Newly created Bitcoin Cash fork, BCHA under attack ahead of November 25 dump

Bitcoin Cash ABC is being controlled by an unknown mining entity following the blockchain split on November 15.
A 51% attack on the network is so cheap that it would cost only $300 per hour.

Bitcoin Cash ABC (BCHA), the new Bitcoin Cash fork birthed after an upgrade on November 15 is under manipulation. The new token split from the leading protocol Bitcoin Cash (BCH) following a disagreement among developers on whether to include a miner tax or not. Bitcoin Cash Node (BCHN) became BCH's dominant software after receiving a higher hashpower.

Bitcoin Cash ABC (BCHA) has since, from the first block, received less hashpower mainly because miners preferred the twin protocol, BCH. According, Nikita Zhavoronkov, BCHA is being manipulated even though the network is not yet in a 51% attack. However, all the blocks are currently being minted by an unknown mining entity.

Zhavoronkov shared the concerns via Twitter and broadcasted the message "November 25, 2020: bcha dump." The miner argued that the unknown mining entity initially produced empty blocks and is now predicting a massive dump come November 25.

Meanwhile, the blockchain has been "attacked for over a day now" also, "It's super cheap to attack it – for example, a 51% attack would cost only $300 an hour at the current hashrate.

BCHA blockchain data

Bitcoin Cash ABC breakdown still unstoppable

Following the hard fork, BCHA has been on a downward spiral. A bottom remains elusive for the digital asset, with the latest blow being the slide under 20 USDT. Over the last 24 hours, BCHA has lost over 20% to exchange hands at 19 USDT. A buy signal is likely to be presented by the TD Sequential indicator in the near term and could help the token refocus its attention on recovery.

BCHA/USDT 4-hour chart

However, if the dump occurs on November 25 as broadcasted by the unknown mining entity, there might not be a BCHA digital asset. It is difficult to predict what will happen to the new chain; therefore, the situation has been reduced to a 'wait and see' narrative.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram