Users moved 1 million Bitcoin Cash to the stock exchanges in anticipation of hardfork
Over the last week, Bitcoin Cash (BCH) holders have moved more than 1 million coins (~$255 million) to the crypt currency exchanges on the eve of the upcoming November 15 hardfork in the network.
Over 1 million Bitcoin Cash has been sent to exchanges in the last seven days ahead of the hard fork on November 15, driving the BCH price relative to BTC even lower.
On the chart below you can see an increasing trend in sending Bitcoin Cash to the stock exchanges starting from mid-October. Average daily rates of these flows over the last seven days were almost twice as high as the rates typical for the 180-day period. According to recent data, the inflow of BCH to the stock exchanges for the last 12 days amounted to almost 6.4% of the total issue of cryptovoltaic currency.
Dynamics of BCH flows to the wallets of the stock exchanges.
November 15 in the network Bitcoin Cash planned hardfork, which is likely to result in a new chain of Bitcoin Cash Node (BCHN). During the last week it is dominant, steadily ahead of the largest Bitcoin Cash ABC client in terms of number of nodes.
Over the past seven days in support of BCHN signaled 83.2% nodes, the option ABC – no supporters, 16.8% – have not yet decided on their choice.
Futures markets also support BCHN as the dominant chain after November 15. BCHN contracts are traded at 0.96 BCH, BCHA – 0.047 BCH.
The leading developer of Bitcoin Cash ABC Amory Seshe announced the network update in August this year. By November 15, all network nodes must update the software, otherwise they will remain in the alternative chain.
The update will introduce a new complexity recalculation algorithm called ASERT. It is assumed that together with it, the problem of delaying the formation of new blocks will disappear.
Another innovation is implementation of the Coinbase Rule function. It will reject all blocks that will not contribute 8% of the awards received to the Bitcoin Cash Development Fund. This is the aspect that caused the main contradictions – a large part of the community did not agree with this proposal, releasing BCHN client in response without the support of this option.
Earlier, the founder of Bitcoin.com and one of the main supporters of Bitcoin Cash Roger Ver stated that on November 15, Bitcoin ABC and its leading developer Amory Cechet will part with Bitcoin Cash.
These words suggest that the Bitcoin Cash community will fight for which fort will be eligible to claim the “Bitcoin Cash” brand – Bitcoin ABC or BCHN.
Poloniex, which on the eve of hardfork BCH and BSV supported futures on both coins, this time did the same with the launch of pre-fork trade.
What will happen with the #Bitcoin #Cash fork this month?
Other leading trading platforms will only support a blockchain with the highest hash rate. This may explain the desire of many users to sell the asset in the run-up to hardfork.
Binance has already announced that it will support a longer chain and will charge 1:1 in the case of a coin fork. Deposits to BCH will be suspended on November 15 at about 10:00 UTC, hardfork itself will be held at about 12:00 UTC.