Overtaken By ‘Satoshi’s Vision’ BSV

• Bitcoin battle becomes three-way shootout as BSV replaces BCH as fourth-largest capped cryptocurrency.
• BSV has been on a tear all week – seven-day gains stand at 286%.
• But is there any substance behind BSV’s market growth?

A Bitcoin flippening was witnessed for the first time this week as Bitcoin Cash (BCH) was replaced by Bitcoin SV (BSV) as the world’s fourth-largest capped cryptocurrency.

The BSV Flippening

BSV gained over 100% on Tuesday alone, eventually topping out at $452 per coin on Wednesday according to TradingView.

BSV surged to a high of $452 before a slight drop off, | Source: Trading View

Pulling back to the weekly view, we see that BSV has been on a tear all week. The coin’s gains for the past seven days stand at a whopping 286%. That saw the coin price rise from $117 up to the $452 recorded on Wednesday.

BSV recorded 286% growth over the course of the week. | Source: CoinMarketCap

Bitcoin SV – led by self-proclaimed Satoshi Nakamoto, Craig Wright – was created in November 2018 as the result of a hash-war.

Controversy has followed the coin since its inception, leading many to assume the worst about Bitcoin SV’s current pump. Warnings of an impending exit scam rang around skeptical circles of social media.

But BSV supporters are celebrating what they see as the first step in an eventual victory over other Bitcoin imitators.

Bitcoin Cash had held onto fourth spot in the cryptocurrency market cap rankings for some time – only briefly being replaced by an inflated Tether (USDT) on occasion.

Three-Way Shootout?

Now, the rise of BSV turns the ongoing Bitcoin battle into a three-way shootout. As CoinGeek CEO Calvin Ayre retweeted on Wednesday, the BSV blockchain didn’t choke and splutter under the weight of increased blockchain activity:

ETHEREUMEthereum locked in DeFi hits an all-time-high with TVL amounting to $813.7 million

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Decentralized Finance [DeFi] protocols have been gaining popularity with the returns they have been churning out for the users who have locked in Ethereum [ETH] on the platform. This growth of the protocol can be visible in the total amount of ether locked in the applications, which has noticeably tripled in a period of one year and has registered an all-time high.

Source: DeFi Pulse

The Total Value Locked [TVL] reached 3.114 million in ether or $813.7 million in USD. The TVL has been on a rise since 12 January, where the value was noted to be $699.342 million [3.0811 million Ether]. The TVL noted a spike between 14 January and 15 January as the value jumped from $706.203 million [3.09 million Ether] to $785.699 million [3.09 million Ether]. This could be attributed to a bitcoin rally, which caused the price of Ethereum [ETH] to also rise by almost 20% within a day.

The users that locked ETH in DeFi considered this a positive signal as it would create upward pressure on the digital asset’s price. Twitter user and active market analyst, @IamCryptoWolf predicted the TVL to reach 1 Billion by February.

Claim With The Tax Tribunal To Nullify A $70M Tax

The largest cryptocurrency exchange in South Korea, Bithumb, has filed a complaint with the Tax Tribunal against the National Tax Service (NTS). The company wants the Tribunal to nullify a tax for nearly $70 million, which was previously imposed by the NTS on its customers.

Bithumb Fires Back

At the end of 2019, NTS imposed $69.3 million of withholding tax on the exchange’s foreign customers, according to a report. At the time, this was the first confirmed case where the Korean government has taxed cryptocurrency transactions.

The popular exchange noted that it will take legal actions against NTS’s decision, and it appears that they have done so. Earlier today, local news reported that Bithumb had filed a complaint with the Tax Tribunal. The company claims that it has already paid the necessary tax amount and that NTS’s request is “groundless.” A Bithumb official spoke on the matter:

“We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.”

The withholding (retention) tax has to be paid to the government by the payer of the income, not the recipient. The Tribunal has to make its decision on the case in the next 90 days.

Cryptocurrencies Not Supposed To Be Taxed?

Bithumb’s defense also relies on the fact that digital assets are still not legally recognized currencies in Korea, and authorities should not impose a tax on them.

This is where the main contradiction comes from. The NTS considers that all gains withdrawn in Korean won from foreign customers must be taxed. However, experts on the matter also seem to support Bithumb’s argument that cryptocurrencies are not yet under the taxation laws. Choi Hwoa-in, an adviser to the Financial Supervisory Service purportedly talked about this:

“Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.”

TRON Dev Team, TRONZ, Forks ZCash’s Privacy Tech, Zk-SNARKs To Add to MainNet

TRONZ team is set to implement privacy protocol which is poised to be the biggest Multi-party Computation in blockchain’s history. Tron states that a setup ceremony will be held soon claiming that it will become a Guinness World Record.

TRONZ is made up of community developers who have come up with the anonymity protocol found in TRON’s main chain. Now, the team is finally through with public testing as well as testnet and is now set to introduce anonymous transaction in the TRON MainNet. Currently the TRONZ team is looking at the MainNet MPC process and in the coming days it will roll on MPC Torch Project based on the MPC process.

Cointelegraph reports that the project aims at integrating Zk-SNARKs which is the main privacy protocol found in Zcash (ZEC), within the Tron blockchain. Although the team boasted that the implementation of the new technology is the most efficient, there were no technical details given about the protocol.

The main aim of the TRONZ is to launch the privacy protocol to enhance Tron smart contracts which will enable developers to roll on private data within the smart contracts. Also, the team looks forward to provide blockchain-based MPC solution to enhance private computing needs.

An analysis of Tron GitHub page indicates that different repositories were directly forked or copied from the source code of Zcash. Most of the repositories meant for privacy looks like they have not been updated for a couple of months. The MPC code was also directly copied from Zcash. However it is probable that the TRONZ team was more concerned with the original Tron repositories meant to integrate the privacy protocol.

DeFi Markets Will Launch Ethereum (ETH) To A Trillion-Dollar Valuation: Analysts

Ethereum is still knee-deep in a vicious two-year bear market. Today, ETH has been hovering at $170 levels which were last seen in mid-2017 before crypto assets skyrocketed in December of that year during the ICO boom.

While the performance of ETH is nothing to write home about, DeFi protocols supported by ethereum have been on a roll. And based on the exponential growth of these DeFi products, ETH has the potential to unlock billions of dollars in capital, ushering in a trillion-dollar market valuation for the crypto asset.

Growing Demand For DeFi Products

Decentralized Finance (DeFi) enables users to lend or borrow digital assets through smart contracts. This cryptocurrency sub-sector has been gaining traction over the past two years, registering more than $750 million in total value locked (TVL) in USD and analysts expect this to continue into the foreseeable future.

According to a recent post by Lucas Campbell of Fitzner Blockchain Consulting & DeFi Rate, there has been an increase in money protocols built on the ethereum blockchain. These protocols are utilizing ETH to build an alternative world of finance.

Bitcoin Price Sees Massive Rejection At $9,000: What’s Next?

Bitcoin Sees Massive Rejection At $9,000

Just an hour or two ago as of the time of writing this, Bitcoin (BTC) breached $9,000 for the first time since early/mid-November, surging 3% higher from the $8,700 range equilibrium established earlier that day.

Since hitting $9,000, the crypto asset has paused, retracing to $8,900 as of the time of writing this as Bitcoin seemingly encountered vast selling pressure at the aforementioned key level.

Analysts flipped short-term bearish after seeing this playing out on the charts, noting that the extremely strong rejection at $9,000 is bearish.

Calmly, a full-time cryptocurrency trader that earlier today noted that Bitcoin’s price action suggested that upward continuation was imminent, remarked after this rejection that the one-hour candle makes it look like BTC has found a top, and may thus be subject to a strong reversal to the downside that may bring it to the bottom of the $8,500 to $8,900 range.

Calmly | full-time trader@im_calmly

 · Jan 17, 2020

#Bitcoin: This doesn't look like any sort of top to me

Calmly | full-time trader@im_calmly

#Bitcoin: Now it's looking more like a top

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1:55 PM - Jan 17, 2020

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Another full-time industry trader BitDealer has echoed this, posting the chart below showing why the recent drop at $9,000 has him worried about Bitcoin’s extremely short-term prospects.