Oil prices took a plunge in the latest market session as investors were worried about the risk of a weaker demand for oil because of a potential category 3 hurricane that is building up in the Gulf of Mexico.
Prices were also further pressed as investors remained cautious as to whether the glut in oil supplies is finally disappearing. U.S. production has continued its climb to more than two-year highs.
October Brent Crude oil prices were down by 53 cents, or 1% to $52.04 per barrel on London’s Ice futures exchange.
The relationship between bitcoin and bitcoin cash continued to evolve today, with the two blockchain networks competing for miners' interest and computing power.
At press time, the bitcoin cash blockchain has seen five negative difficulty adjustments after having a hard time to produce any blocks the previous day.
Blocks 481,878 through 481,882 – each pushed down the difficulty which is under the network’s “emergency difficulty adjustment rule”. The device adjusts difficulty 20% down, making it easier for miners to find blocks and claim rewards.
In reactions to that, the difficulty adjustments were successful in bringing the rates back to about 10% of the Bitcoin’s hash rate.