Bitcoin Cash Surges Towards $550 as Major Exchanges Announce Upcoming Hard Fork Support
Bitcoin Cash (BCH), the fourth largest cryptocurrency in terms of market cap, is trading well over $540 on the majority of exchanges on Sunday, November 4, having increased by almost 15% over the past 24 hours, and by more than 24% over the 7 day streak.
In fact, BCH is the top gainer among the Top-100 crypto assets over the last week, and this is mainly due to the fact that major exchanges including Binance and OKEx have all expressed their full support of the upcoming Bitcoin Cash hard fork scheduled for November 15.
Both Binance and OKEx decided to support the version of Bitcoin Cash set forth by ABC, the original developers of the BCH software that forked the Bitcoin blockchain network last year. According to their corresponding statements, snapshots of all accounts at Binance and OKEx will be taken at UNIX timestamp 1542300000. Deposits and withdrawals of BCH will be suspended prior to the hard fork.
Earlier, hardware wallet provider Ledger said in its blog post that it would be temporarily stopping functionality of BCH services until after the hard fork had been successfully completed:
“Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically. The reason for closing the service during this time is to prevent unwanted transactions (resulting from “replay attacks”), causing possible loss of funds and other potential issues interacting with Bitcoin Cash during this period of time,” Ledger’s statement reads
The wallet provider added that those wishing to transact using BCH should use a third-party wallet service but do so at their own risk, while those simply wanting to store the altcoin could leave funds on their devices and would not be impacted.
On Saturday, November 3, its support towards the upcoming Bitcoin Cash hard fork announced Coinbase, a popular cryptocurrency exchange and an online wallet provider.
Here’s what you can expect before the BCH system upgrade later this month https://t.co/32khx5h9cg
— Coinbase Support (@CoinbaseSupport) 3 November 2018
“We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase,” the company said.
Coinbase made clear it would support the original roadmap of Bitcoin Cash from bitcoincash.org.
“Twice a year, the Bitcoin Cash (BCH) network hard forks as part of scheduled protocol upgrades. The next BCH hard fork is scheduled for Nov 15, 2018, and Coinbase is prepared to support the published roadmap from bitcoincash.org. However, unlike previous BCH hard forks, there is a competing proposal that is not compatible with this published roadmap.”
According to bitcoincash.org, the upcoming protocol upgrade is compatible with the following implementations:
- Bitcoin ABC 0.18.2
- Bitcoin Unlimited Cash Edition 22.214.171.124
- bcoin – bcash 1.1.0 (to be released)
With such large industry players announcing their support of the Bitcoin Cash hard fork, there is a clear signal to investors that the split between the Bitcoin ABC group and Craig Wright’s Satoshi’s Vision is on the cards.
For further clarity, Wright, who once claimed he is Satoshi Nakamoto, the anonymous Bitcoin inventor, is pushing “Satoshi’s Vision” version of Bitcoin Cash and aims to lock in the original Bitcoin 0.1.0 protocol with a block size increase to 128MB from the existing 32MB.
As for the current price upsurge, the prospect of free coins seems the most likely driver since those holding BCH at the time of the hard fork will receive an equal number of coins on both chains.
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