“War, what is it good for,” Edwin Starr had asked. If only he had a look at the trading activity for the last 24 hours in the BCH markets he would know, profits of course. The civil war that both BCHSV and BCHABC had been preparing for a while has now come to the fore. Most cryptocurrency traders are gleefully sitting on the fence ready to earn from the possible debacle. Both the altcoins have had massive fluctuations in their prices, a situation that will doubtlessly continue for the foreseeable future.
Bitcoin ABC Gains a Significant Foothold
As the week draws to a close, no one was expecting a quiet time. Both cryptos have been briskly traded, both before and after the fork. BCHABC though has seen a change in fortune with nearly a 20% spike in valuation. This, despite the fact that both currencies have been frozen for the time being. Thus while one can deposit and convert BCH funds on eligible exchanges that support both currencies, their sale is forbidden.
BCHABC has been found to generate more trading volume, although it could be due to all the “betting” going on about the future after the fork. This has undoubtedly contributed to a price inflation that has seen its value constantly hover around 0.05 BTC. It has also been noted that there are 300 BTC in actual buy support while the sale orders are in excess of 10,000. This is, most probably, done by people looking to hedge their bets; who in the event of a sudden market collapse, will quick sell.
Bitcoin SV Gets a Real Bruising
BCHSV had an interesting position prefork. However, the post-fork trading has condemned it to be the more volatile of the two crypto assets. Starting off at 0.038 BTC, its price has stumbled its way down to 0.013 BTC now. This was primarily due to a steep sell-off seen at the end of yesterday. While the cause is unknown, many have speculated that it could be due to miners and pools converting BCH to both assets for the split.
Despite winning in terms of actual trading, BCHSV prices seems to have taken a nose dive and seem to be staying down for now. A real recovery over the coming hours seems improbable owing to a lot of negative pressure on it. Though, Bitcoin SV has more buy support, as 491 BTC in open orders. A rearguard action is not likely as 40,300 BCHSV are waiting to be sold.
As many had feared and predicted, this hard fork would cause a fair amount of heartache to the community, and so it seems to have come to pass. As such, speculators are making the proverbial hay by betting on both sides and accumulating more Bitcoin.
While the outcome of the hash war remains unclear, this trend is likely to continue. In the interim, the market prices are expected to hover around 0.02 BTC. One can only hope that this tempest calms down quickly and the damage can be assessed, so that such situations can be avoided in the future.