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After an explosive rally, bitcoin cash entered a period of consolidation ahead of a difficult fork expected in just four days. On Saturday, the BitPay cryptographic payment processor announced that it will support Bitcoin Cash's main upgrade, joining a growing list of entities that adhere to the so-called "Satoshi Vision" chain.
BCH / USD update
After a positive start to the weekend, bitcoin cash reversed Sunday's route, falling 5.1% to $ 530. With the decline, the digital currency dropped nearly $ 120 from last week's swing.
Trade volumes have fallen dramatically since Wednesday, when the daily business turnover reached $ 1.2 billion in virtual trade. As of Sunday, BCH trade volumes had fallen to $ 678 million, according to CoinMarketCap. BitForex, OKEx and DigiFinex are the largest markets for BCH trades, based on daily turnover.
The 4-hour chart shows a strong drop in momentum for the BCH / USD trade, with the relative strength index (RSI) approaching the oversold territory. The MACD is equally bearish.
The BCH was also trading much lower than the bitcoin. At the last check, the bitcoin money was worth it 0.08286396 BTC, down 4% from Saturday.
At current values, bitcoin liquidity has a total market capitalization of $ 9.2 billion, placing it in fourth place among active cryptocurrencies. At the height of its most recent value, bitcoin liquidity market capitalization rose to $ 11 billion.
BitPay will not implement Bitcoin SV
BitPay, one of the world's leading cryptographic companies, announced on Saturday that it will support the implementation of Bitcoin ABC of the upcoming bitcoin cash for fork. In this way, the payment processor has declared that it is not planning to implement Bitcoin SV, the hard fork protocol promoted by Craig Steven Wright, CoinGeek and Calvin Ayre, a well-known casino mogul.
"BitPay has no plans to migrate from Bitcoin ABC's Bitcoin Cash implementation to a different implementation," the company said in a blog post. "BitPay will monitor closely the network conditions and chains resulting from a division of the chain and we will send you another notification when we determine that payment risks have been exceeded."
The payment processor recommended that users avoid sending transactions that lead to the hard fork, which is scheduled for November 15th.
As Hacked recently reported, the implementation of Bitcoin SV promoted by Wright and others was rejected by the BCH community. Bitmain founder Jihan Wu also confirmed that the BCH developers are "working together" to remove Wright from the community.
In addition to BitPay, the large customers of the Coinbase and Binance market also announced support for Bitcoin ABC. Individual miners are likely to follow the example if the final support for a fork version continues to grow.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
