Bitcoin tumbles while Bitcoin Cash rallies
The virtual currency has fallen as much as 29% from the recent high of 7888 reached on November 8th on reports of a cancellation of a technology upgrade. This prompted some investors to switch out of the cryptocurrency and began a sell-off by speculators who have already profited over 800% this year. Bitcoin fell almost 10% on Friday alone while Bitcoin Cash, a rival currency formed from a recent split in August, has jumped almost 40% since Friday. Bitcoin cash is gaining popularity because of its larger block size, a characteristic that makes transactions cheaper and faster than the original. When a faction of the cryptocurrency community canceled plans to increase bitcoin’s block size on Wednesday -- a move that would have created another offshoot -- some supporters of bigger blocks rallied around bitcoin cash. The cancellation of last week’s bitcoin upgrade has left players to choose between the two versions of the virtual currency. On one side is the original bitcoin, powered by so-called SegWit technology, which aims to improve its performance by moving unessential data off of its underlying block chain. On the other side is bitcoin cash, which allows its block chain to handle eight times as much data as the original. Bitcoin trading has become too big for many on Wall street to ignore with a market value of $101 Billion, and this after shrinking by $38 Billion since Wednesday.
Record $25.4 Billions raked in on Singles shopping day
Just thirteen hours into the start of the Singles Day shopping spree, Chinese E-Commerce giant Alibaba, reported that sales had surged past $18 billion, beating the $17.8 billion taken in during the full 24 hours of shopping in 2016. The Chinese Singles Day online shopping bonanza regularly generates more sales than Black Friday and Cyber Monday combined. The final tally for total sales after the 24 hour period was reported at $25.387 billion, about 40% above the 2016 previous record. Singles Day started out as an informal holiday in China celebrating single people on a day that epitomizes not being paired off as the digits 11/11 symbolize. Alibaba turned it into a festival of discount deals in 2009. International companies have been lured to take part in the festivities with more than 40% of the brands taking part this year having come from outside of China. While Chinese consumers are still the main target for the Singles Day promotions, experts say that it is also increasingly spreading to other countries.