Bitcoin Cash spikes on news that Coinbase will continue support for the original BCH
Another day, another spike for BCH.
Bitcoin cash is again seeing a nice percentage gain as the rest of the crypot markets are mostly flat.
BCH is up close to 12% over the past 24 hours as investors welcomed the latest news from coinbase.
Coinbase announced early today that they would continue to support the road map from the original BCH developers.
Their statement can be seen here:
“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.”
(Source: https://www.ccn.com/bitcoin-cash-surges-12-prior-to-hard-fork-as-coinbase-announces-support/)
Apparently BCH investors liked this news.
Traditionally, any time there has been a fork of a major coin, investors have bid up the prices because they receive the newly created forked coin in proportion to their current holdings of whatever coin is forked.
We saw that back when bitcoin cash was first created as a fork of bitcoin.
We saw it a few times after that with bitcoin gold and bitcoin diamond.
This probably doesn't mean much in the long term, but it puts a dent in the future of the newly created forked coin as Coinbase sounds like they will not be supporting it.
Market conditions likely contributing to the exaggerated move:
In a market like this where things are barely moving, investors are looking for reasons to buy or sell anything.
When there is a little movement, investors chase whatever is moving trying to get some kind of return.
Thus we see things like this.
Stay informed my friends.
Image Source:
https://www.ccn.com/bitcoin-cash-surges-12-prior-to-hard-fork-as-coinbase-announces-support/
Follow me: @jrcornel
Really?
I feel like I should have known that. First I had heard about that as well.
Anscheind reicht ein erfolgreicher Hardfork für einen Kurs- (Vertrauens)sprung.
BCH Transaktionen stiegen auf ca. 733.000K - bitinfocharts.com
Resteem.
Cool. Thank you!
mo money, mo money, mo money, keep rising to the top!
Works for me, though I don't own any BCH.
same as BAT :)
When are they gonna list steem? :)
Aye, it spiked a good 3.05% according to binance and almost $14 up than where it used to be. Hopefully this trend continues and doesn't die out for a while. Now all we need is some good Bitcoin news 😔.
You own some BCH?
Only a fairly small amount
Posted using Partiko iOS
More than me. :)
Hey man you're balling in Steem, way I see it you don't need BCH 😉.
That is quite an impressive spike from Bitcoin cash and hopefully it will keep the trend. I guess we will have to wait and see.
At least it shows something can go up in this market!
I am holding BCH and I hope it just goes to the moon.
Nice. Well so far it is working for you.
Any idea if people will get some extra coins if they have holdings in bch after the fork?
I believe they will, that is why the price is running up. I am not sure how likely this forked coin is to last or not though.