Craig Wright’s Bitcoin Cash Fork Falls Behind in Early Poloniex Trading
Poloniex, a top-15 cryptocurrency exchange by trading volume and subsidiary of Circle, announced Wednesday that it is now offering users the option to trade the two planned Bitcoin Cash (BCH) protocols pre-fork: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV).
1/ NEWS: Ahead of the Bitcoin Cash (BCH) hard fork, we are opening pre-fork trading of the two planned protocol upgrades, Bitcoin Cash ABC and Bitcoin Cash SV. Learn more here: https://t.co/KitP8N4tCf pic.twitter.com/RcDBke6DLP
— Poloniex Exchange (@Poloniex) November 8, 2018
As we previously reported, the upcoming fork centers around a fundamental disagreement between Amaury Séchet’s Bitcoin ABC and Craig Wright’s nChain over changes to the BCH protocol that were proposed by ABC. Included in these changes would be canonical transaction ordering.
Wright claims that the changes would not fit Satoshi’s original vision, prompting nChain to release its own full node BCH client, called Bitcoin SV. This new client notably quadruples the BCH block size to 128MB.
According to Poloniex’s announcement, pre-fork trading is available for the following pairs: BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC.
We believe the responsible thing to do in this case is [to] remain neutral and allow the community to decide which chain to support, and we want to empower the community to demonstrate their support through trading activity. This is the first time we are offering pre-fork trading and it is part of a broader effort to make Poloniex one of the most innovative exchanges in the world. Going forward, we will evaluate each hard fork individually and decide whether to support the fork or to offer pre-fork trading.
Since trading began, BCHABC has outperformed BCHSV and is currently up over 36% while BCHSV is down 64% ($491 vs $86). However, BCHSV’s volume has far exceeded BCHABC, with more than 446 BTC worth changing hands in under a day.
Despite some recent drama regarding the upcoming fork, BCH has traded higher in the last week and now stands at $579.48, giving the coin a $10.11 billion market cap and making it the 4th largest cryptocurrency in the AltDex 100 Index (ALT100).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.