Bitcoin Cash (BCH) is 40% down, but the 24-hour loss is due to a technicality related to price reporting being switched between the legacy BCH asset and the pre-fork futures, BCHABC.
The reason for the switch was the decision of several major exchanges to conflate BCH with the BCHABC version. In effect, after the November 15 hard fork, where the chain branched in two, the ABC version became the accepted one.
After the ticker swap, the market price of BCH was that of the pre-fork futures, meaning traders suddenly held a much less valuable asset. Around 1:00 UTC on Tuesday, BCH dropped from the already depressed $336 level to $233.83, remaining flat near that price. Later, BCH slid to $228.01 on the continued weakness of the entire market. A further slide dragged it below $220, marking record lows for the asset.
Trading volumes also reflected the BCHABC market and fell by 90%, from nearly $1 billion equivalent to under $100 million. The coming days will...
This article appeared first on Cryptovest
