Bitcoin Cash News Now: a Few days ago, Bitcoin Cash (BCH) climbed to the fourth position on the coinmarketcap displacing EOS and Litecoin (LTC), thanks to a BCH price rally that saw its total market cap reach 5.5 billion, double its value at the end of last year. Bitcoin Satoshi Vision (BSV) has not been so lucky as the price has remained rather low reportedly making it impossible for miners to earn a profit. On top of that, multiple exchanges are making moves to delist the coin, a move that would annihilate the cryptocurrency.
In today’s cryptocurrency news, we dig into the cause and effect of BSV’s problems, expert options, and bitcoin cash (BCH) price analysis.
Bitcoin Cash Regains Fourth Position on Coinmarketcap
Bitcoin Cash (BCH) turned very positive just before the weekend even though the bitcoin bull run cooled. While the rest of the market was grappling with downward corrections or sideways trading, BCH muscled a 6% increase day-on-day pushing the Bitcoin fork into the fourth position for the first time this year. Chart indicators, particularly the 50 SMA and 100 SMA pointed to an even more bullish trend with support at $280.
But as Bitcoin Cash (BCH) went up, its sister chain-if we can call it that—bitcoin SV has suffered price dips, unprofitable mining, delisting threats which drifted it closer to extinction.
The Bitcoin Cash Hardfork — the Genesis of BSV
If you did not follow the episode, the original Bitcoin Cash which itself was a direct hardfork of Bitcoin faced a contentious hardfork of its own. Two main sides—the Bitcoin Cash ABC side and the Bitcoin Cash Satoshi Vision side—were embroiled in a controversy which eventually led to the splitting of the Network. What followed was a battle to become the dominant chain.
Bitcoin ABC, supported by Roger Ver and Jihan Wu eventually amassed more post hardfork blocks and was adopted by several exchanges as the main Bitcoin Cash. Bitcoin Satoshi Vision, created by Craig White, was either listed under a new name or entirely ignored by exchanges. This was only the genesis of BSV troubles.
Bitcoin SV (BSV) Miners Are Losing
As Smartereum reported just after the controversial Bitcoin Cash hardfork, sides of the fork were mining at a loss after the original BCH price dropped drastically. While the ABC side miners now manage profits from mining BCH, Bitcoin SV miners are still hemorrhaging money at an alarmingly rate, according to researchers at BitMex exchange.
“Based on our estimates and current coin prices, since the November 2018 split, Bitcoin Cash SV miners have accumulated gross losses of US$2.2m (a negative gross profit margin of 12%). This is accounting for mining electricity costs only”
As proof of work Blockchain, Bitcoin SV depends on cryptocurrency mining to stay alive. But if the miners continue to lose such huge sums they may be forced to quit mining BSV which will spell doom for the Blockchain. For now, the miners may still be mining at a loss due to a vested interest in the Blockchain of or some non-mining payment they expect from notable BSV proponents.
If BSV doesn’t die from unprofitable mining, it may fall to a coordinated effort to delist the coin from top exchanges.
The Plot to Delist Bitcoin Cash Hardfork, Bitcoin SV Thickens
In what started as a bitter dispute between two cryptocurrency influencers, Bitcoin SV now faces delisting on major exchanges starting with Binance, the largest cryptocurrency exchanges in the world. For about a week now, Craig White the founder of Bitcoin SV and self-acclaimed Satoshi Nakamoto has been at loggerheads with Chape Zhao, the founder of Binance. The contention, among other things, is White’s attitude towards other members of the cryptocurrency community and his continued insistence that he is the real Satoshi Nakamoto much to the contempt of CZ and many bitcoin supporters.
White has had run-ins white other influential cryptocurrency personalities like Ethereum co-creator Vitalik Buterin who called BSV a pure dumpster fire. The fact that the BCH hardfork that produces BSV led to a massive drop in crypto prices globally has not endeared him to many cryptocurrency faithful. Last week, the Binance boss threatened to delist BSV is White did not stop threatening people who disagreed with him.
Binance, Shapeshift, Kraken Heeds Call to Delist Bitcoin SV
It appears CZ has made good in his threat as his Binance exchange announced the delisting of BSV trading pairs on Monday, April 15.
“When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it.”
It reeled out a number of possible reasons for delisting which included team commitment to the project, fraudulent activity, and Contribution to a healthy and sustainable crypto ecosystem. While delisting takes effect from April 22, withdrawal of BSV will continue until June.
Following Binance announcement, cryptocurrency influencer Anthony Pompliano called on all exchanges to delist BSV as a “sign of solidarity behind Bitcoin”. The co-founder of crypto-focused asset management fund Morgan Creek Digital suggested all exchanges kick out BSV simultaneously on May 1. Shortly after, Shapeshift has announced it is delisting BSV while Kraken posted a pool that suggests they are considering joining the #delistBSV movement.
Bitcoin SV (BSV) Price Today — BSV to USD
The BSV crises have affected the token as BSV dropped by more than 21% since yesterday to $56 further compounding the woes of BSV miners. Its total coin market cap went below $1 billion for the first time since BSV coin was created with BSV ranked at 14th place.
Bitcoin Cash (BCH) Price Today — BCH to USD
1 BCH to USD is trading at $317 at the time of writing which is 6% higher from yesterday. Interestingly BCH is the only top 20 coin trading in the green today as it benefits from the misery of rival BSV coin.