Like most of thelarge-capitalizationcrypto market, Bitcoin Cash [BCH] had been in recent weeks been uncharacteristically stable,and therefore thefourth-largest cryptocurrency spent most ofyesterday’smorningtrading close to$425 USD. Shortlyafter12:45UT, however, the price BitcoinCash [BCH]reached $450 USD for a matter of minutes, ultimately touching $470 before falling back tothe present valueof around $473.90 USD, at the time of reporting.
The surge translated into a daily move ofover10%, ranking Bitcoin Cash [BCH] among thebestperformer amongthe top hundredcryptocurrencies.
The rally showed some correlation with2separate announcements fromgiantcryptocurrency firms Bitcoin.com and Binance indicatingthatthey’re going toapproachthe upcomingBitcoinCash [BCH]software hard fork, which, as reported, stems from deep-seeded disagreements about what technological upgradesought tobe activated on the network and threatens to sever the BCH blockchain into multiplecompetitoryversions.
As per their announcementstoday,bothBinance — one of the majorcryptocurrency exchange along with Bitcoin.com, the BCH-promotingweb-siteownedby Roger Ver, indicated thatthey mightsupport the BCH version promoted by development team BitcoinABC— not the alternative client release by Craig Wright-linked firm nChain and mining pool operator CoinGeek.
Bitcoin.comannouncedoutright that its mining pool, wallet, blockexplorer, along with other serviceswouldrun the fork-compatible BitcoinABCclient.At the same time, these serviceswould be the latest clientfrom Bitcoin Unlimited,whohassought-afterto broker a compromise andofferminersthe chance to vote onwhichindividual upgradesthey mightprefer toactivate.Whereasnotaddresseddirectly, the announcement makes clear thatthe corporatewon’tsupport SV.
Binance’s announcement was somewhatadditionalopaque, stating thatit’dsupport the Bitcoin Cash [BCH] hardforkhoweverdidn’taddress whatsoftwareclientsit’dsupport. Crucially, though, the announcement referred users to the “official announcement” for thehardfork andconnectedto the bitcoincashorg GitHub repository,thatlists the upgrade-setenclosedwithin theABCclient.
While these statementsdon’tutterlyerase the uncertaintyclosetheNov. 15 fork,they do suggestthat, ifthe keycorporationsthatgiveBCH infrastructurestillline up behindABC, thequestionablehash warscould provebe less ugly — andtroublesome— thanthey mighthave been.