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New Bitcoin cash dives sharply in face of a split

Bitcoin was traded lower in the previous session as digital currency miners completed a split of the digital currency in order to create more of the new, split-off coin called “Bitcoin cash”

Futures for the so called “bitcoin cash”, which are an alternative version promoted by a minority of developers, gave back all of its initial 48% increase and dropped by 26% in the session closing at near $214 according to CoinMarketCap.

Bitcoin traded 4 percent lower near $2,754 after dropping to a low of $2,670 earlier in the morning. It should be noted, however, that the Digital currency has doubled its value this year as investors continue to discover it as a lucrative investment channel.

Ethereum gained nearly 12 percent to trade almost at $229.

Oil prices tumble by 2% due to reports of rising Saudi output

Oil prices plunged back below $49 a barrel in the previous session on account of reports that OPEC’s output rose last month despite its deal to slash production.

A survey of analysts conducted by Bloomberg News suggested OPEC’s July output rose by 210,000 barrels a day. Market-monitoring form Petro-logistics said the producer group’s output was up by 145,000 barrels a day last month.

U.S. West Texas Intermediate crude price tumbled by $1.01, a 2% drop, closing at $48.37.

International Benchmark Brent crude futures were trading down $1.04, also a 2% drop, closing at $51.68 per barrel.

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