The BCH Fork War: What Do Traders Need to Know?

Bitcoin Volume Approaching Yearly Low Once Again Market Bear Biased

The BCH Fork War: What Do Traders Need to Know?

According to CoinMarketCap, Bitcoin is trading at $4481.01 with a market cap $77 billion.

Coinbase posted on Tuesday that the BCH ABC chain will retain the designation of Bitcoin Cash (BCH) on its exchange.

At this point, that coin in Bitcoin Cash ABC (BCH on Kraken), which could perhaps be referred to as "Bitcoin Cash Core".

There are no exchanges that offer exclusive trading of Bitcoin SV - which is perhaps indicative of their position relative to Bitcoin ABC. When the time came they simply couldn't match what Roger Ver and Bitmain's Jihan Wu had prepared to meet them on the "battlefield".

"Bitcoin Core" also argued that large blocks are a temporary measure to scale Bitcoin that would not last, and they began working on "off-chain" scaling solutions that would process more transactions on "secondary layers" before settling the sum of them on the main Bitcoin blockchain.

For the day ahead, a move back through the morning high to $33 levels would signal the start of a recovery from the current week's losses, with Litecoin needing to move through $33.3 by the early afternoon to signal a rebound, though we can expect plenty of resistance on the way through to $33 levels, with the day's first major resistance level at $36.44 unlikely to be tested on the day. "BCHABC and BCHSV balances were each distributed to users in a ratio of 1 BCC = 1 BCHABC and 1 BCC = 1 BCHSV, based on the snapshot of all Bitcoin Cash (BCC) balances taken at 2018/11/15 4:40:00 PM (UTC)".

Bitcoin ABC represents the "conservatives" aiming to preserve Bitcoin Cash from radical changes.

"We want the ABC faction to work with us to push this through", Ayres says.

"I have no intention to start a hash war with CSW, because if I do (by relocating hash power from btc mining to bch mining), btc price will dump below yearly support; it may even breach $5000". Not much else needs to be said on this front.

Having been so aggressive for so long, and pursued its vision with a pretty unpalatable zeal, seeking compromise now will be hard for Ayre and Co. The resulting iterations of the Bitcoin SV blockchain caused all supporting nodes to go out of sync with each other. This action led to uncertainty among cryptocurrency investors.

Language aside, this looks like - and is - is a major concession considering what's been said before.

Whether, after all that's gone on - and while seemingly in the superior position - Bitcoin ABC is willing to put out a hand and accept it, remains to be seen.

The cryptocurrency market has been plagued with several speculations as to why bitcoin has been in free fall. Wright also alleged BCH advocates were engaged in market manipulation. The project is owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license.

"Due to the force majeure of BCH Hard Fork and the large-scale impact it would create to the futures markets, we delivered all BCH futures contracts in advance for the sake of protecting our customers and the markets". It is doubtful that there is any upside to relinquishing it now, and ABC's backers will know that.

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