With bitcoin cash mining its first forked block, the futures prices of SV and ABC are fluctuating wildly.
The BCHSV futures price jumped 10.7 percent against the US dollar, rising from $88.12 to $97.51 within just an hour — before sinking below $90 after the fork. Meanwhile, the BCHABC futures price rate saw a 9 percent decline, declining to $273.50, before rallying to a high of $341 after the fork activated. As both the derivatives are working in the absence of an actual market cap, the price fluctuations merely reflect which protocol traders support in near-term.
The long-anticipated hard fork of the Bitcoin Cash blockchain has gone live already, with reports confirming that the first mined block comes from the BCHABC protocol, even though SV boasted a much larger hashrate in the days preceding the split.
BCH holders can expect to see wild fluctuations over the next 24 hours. Wright has threatened to begin a 51 percent attack on the Bitcoin ABC blockchain if his SV gains a majority of the hash-rate on the network. While ABC expects to draw hash power from Bitmain’s bitcoin hash pools, the overall ugliness of the situation could lead BCH to new lows and may even threaten the original bitcoin’s value for a while.
If Wright manages to get hold of the Bitcoin Cash network, then he may be harming SV more than anybody else. The SV chain won’t be decentralized anymore due to his actions — which could simply mean no users. A likelihood of investors moving away from every coin that is named after bitcoin is high in that case.
In the best case scenario, the two chains ABC and SV can coexist together without shedding blood. While BCH will still be affected by all the negatively, the probability of its recovery will be higher than usual.
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Last modified: June 14, 2020 11:04 AM UTC