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After testing the new annual lows, bitcoin liquidity on Wednesday showed a modest rise as several exchanges of virtual currencies reactivated the BCH negotiations for the first time since last week's appeal. However, the distress manifestation should not be interpreted as a shift in direction, as BCH remains severely hampered by resistance and is likely to continue to decline in the short term.
BCH / USD update
The price of BCH is currently trading at $ 230, where it was down 5.3% on the day. The fourth largest cryptocurrency by market capitalization reached an intraday high of $ 254, according to aggregate pricing data provided by CoinMarketCap. The currency fell briefly below the price of $ 200 during the previous session, setting a new historical low.
The BCH price quoted on CoinMarketCap reflects the latest pricing data for bitcoin cash ABC, the primary implementation of the hard fork last week. The bitcoin cash ticker page on CoinMarketCap provides the following disclaimer:
"To reflect the current market, we have combined our Bitcoin Cash (BCH) and Bitcoin Cash ABC (BCHABC) cards. We have observed that most exchanges use Bitcoin Cash (BCH) to refer to the implementation of Bitcoin Cash. ABC. "
On this basis, the main bitcoin liquidity chain has a total market capitalization of $ 4.1 billion. Daily trading volumes exceeded $ 103 million, equivalent to around 23.045 BTC at current prices. Binance is the largest market for BCH operations, treating more than a third of transactions via BTC and USDT as quotation currencies.
The hash war is unleashed
The battle for control of the bitcoin liquidity network continued this week, costing millions of lost revenue miners. Without a clear prospect in view, hardline competition will remain a considerable source of risk for cryptocurrency traders in the near future.
According to BitMEX, a popular cryptocurrency derivatives platform, the November 15 chain split has already resulted in a gross cost for bitcoin liquidity miners of $ 6.1 million. (It is noteworthy that BitMEX has seen a big surge in trading volumes last week as traders continue to short bitcoin through the futures market.) With numbers like these, it is reasonable to assume that a large share of BCH recently mined will be sold regardless of how the market perceives the ABV / SV chains.
Hashwar.live data show a head-to-head race between rival chains. Although bitcoin cash ABC came out strong last week, the SV community promised to play the long game. Craig Steven Wright, the most vocal supporter of the so-called "Satoshi Version" tweeted the following declaration on the day of the fork:
"Just a reminder
Sustainable hash
Not a day, not weeks, not a burst.
Competition continues until one dies as we do not stop "
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.
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