The bitcoin cash price crashed below the $400 level on Thursday, less than two hours before the fourth-largest cryptocurrency’s network is expected to splinter into competing versions following a contentious hard fork.
The crypto market had already been battered over the previous 48 hours, with every major cryptocurrency posting losses in excess of 10 percent and the combined value of all cryptocurrencies slinking below the $200 billion mark for the first time in November.
Bitcoin cash had been among this week’s worst performers, as it rapidly shed the gains it had made last week in advance of today’s hard fork. The BCH carnage ramped up even further on Thursday around 14:40 UTC, as a wall of sell pressure forced the bitcoin cash price below support at $400, taking the coin to a new yearly low of $382 as of the time of writing.
The sell-off occurred just two hours before today’s hard fork, which is expected to introduce even further volatility into BCH as multiple cryptocurrency networks compete for the “bitcoin cash” moniker and ticker symbol.
Stay tuned for CCN.com’s continuing coverage of today’s BCH hard fork.
Featured Image from Shutterstock. Charts from TradingView.
Last modified: May 20, 2020 2:25 PM UTC