link3087 link3088 link3089 link3090 link3091 link3092 link3093 link3094 link3095 link3096 link3097 link3098 link3099 link3100 link3101 link3102 link3103 link3104 link3105 link3106 link3107 link3108 link3109 link3110 link3111 link3112 link3113 link3114 link3115 link3116 link3117 link3118 link3119 link3120 link3121 link3122 link3123 link3124 link3125 link3126 link3127 link3128 link3129 link3130 link3131 link3132 link3133 link3134 link3135 link3136 link3137 link3138 link3139 link3140 link3141 link3142 link3143 link3144 link3145 link3146 link3147 link3148 link3149 link3150 link3151 link3152 link3153 link3154 link3155 link3156 link3157 link3158 link3159 link3160 link3161 link3162 link3163 link3164 link3165 link3166 link3167 link3168 link3169 link3170 link3171 link3172 link3173 link3174 link3175 link3176 link3177 link3178 link3179 link3180 link3181 link3182 link3183 link3184 link3185 link3186 link3187 link3188 link3189 link3190 link3191 link3192 link3193 link3194 link3195 link3196 link3197 link3198 link3199 link3200 link3201 link3202 link3203 link3204 link3205 link3206 link3207 link3208 link3209 link3210 link3211 link3212 link3213 link3214 link3215 link3216 link3217 link3218 link3219 link3220 link3221 link3222 link3223 link3224 link3225 link3226 link3227 link3228 link3229 link3230 link3231 link3232 link3233

Bitcoin Cash Futures Plunge on ViaBTC

Bitcoin Cash Futures Plunge on ViaBTC

 

The creators of Bitcoin Cash believe support for segregated witness was a mistake — and a diversion from Satoshi Nakamoto’s vision for Bitcoin — and they aim to help bitcoin scale by immediately increasing the block size from 1 MB to 8 MB.

Since Bitcoin Cash is forking the Bitcoin blockchain, most bitcoin holders will receive an equal number of bitcoin cash. As long as you control the private keys of your bitcoin wallet — or have your coins on an exchange which has pledged support for bitcoin cash — you will be able to claim your bitcoin cash. If your coins are on an exchange which opposes bitcoin cash — such as Coinbase — there is a good chance you will not receive them.

Although the UAHF has not yet been deployed, ViaBTC enabled traders to trade bitcoin cash futures (under symbol: BCC) by temporarily freezing their BTC balances on the platform.

Despite this move, ViaBTC says they are neutral and only added BCC support because they believed there would be a market for it. And indeed there was; 24-hour bitcoin cash volume surpassed $2 million on July 27, although it has since tapered to about $850 million. HitBTC later added BCC futures as well, although volume is extremely low.

 

Bitcoin Cash Price Chart from ViaBTC

Since its listing, the bitcoin cash price has plunged on ViaBTC. From July 24-25, the value of bitcoin cash futures hovered around $500. By the 26th, it had fallen to $400. Since then, it has continued to skid, falling below $300 on July 31. In the past day alone, the bitcoin cash price has declined 24% against bitcoin, bringing its present value to about $278 according to CoinMarketCap.

It’s important to remember that these are just futures. The actual bitcoin cash coins do not exist yet, so we shouldn’t extrapolate too much from the week that bitcoin cash futures were trading on ViaBTC. Right now, we have more questions than answers about the actual hard fork:

Will investors rush to sell their airdropped bitcoin cash for a quick payday, or will they take a more cautious route in case bitcoin cash gains traction?

Where will bitcoin cash debut in the market cap rankings? If the current price of its futures is any indication, it could vault to 4th place with a market cap of around $4.5 billion.

How will bitcoin cash affect the bitcoin price — and how much has it already? It is likely that bitcoin cash will pull at least some of its value from the bitcoin market cap, but how drastic and immediate will the transfer be? If the bitcoin cash price opens at $300, for instance, will the bitcoin price decline in response?

These are exciting — and anxious — times for bitcoin. Bitcoin cash already has a fairly solid wallet and exchange support, but the real test will be whether the miners get behind it. In any case, it will be extremely intriguing to watch the trajectory of the bitcoin cash over the coming weeks.

 

David Ogden
Entreprenuer

David Ogden Cryptocurrency Entrepreneur

 

 

Author: Josiah Wilmoth

 

Alan Zibluk Markethive Founding Member