- Whales and retailers are exiting their BCH positions
- BCH’s core developers are tied in discussions on the upcoming upgrade that could trigger another chain split
- Investors are losing confidence in BCH and are now selling off their holdings
Bitcoin Cash News Today – there is trouble in paradise for one of the top digital assets. Per the report, investors and others have started to lose faith in the coin and have started to dump it. The digital asset in focus today is Bitcoin Cash. The development team behind BCH is once again locked down in talks over a new feature that will be a part of the upcoming November upgrade.
Investors have become concerned and are selling off their holdings due to the risk of a fresh chain split. The developers claim that things aren’t looking good among the developers behind BCH. The developers are feuding over the network’s mining difficulty algorithm. Discussions have heated up so far that Dennis Jarvisis Bitcoin.com CEO affirmed that he is worried about the probability of another Bitcoin Cash fork.
The Hard Fork will Tackle Three Problems
Those working on Bitcoin ABC’s implementation proposed a DAA (Difficulty Algorithm Adjustment) called Grasberg. The hard fork is designed to tackle three main problems including miners’ profitability, the consistency of block production, and how often new tokens are minted. The new code represents a “step to corruption,” and it “wasn’t simulated properly.” It appears in the past a compromise met in a similar situation to find a solution.
According to BCH advocate Hayden Otto, a new plan was made to resolve the issues behind the rift between ABC and BCHN developers. While many remain optimistic that the tensions will reduce, it remains uncertain whether there will be a future community clash or not. The depth of the disagreement shows that there may yet be future clashes between all parties. This implies that a good number of investors have dumped the project and sold their BCH.
Investors are losing confidence in BCH and are now selling off their holdings
According to Santiment’s holder distribution chart, BCH posted a significant decline in user the addresses with millions of USD in Bitcoin Cash. Since August 1, the total number of addresses that hold between 10,000 to 100,000 BCH has declined steadily in recent months. About ten whales have left BCH which represents a 5.6% drop in a few weeks alone. When we consider the fact that big investors hold up to $3 million and $30 million in Bitcoin Cash, the rise in selling pressure can mean staggering price drops.
Note that the sudden decline in the total number of BCH whales can be seen overboard. The total number of addresses that hold BCH has been plummeting in recent days. In the last three months, about 6% of investors have exited their positions in the network.