Bitcoin Cash [BCH], the fourth-biggest cryptocurrency, was bleeding in the market, with the coin losing over 5% in the past 24 hours. The cryptocurrency, which had become the catalyst for a small bull run, is now the biggest loser among the top 10 cryptocurrencies.
According to CoinMarketCap, at press time, Bitcoin Cash [BCH] was trading at $520.16, with a market cap of more than $8 billion. The coin had a trading volume of over $782 million and had slumped by 6.50% in the past seven days. Prior to the fall, the coin was trading at its highest peak for the month, at $628.34.The highest trade volume for the coin was recorded on Coinbit with BCH/KRW pairing. This was followed by OKEx, BitForex, and DigiFinex with BCH/USDT pair.
Nonetheless, the coin continues to sprinkle hopes on the investors as it witnessed a sudden shoot-up in price. It boosted from $502 to $515 within 15 minutes.
The massive slump in the BCH market has surprised the investors as a majority of them anticipated the bull run to continue for a longer duration. This can be credited to the upcoming fork scheduled on November 15, 2018, which has also split the whole BCH community.
The squabble between the Bitcoin ABC and Craig Wright continues to thrive in the market. Bitcoin ABC along with Bitmain are promoting the Wormhole hard fork, whereas nChain’s Craig Wright along with Coingeek’s Calvin Ayre wants the implementation of Bitcoin Satoshi Vision [SV]. Wright claims that SV stands right to Satoshi Nakamoto’s vision.
Moreover, Roger Ver, a Bitcoin Cash proponent, recently hopped on to Jihan’s Bitmain bandwagon. This event stirred up the entire community as it marked the beginning of the Roger Ver vs Craig Wright war, with Wright sending a mail to Ver stating that he will not trade for two years and welcomed Ver to bankruptcy. All the major exchanges have also announced that they will be supporting the hard fork proposed by the Bitcoin ABC team.
Jihan Wu, co-founder of Bitmain said:
“The whole BCH community are working together to kick Fake Satoshi out. The resisitence against cult leader proves the inner strength and sophistication of the BCH ecosystem!”
In addition to this, both the sides claim that they have the majority of the miners on their side and that they have the hash power to carry forth their implementation. The final decision of the miners will most likely be revealed on November 15 as the ABC implementation could either turn out to be successful or unsuccessful.
Subscribe to AMBCrypto’s Newsletter
Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro
Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.
According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,
“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”
Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,
“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”
Subscribe to AMBCrypto’s Newsletter