Crypto Market Declines In $8B Wipeout; Bitcoin Cash Drops 24.4% Within 7 Days

By Hannah November 27, 2018 Digital Currency No Comments

Over the past week, over $8 billion was lost in the crypto market, as many major cryptocurrencies as well as Bitcoin Cash (BCH) and Stellar (XLM) suffered.

The price of BCH has declined for the first time in the past week below the $500 mark to $480. Within the past 7 days, following a monthly high at $630, BCH declined by over 24.4 percent.

Before a hard fork, especially a contentious hard fork in which a chain split is almost definite, investors usually buy a significant amount of the cryptocurrency that is expected to fork. When the chain splits, investors receive both cryptocurrencies from the hard fork, as in the case of Bitcoin and Bitcoin Cash back in August 2017.

Therefore, before the expected November 15 hard fork, the price of Bitcoin Cash rose by over 50 percent, as Bitcoin Cash SV, camp led by Craig Steve Wright (CSW), Coingeek and Calvin Ayre, confirmed its plans to hard fork.

On Thursday, the Bitcoin Cash network hard forks. Hence, more increase in price is anticipated because, after the hard fork, BCH holders will be able to acquire BCH SV at a 1:1 ratio.

But with only one day left prior to the expected hard fork, BCH recorded a large decline of more than seven percent and went through one of its most intense sell-offs in recent months.

It is likely that the conflict between the Bitcoin SV camp and the Bitcoin Cash camo, which has become personal amongst the key players involved mainly as a result of the threats made by CSW against developers and miners on the original Bitcoin Cash network, drove investors to lose faith in the short-term trend of the asset.

The CSW noted on November 9:

“I will ensure that ANY miner passing DSV can be held liable (under the law of the UK, China and US, they can be). The end will be a drop in value for those using DSV and, I will help ensure those who lose claim against this act. The developers in ABC will be able to be held personally liable. Oh… I do have a Masters in Law on just this area.”