Bad news for the Faketoshi team in the Bitcoin Cash Fork race


Due to the announcement of Poloniex (an exchange of cryptocurrency), that "pre-fork trading" will be enabled in two Bitcoin Cash forks (BCH) proposals: Bitcoin Cash SV and Bitcoin Cash ABC, preliminary trading data revealed a clear winner between the two competing proposals.

Poloniex's latest price data reveal that BCH ABC is trading only about $ 100 below or 8% less than BCH (its mother currency). However, the alternative BCH SV which is supported by Craig Wright, who is also referred to as Faketoshi, is trading around 90% cheaper at just $ 52 at the time of printing.

Price in Bitcoin Cash (BCH) today – BCH / USD

It is very important to note that the market for both BCH SV and BCH ABC is illiquid and very thin, which means we should expect more irregular price actions until the market is finally balanced.

To trade the proposed currency, which still has to exist on the blockchain, Poloniex users are required to convert their BCH coins into BCH SV or BCH ABC. This move is definitely risky, which is evident in the 90% loss of BCH SV.

The exchange also revealed that, until the real hardfork planned for 15th November happens, only withdrawals and deposits of the proposed forks will be made available. For now, users can exchange coins within the exchange. However, in an update, Poloniex warned him "Trading these assets can be extremely risky – it is possible that one of these chains is not economically or technically sound after the fork and its value will drop to zero."

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