November 6, 2018 | AtoZ Markets
The price of Bitcoin Cash (BCH) has witnessed a considerable increase today from $425 up to $603.55 at press time, as per CoinMarketCap’s data.
The significant jump in price might be due to the Bitcoin Cash hard fork which is set to occur on Nov. 15, as analysts attribute.
The hard fork is said to result in 2 independent BCH blockchains, and 2 difference BCH coins therefore.
Consequently, crypto traders and investors bought BCH before the fork date is due, to benefit from the additional coins they will get after the occurrence of the fork.
Giant exchanges offer their support
In support of the yet-uncertain future of BCH, Binance and Coinbase have announced their plans for backing up the forked BCH.
Binance took the initiative among the other exchanges, to announce its support for the BCH hard fork, noting that they will suspend BCH deposits and withdrawals 1-2 hours prior to the fork occurrence.
Coinbase in its turn- being America’s crypto startup valued at $8 billion, has also announced their support for the impending hard fork.
“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.”, declared the giant exchange in a post.
Coinbase confirmed to its customers as well that they will be facilitating the trading of the forked BCH, whereas Binance, on the other hand, has not announced whether or not they have any intentions to facilitate the forked BCH.