Although Grayscale Investments has added additional coins to its Bitcoin Cash Trust, the value of the fund has declined.
The value of Grayscale Investments‘ Bitcoin Cash Trust plummeted by $1.6 million following the announcement that the cryptocurrency will fork out on November 15.
According to Coin Dance data, the Bitcoin Cash (BCH) network is currently split into two separate blockchain. The miners‘ actions seem to favor the Bitcoin Cash Node (BCHN) community-driven network. Binance’s mining pool has extracted block number 661,647, the last in common before the fork.
At the time of publication, miners have mined 98 blocks for BCHN and only 5 for Bitcoin ABC (BCHA).
Since the announcement of the fork, users have increased the number of Bitcoin Cash sent to cryptocurrency exchanges: more than 300 million dollars have been deposited in BCHA this month. Over the same period, although Grayscale has added more coins to its Bitcoin Cash Trust, the value of the fund has decreased. According to a message published on Twitter by the same company, at this time the BCH Trust has a total value of about $46.8 million: a decrease of 1.6 million compared to November 9.
The Bitcoin Cash Node fork emerged in response to Bitcoin ABC’s decision to introduce the „coinbase rule“, which diverts 8% of the miner rewards to a development fund controlled by Amaury Sechet, BCHA’s lead developer. BCHN supporters argue that this is an unnecessary rule: in their opinion, the development of the blockchain can be financed without any kind of additional fee.
Following the announcement of the fork, the price of Bitcoin Cash was extremely volatile: it continues to fluctuate between $230 and $280. Currently BCH is at $247.71, down 3.23% compared to yesterday; in contrast Bitcoin (BTC) is worth $16,214, in green 1.08%.
Ripple files yet another trademark in the United States
Ripple is once again addressing the USPTO, this time for the brand „PayString“.
Ripple, the developer of various XRP-based products, has filed yet another new trademark with the U.S. Patent and Trademark Office, or USPTO.
Submitted on November 6, the „PayString“ trademark application offers little information about the business or product that will be advertised under this name. In fact, the description of the trademark is identical to the one used by Ripple for the registration of „Ripplenet“ several months ago.
According to this description, PayString covers several categories of electronic financial services: the use of fiat and digital currencies for remittances and gifts; the receipt and delivery of electronic payments in fiat and digital currencies; exchange services for fiat and digital currencies; verification services for financial transactions; financial administration and management services for the transmission of digital currencies through electronic communication networks.
In August, Ripple submitted two other applications for registration with the USPTO with the same descriptions used for Ripplenet and PayString. The application for another brand, Ripple Impact, indicated its purpose as a solution dedicated to services for charitable foundations.
While the company is committed to registering new trademarks in the U.S., a long-standing dispute has resurfaced this week. Well-known trader and analyst Peter Brandt said that the U.S. security regulator, the Securities and Exchange Commission, would declare XRP a security if only „it included cryptos“: