Bitcoin prices surge ahead Bitcoin Cash fork, while Bitcoin Cash futures drop 50% in value. How did the community react? What does this mean for BCC?
Bitcoin prices surge ahead Bitcoin Cash fork
The data from ViaBTC signals that the Bitcoin fork, which still is not existent, dropped from around 0.15 BTC to 0.08 BTC per coin in the course of last 24 hours. Afterward, the futures of Bitcoin Cash have undergone a correction to 0.109 BTC. Yet, they trade with around 27 percent daily loss as of now. The price of BCC stands at $390.56 now.
Reflecting on the moves, some of the markets observers stated that this was a project’s fate. Moreover, some of the exchanges have adopted a hands-off method, this suggesting they will not interact with BCC.
Some major Bitcoin exchanges have also rejected the support for BCC. These include GDAX, Coinbase, ItBit, and BitMEX have all rejected Bitcoin Cash support.
Other exchanges appeared less strict. Just yesterday, the EU exchange HitBTC has announced that it would join ViaBTC in offering futures trading for the upcoming fork. The exchange plans to do so before crediting customer accounts with coins on both forks.
As of now, Bitcoin price stands at $2810.61.
In addition, Coinbase has stated it is not willing to support Bitcoin Cash due to its controversial nature. As investors anxiously awaiting the 1st August, Coinbase has warned its clients via email:
“Customers who wish to access both Bitcoin (BTC) and Bitcoin cash (BCC) need to withdraw Bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access Bitcoin cash (BCC) then no action is required.”
The Coinbase Bitcoin Cash fork message comes amid fears of the looming Bitcoin Cash fork on August 1. The Coinbase explained that it will not support the BCC tokens in case the fork will occur. The company stated that it has doubts about the future market value of the alternative fork. Hence, it decided not to support the secondary fork.
In addition, the company will suspend trading for some time after the fork. These measures will protect the funds of users.
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