Following the long expected hardfork, the cryptocurrency market will most likely lose millions in trading volume as BCH tokens get frozen. Already, many exchanges has paused deposits and withdrawals of BCH in anticipation of the hard fork that is scheduled to hold today. This is in a bid to minimize disruption of their services. Apart from this, those who have BCH coins in their portfolios may be unable to access them for a while. This will undoubtedly lead to a fall in trading volume for Bitcoin Cash and the total industry.
Bitcoin Cash (BCH) Price Today – BCH / USD
Already, one of the largest exchanges in the world, CoinBase, has announced that it will be pausing withdrawals, deposits and trading of Bitcoin Cash (BCH) they encouraged users who will want to use their tokens during this period to remove it from the wallet before the time. The announcement was as follows:
“Due to the current situation in the market, we have decided to pause all BCH buys, sells and trading from thursday 8:00 AM PST. It will be unavailable on the mobile apps and CoinBase Prime and Pro. If you want to have access to your tokens after this time, it’s important that you remove it before then”.
Regarding how long the pause will last, the post by CoinBase explained:
“We cannot determine how long this process will take. When the upgrade is finished, we will evaluate viability and security of the network and do what is necessary to re-enable the use of the cryptocurrency on our platform. This would be as soon as the network reaches consensus”.
Freezing business transactions that are related to Bitcoin Cash translates to frozen funds for thousands of people. If you combine the figures from the top exchanges that have made this decision, it amounts for over $400 million in BCH within a 24 hour period.
Members of the Bitcoin Cash community are not pleased with the suspension of trading activities. After Coinbase made its announcement, a well-known cryptocurrency investor, WhalePanda had this to say:
“Hey guys, I don’t think this smooth protocol upgrade is going as smoothly as anticipated. Anyway, the good thing is that investors were warned 36 hours in advance. I don’t think they are ready in case people start messing with the Bitcoin ABC chain”.
If you don’t understand the fork, read this post by smartereum.com to have a little insight on it. Already, in the war between Bitcoin ABC and Bitcoin SV, Bitcoin ABC is winning in terms of popularity. The good news is that network splits are fairly common and do not necessarily impact the broader market.
Bitcoin Cash (BCH) Price Analysis
A week before the fork was to take place, the price of all cryptocurrencies spiked with Bitcoin Cash taking the lead. On the day of the fork, however, all major cryptocurrencies are falling and Bitcoin Cash is down against the USD. At the time of writing, BCH was trading at $437.73. This shows that it is down by almost 10% against the USD. With the price of Bitcoin also crashing, Bitcoin Cash is up by 3.59% against it. The trading volume over a 24 hour period is $1,125,094,961 while the market capitalization is $7,642,344,824.