Over 1 Million Bitcoin Cash Coins Sent to Exchanges Ahead of Nov 15 Hard Fork
Less than three days before the contentious Bitcoin Cash hard fork, over one million BCH coins have been sent to exchanges in the last week. According to an observation by Chainalysis’ Chief Economist, Philip Gradwell, this is driving BCH price relative to BTC even lower.
Bitcoin Cash is by itself controversial. A fork of Bitcoin after the New York Agreement of Aug 2017 wasn’t executed, the project is now planning to hard fork for the umpteenth time. This time, the crux of the matter is around the “Sleeper Tax” or the Infrastructure Funding Plan (IFP) proposed by the Bitcoin ABC. Proponents are of the view that eight percent of block rewards--6.25 BCH, should be channeled to a development fund for the good of the network. On the other hand, opposers including Roger Ver and most miners in the Bitcoin Cash Node (BCHN) camp oppose the upgrade saying it goes against the project’s ideals and the open-source nature and a core principle guiding blockchain.
Impact on the BCH Price:
Bearish to bullish. In the immediate term, the BCH price may fall ahead of the hard fork but if Roger Ver’s camp wins and the Tax requirement is rejected, prices may recover and steady in the future.
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