With the drama and chaos that ensued with the hard fork of Bitcoin Cash on November 15 is still going on as the trading volume of BCH goes down significantly while incurring losses in millions in the mining of respective Bitcoin ABC and Bitcoin Cash SV. Meanwhile, GlobeeCom has pulled out its support for Bitcoin Cash due to this hard fork.
A Serious Hit to Trading Volume while Losing Support & Millions
The split of Bitcoin Cash (BCH) into Bitcoin Cash ABC and Bitcoin Cash Satoshi Vision has been a chaotic one. It has also been considered one of the factors that initially drove the crypto market into the red.
However, apart from playing an alleged role in the price crash, the fifth largest cryptocurrency has getting hit pretty hard itself. At the time of writing, BCH been trading at $200 while registering the 24-hour losses of 12.49 percent, the highest losses borne altcoin among the top 24 cryptos. With a market cap of $3.5 billion, it is managing the daily trading volume of $73 million.
The trading volume is certainly taking a serious hit going to its lowest volume as pointed out by the popular crypto trader, Crypto Hustle on Twitter:
This past week there’s been an increase in volume for various coins. #Bcash at $62M is at its lowest volume since the days of its launch. The recent soap opera is quickly eroding its market confidence. It would be great for crypto if this shit corrodes into wasteland zombiecoin.
— ฿TF%$D! (@CryptoHustle) November 22, 2018
In the past 15 days, Bitcoin Cash price has tumbled down from $636 to $200. It is currently down about 95 percent from its peak at $4,355 in December.
BCH 15-days price chart, Source: Coinmarketcap
Meanwhile, both Bitcoin Cash ABC and Bitcoin Cash SV have lost a combined value of $3.13 million in mining both the cryptocurrencies as stated by Bitcoin evangelist and entrepreneur & CIO at a Digital Currency Fund, Alistair Milne on Twitter:
“So far the two camps of Bcash have:
… spent $3.25million to mine $1.9million of $BCHABC ($1.35mil loss)
… spent $2.15million to mine $370,000 of $BCHSV ($1.78mil loss)
The combined value of $BCHABC and $BCHSV is less than 50% of the value of 1 $BCH pre-fork.”
Amidst this war, a number of exchanges like Coinbase and Kraken are supporting Bitcoin Cash ABC and providing it the ticker of BCH. As for the reason behind the same, Coinbase team shared “We have observed consensus in the community that the BCH ABC chain will retain the designation of Bitcoin Cash (BCH). Coinbase will also adopt this designation for BCH. Coinbase has made this decision based on a number of factors including the fact that ABC has a higher hashrate and a longer proof-of-work chain.”
However, GlobeeCom with approximately 2k merchants that works on making crypto payments easy and support many plugins like WooCommerce and Shopify is no longer supporting Bitcoin Cash as reported by Samson Mow of CSO at Blockstream,
— Samson Mow (@Excellion) November 23, 2018
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A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com