Ahead of the hard fork users have moved $257 million worth of BCH to different exchanges in the last one week.
With many exchanges confirming support and many others that won’t support any token after the split, users are taking the cautious move.
The users of Bitcoin cash have moved more than $257 million worth of BCH to different exchanges in the last one week, ahead of the controversial hard fork that is scheduled for November 15th. Philip Gradwell, the chief economist at Chainalysis said that more than 1 million BCH was sent to trading platforms over the last week so that it could be sold off for other crypto assets. One of the main reasons could be that the users are expecting high volatility owing to the scheduled hard fork.
The Bitcoin Cash blockchain is headed for a hard fork which could lead to a chain split. The community is divided over the introduction of a new algorithm as well as the distribution of 8% block rewards from the BCH miners to the Bitcoin ABC development team. Most supporters of the entire development and allocation have rallied after the development team. A few in the BCH community are against the 8% allocation believing it goes against the decentralized nature. Some have even equated this to some kind of a tax to the network.
As per the latest data, it is clear that more than 80% of the cryptocurrency’s hashrate signal for BCHN is controlled by the miners. The reactions to the upcoming hard fork are already in with most of the exchanges revealing it will give users who hold Bitcoin Cash when the fork takes place the token corresponding to the other chain if at all there is a split, but there are some exchanges which will not support both the tokens. Many others have even said that they will support the blockchain that registered the maximum hash rate. Data shows that the users are selling their BCH as the price of it has been dropping. Data from CryptoCompare shows that 1 BCH in one week went from 0.230 BTC to 0.0165 BTC.
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