While it’s been a fairly calm week for the crypto market, Bitcoin Cash (BCH) experienced quite a surge. On Friday, Binance announced that it is supporting the upcoming fork, and Coinbase followed suit on Saturday. This provided many traders with some peace of mind.
Following the news, the price of Bitcoin Cash (BCH) rose from about $425 to $470 at its peak. The currency settled on Saturday at a little over $477. Over the last week, the trade volume more than doubled from $200 million to $470 million, with a 24 hour volume of $10 billion.
Binance and Coinbase allay uncertainties as a November 15 fork looms for Bitcoin Cash (BCH)
Bitcoin Cash (BCH) originally displayed a hard fork from Bitcoin (BTC) in 2017. Also, a fork occurred every 6 months with the addition of updates to the protocol. And the next is scheduled very soon on November 15. The plan was that the network would form a consensus on the fork, but the atmosphere has been one of strong opposition.
Bitcoin ABC, currently the most popular BCH client, proposed an update that nChain opposes. Meanwhile, the anonymous owner of Bitcoin.org proposed a compromise called Cobra Client. Trade volume, meanwhile, slowed down dramatically until very recently.
Binance stated explicitly that they will be supporting the Bitcoin ABC upgrade, and Coinbase revealed similar intentions:
“Coinbase is prepared to support the published roadmap from bitcoincash.org. However, unlike previous BCH hard forks, there is a competing proposal that is not compatible with this published roadmap”
The blessing is that both mega exchanges provide assurance that they will settle matters
Changes to Bitcoin Cash (BCH) will have to meet the exchanges’ quality standards. They’ll also keep your coins safe in your exchange wallet. Overall, they hope to minimize “transaction disruption” for users.
Only a few days prior, Ledger made a similar announcement, stating that they would suspend Bitcoin Cash (BCH) until it was clear which upgrade was passed. However, users are still able to store their assets in the hardware wallet.
Typically, a fork can be a boon to investors
When Bitcoin Cash (BCH) originally hard forked from Bitcoin (BTC) last year, holders received new coins 1:1. Since Binance and Coinbase will support the fork, their wallet addresses should be able to receive any incoming bonus.
Coinbase said it will be shutting down activity for Bitcoin Cash (BCH) on November 15, 8 AM PST – one hour prior to the fork. Both exchanges only say that they will update customers “throughout the upgrade process”. You can also expect a final announcement from either, once technical matters are resolved.
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