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Number of Bitcoin Cash Whales Drop Following 39% Price Surge

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Following a 39% price surge at the end of July, at least 10 Bitcoin Cash whales have left the network, possibly trading or selling their millions in holdings. 

According to Crypto Twitter user Ali Martinez, data from analytics site Santiment shows the number of investors holding between 10,000-100,000 Bitcoin Cash (BCH) — roughly $3-30 million — has fallen by 10 since Aug. 1. The drop comes after the token surged 38.7% from $224.46 on July 17 to a three-month high of $311.34 on July 31, implying that a number of whales could have sold their holdings.

BCH continues to be the fifth largest crypto asset by market capitalization at $5.6 billion, with Chainlink (LINK) trailing at $4.6 billion. At the time of writing, Bitcoin Cash is trading at $307.84, having risen 3% in the last 24 hours.

Adjustments to BCH difficulty algorithm

Bitcoin Cash uses the SHA256D algorithm — the same as that used by Bitcoin. However, its hashing power is less than 5% of that of Bitcoin, which has sometimes left it vulnerable to a 51% attack.

In response, the BCH community has floated changing the algorithm as part of the network’s November upgrade. Cointelegraph reported on Aug. 7 that developers have worked out a compromise between two proposed solutions. The network will implement the ‘Aserti3-2d’ difficulty adjustment proposed by lead BCHN maintainer Jonathan Toomin, and an infrastructure funding plan.





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DMCC strikes deal to build blockchain-based precious metals refinery in Dubai

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Dubai Multi Commodities Centre — a free trade zone established by the Dubai Government — has signed a sale and purchase agreement with REIT Development to construct a 100,000 square foot precious metals refinery.

According to a DMCC release on Wednesday, the precious metal refinery and storage facility will be the largest in the Gulf Cooperation Council and will reportedly be powered by blockchain technology.

Located in the high brow Jumeirah Lake Towers area, the facility will refine and store precious metals like gold, silver, rhodium, palladium and platinum among others.

These precious metals will also provide backing for asset-collateralized stablecoins like GoldCoin, SilverCoin, RhodiumCoin, PalladiumCoin and PlatinumCoin, to mention a few.

The stablecoins will run on the Ethereum network and will reportedly be pegged to the current value of one gram of the corresponding precious metal.

According to the announcement, the precious metals-backed stablecoins will be available for trading on the DMCC’s gold exchange platform.

Construction work on the proposed facility is scheduled to be completed before the end of 2022 with the DMCC stating that the complex will further strengthen its position in the global precious metal markets.

According to Mike De Vries, chief operation officer REIT Development, blockchain will disrupt the precious metals industry, adding:

“Blockchain technology can enable more transparent and accurate tracking of precious metals, ensuring there is no ‘dirty gold’ in circulation and illicit trades […] We believe that by 2025 every precious metals refinery and storage facility will be in the blockchain.”

REIT Development’s planned blockchain-based precious metal refinery in the JLT area is the latest example of the broad-based adoption of the novel technology in Dubai and the United Arab Emirates.

Earlier in April, Cointelegraph reported that the city’s economic department was looking to deploy its corporate Know Your Customer project to cover the entire UAE.