Bitcoin Cash crashed right after the hard fork went live today and split into two. The traders are still uncertain about the fate of the network. the price of BCH crashed down by 5% so let’s read more into our Bitcoin Cash news today.
The Bitcoin Cash blockchain split into two today while traders remain uncertain about the future of the platform and brought the price down along with their fears. The hard fork came due to a massive disagreement between the two BCH clients, bitcoin Cash ABC and Bitcoin Cash Node when the BCHA put down the infrastructure Funding Plan that is supposed to levy an 8% tax on the miner profits and to move the funds into a fund for future network development.
The proposal remained unpopular among users of BCH that had strong feelings about their profits being diminished and feared that it would dash the community’s decentralized spirit. Most of the major companies expected almost no disruptions and signaled that they are ready to accommodate changes but many like Coinbase announced a pause in deposits for an unknown period of time for BCH. In the meantime, in the hours before the hard fork, Bitcoin and Ethereum hit record highs in price.
However, Bitcoin Cash crashed right after the hard fork happened and the price plunged as well. As reported previously in our BCH news, The altcoin traders continue to feel the pain as BTC Gains while Bitcoin cash hits record lows. The data that we have today shows that as of November 10, BCH is worth less in BTC terms than ever before. At press time, the BCH/BTC pair traded at 0.017 BTC, comfortably beating the previous record low of 0.0245 that was seen in December 2018. The hard fork of BTC saw little attention this year as investors mainly focused on Bitcoin and the decentralized finance phenomenon.
The announcement of another hard fork of the Bitcoin Cash network is set for November 15 but it did nothing to console the coin’s price as the data shows. In USD terms, BCH spent the past three months fluctuation in a corridor between $230 and $280 while BTC increased by a third in value.
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