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Bitcoin Cash ‘BCH’ Hurdles Prior Expected Hard Fork On 15th Nov.

Bitcoin Cash [BCH] hodlers are scrambling to urge their coins onto exchanges before the hard fork expected for 15th Nov.

In line with Chainalysis, nearly $140 Mln worth of BCH has flowed onto exchanges in only the past week, bringing November’s total up to $300 Mln. Since the beginning of the month, over 1.56 Mln BCH has been moved onto exchanges.

As such, BCH in-flows to exchanges for the past 12 days have equated to just about 6.4% of Bitcoin Cash’s entire cap & supply.

Bitcoin Cash 'BCH' Hurdles Prior Expected Hard Fork On 15th Nov.

While some onlookers have inferred the sizable in-flows to point Bitcoin Cash holders are looking to sell before the fork, Chainalysis’ data shows Bitcoin Cash’s trade intensity has largely been flat from late-October onwards.

Later on, 15th Nov. fork is predicted to inaugurate the dominance of Bitcoin Cash Node [BCHN], a community-driven implementation of BCH that emerged as internal tensions within the Bitcoin Cash community escalated throughout the year.

Earlier in August, Amaury Sechet, the lead developer of Bitcoin Cash’s historically dominant implementation – Bitcoin ABC, revealed the protocol’s scheduled November upgrade would come with a new “coinbase rule” requiring that miners divert 8% of newly minted BCH to a development treasury under his management.

The BCHN implementation quickly emerged in protest, pledging to take care of the Bitcoin Cash protocol without forcing miners to sponsor development. Nodes running BCHN have mined 83.6% of Bitcoin Cash blocks within the last 7-days, suggesting Bitcoin Cash’s future is firmly within the hands of BCHN.

The futures markets are also backing BCHN to emerge as the dominant implementation come 15th Nov., with BCHN contracts trading for 0.96 BCH on CoinEX. Against this, BCHA futures – contracts for speculating on the worth of a post-fork Bitcoin ABC – are trading for 0.047 of a BCH.

While BCH has largely trended sideways against the dollar since May, Bitcoin Cash [BCH] broke into new all-time lows relative to Bitcoin [BTC] over recent days.

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