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Bitcoin Cash Price Remains Under Pressure Despite Pre-Forked Coins Trading at Lower Values

There has been a lot of talk regarding the upcoming Bitcoin Cash hard fork. Although there is a lot of support for the second chain across exchanges, it seems the BCH price is not going through a positive spell right now. In fact, its losses are slowly piling up as the week continues. That is a bit unfortunate, albeit it is evident this trend will not relent anytime soon.

Bitcoin Cash Price Continues to Dwindle

Compared to what Basic Attention Token is going through, the Bitcoin Cash downtrend is not something to be concerned about. Although there is a small net loss in both USD and BTC value, the altcoin could be off far worse. For the time being, it seems to be a matter of time until BCH rebounds, albeit this downtrend may not relent over the weekend by any means.

Over the past 24 hours, there has been a 4% USD dip and 3.5% BTC dip for Bitcoin Cash. This pushes its value down well below $600 again, and it remains unclear if $550 will act as a key support level moving forward. That is difficult to predict under the current circumstances. Its trading volume of $776m, on the other hand, is very impressive.

The big news prior tot he weekend is how Poloniex is the first – and only – exchange to provide pre-fork trading of Bitcoin SV. Its value is, compared to Bitcoin Cash, virtually identical. Even so, the value of BCHSV has dropped by 44% in the past 24 hours, which further confirms the value of this altcoin was a bit overestimated. BCHABC is also trading on this exchange as a big deficit compared to these two other “chains”.

Tortsch-Man is sharing some interesting views on the current Bitcoin Cash price situations. His advice is to dump BCH in favor of Litecoin, because it is the “realest thing after Bitcoin itself”. An interesting sentiment, although it seems unlikely few people will follow this advice moving forward.

Greenli poses a very interesting question regarding the future of BCH’s price. Reaching $600 again seems very plausible, given the trading volume, although the altcoin will need to overcome the deficit over Bitcoin first and foremost. So far, no real progress is made in this regard, but interesting things can happen during the weekend.

How things will evolve on this Friday evening, remains rather unclear. For now, it seems Bitcoin Cash is not in a bad place, although things could certainly use a healthy boost. A push to $575 would be a telltale sign of what the future may hold, but for now, the bears remain in full control, by the look of things. This weekend may prove very interesting for cryptocurrency trading as a whole.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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