If we go back to the crypto news from a month ago, we can see that the Bitcoin Cash price was at $638, but as we can see today, the price has dropped to a stunning $117. This is more than 80 percent drop over a 30-day period.
In the first week of November, BCH started to increase because of the also increasing interest of the hard fork that happened on November 15. Because the split between the two teams was expected, the investors thought this to be the perfect opportunity to start accumulating the asset.
When a hard fork happens, a split chain is created and the original asset is then divided into two and the holders of the original asset are rewarded with the new cryptocurrency and this happened when the holders of BCH were rewarded with Bitcoin SV.
Following the hard fork, a huge conflict occurred between the BCH and BSV groups and both of the sides threatened to freeze the blockchain by spamming transactions. Though this never happened, it was enough to bring the confidence of the investors down thus bringing the price down as well.
Kraken was among the first exchanges to announce that they will not provide custody of BSV because of the possible attacks by saying:
‘’Bitcoin SV does not meet Kraken’s usual listing requirements. It should be seen as an extremely high-risk investment. Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.’’
As for the future of BCH, most low volume cryptocurrencies tend to provide poor performances. As of today, the daily volume of BCH is still around $110 million.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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