Bitcoin Cash BCH fork war

Bitcoin Cash Hard Fork occurred on November 15 2018. As the two chains split, the hash and price war has continued since then. Nevertheless, the major exchanges including Coinbase, Huobi and Bittrex have recognised Bitcoin Cash ABC chain as BCH. The price of BCH (ABC) or only BCH is now around $230 with a total market capitalisation of $4 billion. Whereas the price of Bitcoin Cash Satoshi Vision (BCHSV), renamed as Bitcoin Satoshi Vision (BSV) is hovering around $50.

The Hash war before and after the split has induced uncertainty in the market, this environment of confusion and profit-motive mindset eventually will lead to a group of participants going long on the wrong chain. They would incur maximum loses. Furthermore, the split has caused a massive amount of loss to the original BCH traders as well, the price of the combined chains before the fork (originally BCH) was higher and was reaching out to the bulls, however, is now down 40% from last month’s high.

Bitcoin or Bitcoin Cash miners are the entities that confirm the transactions on their respective chains, it is hence, imperative that there must be transactions to verify; therefore the miners eventually side with the popular chain. The users and other business entities have all sided with Bitcoin Cash ABC, driving the miners to support the dominant chain.

The market research wing of Bitmex; one of the largest cryptocurrency exchange of the world, has been on top of the Bitcoin Cash Hard fork statistic. According, to the reports the losses are enormous for both wing miners. Bitcoin SV miners, as expected, are taking the maximum brunt of the market. This leads to an overall decline, as electricity and hash power are used to generate the coin is worth very less on the market. 

BitMEX Tweet BCH Hard Fork
BitMEX Tweet

This uncertain situation has persisted for a week, with the BTC chain also getting affected as the supporters of either chain start to dump BTC as well to increase their network adoption. Craig Wright, the apparent leader of the Bitcoin Cash SV (Satoshi’s Vision) wing, had threatened to burn BTC and hold BCH.

Craig S Wright Tweet BCH Hard Fork
Craig Wright Tweet

The statement was not a meagre threat, but severe implications of their dump are affecting the entire crypto-market. Bitcoin cash hard fork occurred on November 15 as expected. What was unexpected was the effect of the Civil War over the whole crypto-market. Cryptocurrency as the entire market is down 210 billion USD to 160 billion USD taking 25% losses in a fortnight. 

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