Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bitcoin Cash (BCH) has gained 25% in just the last three days just before its scheduled hard fork on the 15th of November.
The first Bitcoin derivative Bitcoin Cash (BCH) is on a steep upward journey in the last three days. As the cryptocurrency is approaching its scheduled fork on November 15th, the BCH valuation has jumped 25% from Nov. 2 until now. The recent price-surge in BCH is because of the support for hard fork extended by two big crypto exchanges – Binance and Coinbase.
Bitcoin Cash is currently trading at $560.21 with a market cap of $9.7 billion. In the last 24 hours, the cryptocurrency has gained over 4% with its trading volumes crossing $1 billion, according to CoinMarketCap.
In its official announcement for extending the support for Bitcoin Cash hard fork, crypto exchange Binance wrote:
“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC). Please leave sufficient time for deposits to be processed in full prior to this time. We will handle all technical requirements involved for all users holding Bitcoin Cash in their Binance accounts.”
Coinbase and Ledger Join Binance to Extend Support for the BCH Hard Fork
After the Binance announcement, another popular crypto exchange Coinbase jumped-in to extend support for the BCH hard fork. The Coinbase team wrote:
“Twice a year, the Bitcoin Cash (BCH) network hard forks as part of scheduled protocol upgrades. The next BCH hard fork is scheduled for Nov 15, 2018, and Coinbase is prepared to support the published roadmap from bitcoincash.org”.
Coinbase further wrote that during the upgrade period it will monitor the Bitcoin Cash network. The exchange also notes that it cannot predict the duration of this network upgrade. Soon as the upgrade process is complete, Coinbase will take the succeeding steps to re-enable the sends and receives.
“We will update our customers throughout the upgrade process and about the outcome of the fork once the network reaches consensus. In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain,” said Coinbase.
Crypto startup Ledger providing asset storage solutions has said that it will protect BCH users through the fork. Moreover, it also claims that as per the requirement, ti will support the most dominant chain i.e. the fork with the highest stability and most hashing power.
The Cause of the Hard Fork
Blockchain group NChain led by the controversial Craig Wright has gone to lock horns with BCH-centric developer consortium Bitcoin ABC. Hence, they will cause a hard fork in the Bitcoin Cash blockchain network resulting in two chains for the cryptocurrency. As part of the hard fork, the BCH holders will get an equivalent amount of the newly created BCH chain tokens.
In the last six months, most of the BCH volumes comes from the Asian subcontinent and majority from crypto exchanges like OKEx, Binance, and Huobi.