2018-11-16 19:59 |
While most major exchanges have halted trading in Bitcoin Cash for the fork which has taken place, Kraken has left trading open. Bitcoin Cash was priced around $415 at the time of exchanges halting trading. The price on Kraken has since declined to around $340, making it the only cryptocurrency in the top forty cryptocurrencies showing a loss over the past 24 hours.
Source: Coinmarketcap.comBitcoin cash initially spiked as exchanges announced their support for the hard fork but coming closer to the actual fork, the cryptocurrency began to depreciate sharply. The initial surge brought the fourth largest cryptocurrency from around $425 to $630.
It has since retraced all of these gains and moved sharply lower. The drops have been on large amounts of volume showing real strength behind the move. It is likely when exchanges recontinue trading in Bitcoin Cash; it will open sharply lower to reflect a price close to the one listed on Kraken.
Bitcoin Cash Chart – Source: TradingView.comYesterdays’ hard fork resulted in both Bitcoin Cash SV and Bitcoin Cash ABC. Support is split over the two forked versions of the cryptocurrency and is still unclear which cryptocurrency will be the dominant and whether the current Bitcoin Cash will become irrelevant.
There is the potential for more large depreciation in Bitcoin Cash once the support for one of the forked versions becomes clear. Bitcoin Cash SV is currently trading around $110 while Bitcoin Cash ABC is currently trading around Bitcoin Cash ABC is currently trading around $286.
Key Takeaways: Bitcoin Cash retraced all of its pre-fork gains and currently trades around $340 on Kraken which is one of the only exchanges that did not halt trading. Yesterday’s fork resulted in two forked versions Bitcoin Cash SV and Bitcoin ABC. It is still unclear what will happen to each of these three cryptocurrencies as the support behind each remains unclear. The potential for the pre-forked Bitcoin Cash to undergo more depreciation if support shifts to forked versions. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin Cash [BCH] Sharp Fall After Fork was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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