Categories: CryptoNews

Bitcoin Cash Price Peaks at $400, Bitcoin Price Falls $200 in Anticipation of Fork

At the time of writing, the Bitcoin Cash fork is planned to come in roughly 3 hours, you can check the countdown timer on timeanddate. This means that those that have their funds on a compatible wallet will receive Bitcoin Cash at a 1:1 rate according to their Bitcoins. If you haven’t yet, make sure to move your coins off of exchanges that will not support BCH in order to receive the tokens.

While this $200 drop is anticipated, it still comes as a surprise as only 4 hours earlier the market didn’t show any signs of bearish movement. However, the price dipped over 10% in a matter of minutes as a few major sell orders executed on exchanges. It only makes sense that the price would dip roughly $200-300 because that is the current value of the BCH futures.

On the flip side, Bitcoin Cash has been trading at a steady $200 but recently peaked at over $400 as traders couldn’t stop buying up the asset. Currently, ViaBTC is taking the lead with the futures BCH marked as it has 10x the trading volume compared to Kraken which only implemented BCH hours ago, and HitBTC whose BCH market is questionable

as it is trading at over $700.

As we covered earlier, Bitcoin Cash has never been “free money”, such a thing doesn’t exist. The same exact thing happened with the ETH / ETC fork, as soon as the chain split happened the original cryptocurrency’s value dropped. However, when you combined both ETH’s and ETC’s value, it came out to roughly the same pre-fork price.

Another reason why Bitcoin’s price may be dropping is because of Coinbase’s decision not to support or credit the token. Not only did Coinbase refuse to support BCH, but they also delayed withdrawals for those wanting to get their Bitcoins off of the exchange. Tim Wu, professor at Columbia University and contributing writer to NY Times said in a tweet that the company may be liable for users’ losses if it doesn’t credit users with the new token.

Related Post

Many users have been disgruntled with how Coinbase has been handling this situation, because withdrawal delays started around July 29th which was still days away from the hard fork. Some argue that Coinbase didn’t give enough of a warning or opportunity to withdraw those funds and users are now going to essentially loose over $300 per Bitcoin that they own.

These are exciting times for Bitcoin. To see the fork go live check out blockchain.info. When you see a block that is larger than 1000kb that is the sign that the new fork has activated and the chain split has taken effect. Furthermore, if you take a look at the detailed blocks list

on Blockchain, you will see that the new blocks will no longer be marked as appearing on the “main chain”, but will be marked as appearing on an alternate BCH chain.
Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev

Recent Posts

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

5 hours ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

5 hours ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

5 hours ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

6 hours ago

Llama 3.2 Predicts Price For Dogecoin: $2 Peak By 2025 And $5 Rally For DTX Exchange This Winter

Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…

7 hours ago

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

9 hours ago