Coinbase Reopens Bitcoin Cash [BCH] Trading With Prices Sharply Lower

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Most major exchanges halted trading in Bitcoin Cash while the controversial hard fork was taking place last week. Exchanges which remained open such as Kraken saw Bitcoin Cash drastically depreciate in price. Prices on Kraken declined around 40% since the time the fork took place.

Coinbase reopened trading in Bitcoin Cash today, and the price opened sharply lower to reflect the depreciation of the last few days. While Coinbase halted trading at $415 on the 15th November, price reopened today at $275. Price continued to decline to a low around $210 after opening but has since begun to rise back up and currently trades around $258.

Coinbase Reopens Bitcoin Cash Trading – Source: tradingView.com

The main reason for the decline is still uncertain. Some of the important computing power that previously supported Bitcoin Cash may be after leaving to support the hard fork of Bitcoin Cash, Bitcoin Cash SV. Bitcoin Cash SV is estimated to be priced around $50 and has not gained the amount of support it had hoped for before the fork.

On the hourly timeframe, we can see Bitcoin Cash is mostly following the movements of the market. After forming a low around $210, it has started to form some higher highs, and higher lows as a small recovery in prices occur across the market. It is questionable how long this will last as if the market leader Bitcoin suffers another sharp drop; it is likely that Bitcoin Cash will follow.

Bitcoin Cash Hourly Chart – Source: TradingView.com

Key Takeaways:

  • Trading reopens for Bitcoin Cash on major exchanges such as Coinbase. Price opens sharply lower to reflect the depreciation which has taken place.
  • Key resources may be after leaving Bitcoin Cash to go to the forked version of the cryptocurrency, Bitcoin Cash SV.
  • Bitcoin Cash has started to increase since forming a low around $210 but is likely to be following the movements of the market.

 

Coinbase Reopens Bitcoin Cash [BCH] Trading With Prices Sharply Lower was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.