The crypto market dropped over 20 billion dollars in less than an hour. The CSO at CoinShares, Meltem Demirors, says that investors should not worry and that this could be a buying opportunity.
What Is A Bitcoin Cash Hard Fork?
A hard fork is a software upgrade, and Bitcoin Cash has planned upgrades in its roadmap. However, this time the situation is slightly different. Usually, there is a consensus behind the upgrades, but this time there is not. The team is divided which is the reason behind the volatility in the market.
BCH developers have come up with two different solutions, the first being Bitcoin Cash ABC. It would introduce pre-consensus to the network, allowing it to scale better. Zero-confirmation transactions could also go a long way towards mass adoption. The ABC version is favoured by bitcoin evangelist Roger Ver and mining giant Bitmain among others.
In a statement a couple of days ago, Roger Ver says Craig Wright tricked him. We see a civil war within Bitcoin Cash which is concerning.
“It’s never easy to admit that someone fooled you. But maybe I’ve been fooled,” Ver said while sharing a screenshot of an email that Wright had allegedly sent him. He got the email after he publicly backed BCH development group Bitcoin ABC — not Wright’s SV — in the debate over the impending BCH hard fork.
Bitcoin Cash Hard Fork Impact On The Market.
According to Meltem Demirors, institutions are taking money off the table which was contributing to the large slide in price. He told CNBC on the 14th of November that volatility is usual in the run-up to a Bitcoin Cash (BCH) hard fork.
“Any time there are hard forks things tend to trade weird and strange, so I think people are trying to take some risk off the table,” she explained.
Many social media profiles where quick to blame Bitcoin Cash for the fall, however, Demirors argues that the upcoming changes in the short term would likely improve the situation. Some exciting events are coming such as the launch of Intercontinental Exchange’s platform Bakkt which is coming up on December 12th. Another is the Fidelity investments crypto-custody service which is coming up in January.
During the ongoing turbulence in the market, XRP surpassed Ethereum once again. XRP is currently holding its position, according to Coinmarketcap.com. The switch-over has occurred several times this year.
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Dennis Sahlström has been trading and investing since 2012 and has for the last two years been consistently profitable. He has been in the crypto- and blockchain space since the middle of 2017 and realized its potential for our world, not least how it is transforming the society we live in. He has now created an education platform, together with the wealth coach Marcus the Maria. They teach regular people how to invest and trade in the cryptocurrency market with proven strategies. If you want to learn more and feel like its time to get into this new asset class, download our free book and register to the next live training to get your future in cryptocurrencies started.