Bitcoin Cash Surges over 15% ahead of Hard Fork
Bitcoin Cash has surged over 15% in the past day in the anticipation of the upcoming hard fork scheduled on November 15th.
The Bitcoin Cash Network will split into two different chains due to a difference in consensus between Craig Wright’s Bitcoin SV client and Jihan Wu’s Bitcoin ABC Client.
Major exchanges like Coinbase and Binance have announced support for the hard fork. Other exchanges are likely to follow.
Binance wrote in their blog:
“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC).”
BCH rose from $430 to a high of $536 in a matter of two days after these exchanges started announcing their support for the upcoming hard fork.
The volume has grown from a mere $200-300 Million to over $970 Million in the last couple of days. The increase is likely because of the buy volumes and the coins being moved around in the exchanges in anticipation of the newly forked tokens.
Many of the traders are fixing their position on BCH solely due to the fork as they will get the new forked tokens. As more and more exchanges and wallets start offering support of the new tokens the activity will likely rise in the coming days.
A majority of volume comes from OKEx, DigiFinex and Binance. A majority of BCH activities are going on in Asia, the west is yet to catch up on the developments.
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