The Bitcoin Cash holders exit their positions because of the heavy uncertainty around the future of the chain split of the asset as we are reading more in the upcoming Bitcoin Cash news.
The discussions about a chain split are heating up the crypto community and between the BCH developers in an upcoming system upgrade. The data reveals that investor is losing their confidence in the BCH future and decided to sell their holdings. If the selling pressure continues, BCH will be poised for a steep correction which will be hard to recover from.
The core development team behind Bitcoin Cash is butting the heads over the features included in the upcoming November protocol upgrade. The Bitcoin cash holders exit their positions because of the risks of another chain split. Things are not looking good among the core developers as well as a few of them are now fighting about the mining difficulty algorithm for the network. The discussions have been so heated up that even the Bitcoin.com CEO Dennis Jarvisis confirmed that he is concerned about another fork:
“I hope everyone can come back together to work on the future roadmap. There are no good outcomes from forking/splitting for anyone who believes in the long-term value and usefulness of Bitcoin cash.”
Those that are working on the ABC implementation proposed a difficulty Algorithm Adjustment for the new upgrade in November. The hardfork was set to tackle three main issues such as consistency of block production, miners’ profitability, and the rate at which new coins are minted. However, the proponent of the BCHN proposal Jonathan Toomim stated that the new code represented a huge step on the path to corruption.
It seems that there cannot be compromise found in this situation as the advocate Hayden Otto announced that a new plan was created, resolving the issues between ABC and BCHN developers. Some remain optimistic about the possible solutions but it is uncertain whether or not the community will clash again. It’s also worth mentioning that the sudden drop in the number of BCH whales can be seen across the board. The overall number of addresses holding the cryptocurrency has been dropping as more than 6% of the investors exited their positions.
There are 17 million addresses with a BCH balance but the data from IntoTheBlock shows that 16 million addresses are holding this altcoin.
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