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Bitcoin Cash (BCH) remains bearish on Friday as the vortex contiguous to last week's controversial range continued to inject negative sentiment into the market.
The BCH / USD, after aggregating the market capitalization of the original BCH and the forked ABC Bitcoin, is trading at 206.79, down 6.57% from the intraday peak of 221.34. The pair in the last hour has corrected upwards, but the volume of the small uptrend is dying. What it says is at most a bearish pennant, forming because of the execution of short positions. This shows globally that the BCH / USD will probably extend its losses, perhaps to a historic low.
SOURCE: COINGECKO
The technical details have less to do than what is happening on the BCH / USD market, which has lost about 64% of its market capitalization over the past two weeks. He has to do more with the current niche between the lenders of two resulting chains after the Bitcoin Cash fork. Although Bitcoin ABC, the BCH version run by Roger Ver, clearly wins in terms of hash power, Craig Wright's Bitcoin SV software does not concede defeat. Instead, Dr. Wright himself threatens ABC's disrupting their chain by double spending or relay attacks.
"We all know how Craig Wright works," Ver told CNBC. "There will surely be a lot of threats from him, as well as from the SV team. After all the tough debate, he even started attacking Ripple's XRP, which means he's just there to catch the eye. "
No end in sight
While Ver and Dr. Wright are racing without knowing the finish line, it is the market that loses patience. It took a total of $ 5.40 million to mine the ABC and SV mines, worth $ 1.72 million. Dr. Wright, in one of his threats, said that he would pay his bills by unloading the original Bitcoin unless it costs $ 1,000. Ver, meanwhile, has confirmed that he has the support of all major pools and mining exchanges. So there is no way for ABC to back down before the empty threats of the SV team.
Until now, both camps of Bcash have:
… Spent $ 3.25 million to extract $ 1.9 million from $ BCHABC (Loss of $ 1.35 million)
… Spent $ 2.15 million to extract $ 370,000 from $ BCHSV (Loss of 1.78 million dollars)The combined value of $ BCHABC and $ BCHSV is less than 50% of the value of 1 $ BCH Prior fork
– Alistair Milne (@alistairmilne) November 20, 2018
At the same time, investors have enough excuses to leave the market and pool their funds in a more stable and robust environment unless the cryptography market comes to their senses. The combined value of Bitcoin ABC and Bitcoin SV is now less than 50% of the value of BCH before the range. This shows that the patience of retail traders is running out day by day and that he would probably wait. At the same time, it is also interesting to see how long the miners can sustain a bearish BCH.
The BCH / USD is now considering its lowest level at 198 as a potential support. Ventilation underneath will probably open the market to a free fall, with no visible bottom.
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