Bitcoin Cash ABC Nabs BCH Ticker, Price Slumps to Record Low
As most exchanges awarded the BCH ticker to the ABC chain branch, the market price is now under $300 on a technicality.
Bitcoin Cash (BCH) is 40% down, but the 24-hour loss is due to a technicality related to price reporting being switched between the legacy BCH asset and the pre-fork futures, BCHABC.
The reason for the switch was the decision of several major exchanges to conflate BCH with the BCHABC version. In effect, after the November 15 hard fork, where the chain branched in two, the ABC version became the accepted one.
After the ticker swap, the market price of BCH was that of the pre-fork futures, meaning traders suddenly held a much less valuable asset. Around 1:00 UTC on Tuesday, BCH dropped from the already depressed $336 level to $233.83, remaining flat near that price. Later, BCH slid to $228.01 on the continued weakness of the entire market. A further slide dragged it below $220, marking record lows for the asset.
Trading volumes also reflected the BCHABC market and fell by 90%, from nearly $1 billion equivalent to under $100 million. The coming days will show if trading picks up and the combination of an old ticker and a new asset manages to survive.
When it comes to hashrate, the BCHSV version seemed to be winning on Monday, with the hashrate on the chain rising above that of ABC for a short spell. But again, the latter was more actively mined and received more institutional support.
In the meantime, BCHSV has shown it may continue to exist as a minority chain, though with a separate ticker and almost no chance of becoming the de facto BCH. In the past hours, BCHSV also had troubles fulfilling its large-block promise as the network suffered a self-inflicted attack. Leading Bitcoin Cash ABC developer Amaury Sechet pointed out the flaw:
The legacy Bitcoin Cash was not mined after November 15, and the choice was between the two chain branches. But for a few days, the markets traded three assets, adding to the confusion.
While the entire crypto market has been shaky and capitulation events were expected, the latest crash is seen as a consequence of the Bitcoin Cash hard fork chaos.
The two branches continue to build up their positions, and BCHSV is still attracting miners and developers. But the addition of checkpoints on the ABC blockchain, the acceptance by exchanges, and the higher hashrate seem to have declared the winner of the “hash wars.” Craig Wright, the instigator of the hard fork, is left with a small and separate community of supporters. The BCHSV price has fallen to $55.89 and continues to slide amid the general sell-off.
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