[ad_1]
The value of assets under management for crypto fund manager Bitcoin Cash Trust of Grayscale Investments fell $ 1.6 million following news that the crypto asset would be forking on November 15.
According to data from Coin Dance, the Bitcoin Cash (BCH) network has now split into two blockchains. Currently, miners’ action appears to favor the Bitcoin Cash Node, or BCHN. The Binance crypto-exchange pool was responsible for mining block 661647 – the last common block before the fork.
At the time of publication, miners have mined around 27 blocks for BCHN and none for Bitcoin ABC or BCHA.
Since the spread announcement on November 15, crypto users have typically sent more BCH through exchanges, depositing over $ 300 million in tokens in November. While Grayscale apparently added to its holdings of BCHG shares during this period, the value of assets under management in its Bitcoin Cash Trust declined. According to updates posted on the crypto fund manager’s Twitter account, the company had $ 46.8 million in assets under management for the BCH trust on Friday, down $ 1.6 million from November 9.
The BCHN fork emerged in response to Bitcoin ABC’s announcement to introduce a new ‘Coinbase rule’ diverting 8% of block rewards to a development fund controlled by BCHA lead developer Amaury Sechet. BCHN supporters have insisted the rule is not necessary, saying they can fund blockchain without this development and mining tax. BCHN’s dominance in addition to community support had suggested the fork would emerge as the dominant blockchain.
Although the price of Bitcoin Cash has seen volatility since the range was first announced, it climbed to over $ 276 on October 23 and generally moves between a price corridor of $ 230 to $ 280 since it fell over 26% at the beginning of September. Bitcoin Cash is currently trading at $ 245.87, having fallen 4% in the past 24 hours, while Bitcoin (BTC) has slipped below $ 16,000 to $ 15,903.
[ad_2]
Source link