Bitcoin Cash (BCH): The good and the ugly of the hash war
- Five days after the fork, Bitcoin ABC and Bitcoin SV hash war is yet to calmed down.
- Bitcoin Cash price continues to plunge to 2018 lows.
It has been a gruesome week for the Bitcoin Cash community. More so, Bitcoin Cash price has been the biggest loser in the war between Bitcoin ABC and Bitcoin SV. Most cryptocurrency exchanges froze the balances of BCH. Moreover, they are yet to open the trading for BCH ABC and BCH SV tokens, accept for a few like Poloniex.
OKEx, a South Korea based crypto exchange announced the early settled of BCH futures due to unforeseen price volatility. All the contract with the exchange were settled in accordance with the both the market integrity and customer’s interest.
"If market anomalies occur before or after settlement and delivery, which results in wide fluctuation of futures index or abnormal clawback rate, we may postpone or early settlement and delivery as the case may be. We shall post an announcement regarding detailed rules."
In another communication to the customers on Tuesday, the exchange wrote:
“Due to the force majeure of BCH Hard Fork and the large-scale impact it would create to the futures markets, we delivered all BCH futures contracts in advance for the sake of protecting our customers and the markets. Additionally, the settlement price of OKEx's futures contracts is constructed based on the spot index. And the BCH index constituents - BCH spot price of Coinbase, Binance, and OKEx - have already paused trading, which made it impossible to create a BCH index price for settlement. Under the circumstances, we had made the decision to perform an early settlement. We are confident that early delivery was the best option available.”
Five days after the fork, Bitcoin ABC and Bitcoin SV hash war not calmed down. The leaders of the two chains are still attacking each other on social media channels like Twitter. Both the chains are claiming to have higher hash rate than the other in spite of the fact that the charts show that Bitcoin ABC is leading. However, in some instances Bitcoin SV hash rate has zoomed past Bitcoin SV.
The war between Bitcoin Cash off springs in toxic for a crypto market that trying to rebuilt after an overwhelming selloff. Customer funds also remain frozen various exchanges. In addition, Bitcoin Cash price continues to plunge to 2018 lows.
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
