The recent surge seen by Bitcoin Cash [BCH] has come to a complete halt after the bear took control of the cryptocurrency on November 10.
At the time of writing, Bitcoin Cash [BCH] was dropping by a significant 6.92%, with a total market cap of $9.534 billion. The cryptocurrency was trading for $543.41, with a 24-hour market volume of $821.764.
A majority of the cryptocurrency’s market volume was held by OKEx, with a total grasp of $84.592 million. OKEx was closely followed by DigiFinex, with over $67.581 million worth of Bitcoin Cash transactions occurring on the cryptocurrency exchange.
Bitcoin Cash [BCH] 24-hour chart | Source: CoinMarketCap
Khai42, a Redditor had said:
“The narrative by the anti-BCH crowd was that Bitmain could be insolvent or that they may delay their IPO because they invested too much into BCH. But now with their official filing, their financials are public for all to see. They are extremely healthy financially.”
The drop comes in the wake of Bitcoin Cash surging by a massive 22% earlier last week, propelled by the upcoming hard fork. The hard fork has also gained support from popular cryptocurrency exchanges like Binance and Coinbase. Coinbase had stated:
“We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase.”
Roger Ver, the CEO of Bitcoin.com, had also given his two cents on the hard fork, saying that the reason why there were so many arguments is that of how decentralized the network is. He also added that everyone agrees Bitcoin Cash should be accepted as a form of transactions across all platforms.