Five days after the Bitcoin Cash hard fork began, it is safe to say that the stability of the BCH ecosystem has crippled. The worst part is what is seen in today’s crypto news – that it has continued and is not looking to recover anytime soon.
The BCH/USD pair suffered another 40% loss on paper (mostly because most exchanges paused BCH trading ahead of the fork) – setting a yearly low of $237. Currently, it seems like Bitcoin Cash (BCH) has corrected to $242 in a small upside recovery.
However, the downtrend has certainly intensified over the past few days and each session formed bearish flags and pennants consecutively. As a result, the BCH/USD pair went inside a free fall without finding its bottom.
In times when the fight between Bitcoin Cash (as most people are labeling the Bitcoin ABC version of BCH) and Craig Wright’s Bitcoin SV is harming the crypto market as a whole. There seems to be no way that guarantees a way out – as the industry witnesses downward movements and new losses day after day.
If you are wondering what’s next, crypto exchanges are already in the process of labelling Bitcoin ABC’s ticker BCHABC as BCH which signifies that ABC will lead the original BCH blockchain. Trading under the BCH ticker is still closed on some mainstream exchanges – but few allow it. Once the trading fully resumes for retail investors, then we can expect more trend-defining movements in this market.
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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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