5/6/2018, 2:47 PM (Source: TeleTrader)
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Bitcoin, Bitcoin Cash drop on profit taking

The cryptocurrency market was mostly in the red on Sunday, reducing overall valuation further below $500 billion, while crypto insiders were focusing on Bitcoin and its offshoot Bitcoin Cash. Earlier, the most widely watched asset in the sector almost touched $10,000 for the first time since March 8. Investors were harvesting profits after a surge last month, which coincided with turmoil in equities and bonds, while in the past week yields have declined and technology companies took indexes sharply higher.

Bitcoin Cash has a system upgrade scheduled for May 15 with a potential, but unlikely, hard fork. The change is set to increase the block size from eight to 32 megabytes and reduce intervals to 2.5 minutes, resembling Litecoin. The next protocol switch is planned for November 15.

The most valuable digital currency dropped 3.16% at 2:44 pm CET to $9,550 or 3.22% to €7,933.77. Bitcoin Cash was down 4.24% at $1,690.1.

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