Siacoin (SC) Now Trading in Fiat Pairs on Bittrex

Published on October 29, 2018 by Cryptovest Staff

Starting on October 29, Bittrex will add fiat pairs for Siacoin. They will be available for eligible accounts.

Siacoin (SC) will add fiat pairs for eligible Bittrex accounts, the exchange announced recently. Trading starts this October 29, just days away from the Siacoin hard fork: https://twitter.com/BittrexExchange/status/1055187262051360768

Bittrex is slowly returning fiat trading for eligible accounts by expanding pairs for already traded coins and tokens.

Following the news, SC traded at around $0.007, still up 12% in the past seven days, but sliding slightly in the past day. SC also grew against Bitcoin, from 100 to around 115 Satoshi. However, the asset’s price remains subdued, with the only fiat support coming from Bithumb and Korea. Bittrex also offers a small-scale market against Tether (USDT).

SC had been sliding, losing around 30% in the past quarter, as the crypto market stagnated further. But SC had an additional story weighing it down - the uncertainty surrounding a hard fork decision.

In the end, a decision was made to hard-fork the Siacoin network, with a date set for October 31. The hard fork will make the network minable only for Obelisk miners, disabling competing machines. The move is seen as giving a competitive advantage to Obelisk miner buyers and disables the influence of other ASICs.

The Siacoin network has already received the support of most major exchanges for the hard fork:

“Right now we've got confirmation of fork support from all major exchanges. This accounts for 93% of total Siacoin volume over the last 24 hours as of this post. The exchanges that account for the last 7% haven't declined, they just haven't responded yet. Exchanges should be announcing as we get closer,” explained the Siacoin team in a Reddit thread.

It is unknown what role the hard fork will have, but for Siacoin, traders are seeing bullish factors if the markets reawaken.

https://twitter.com/imjohndean/status/1054743100260790272

SC has been drifting sideways for months, though a breakout is seen as a possibility. But SC has also staged relatively small price climbs, which do not yet lead to a breakout as in the past months. This has caused skeptics to expect a further slide in prices.

The Siacoin network has also issued a warning about downloading the 1.3.7 update ahead of the hard fork, to deal with a problem in difficulty adjustments. For now, all that remains for the network is to wait out the days ahead of the fork, and see what happens after the hashrate relies only on Obelisk miners.