Exchanges Record Sharp Inflow of Bitcoin Cash Assets Amid Upcoming Fork
The Bitcoin Cash network will be hard forked on November 15. It is expected that the disagreement between the two groups over the future vector of cryptocurrency development will lead to the emergence of a new asset. Philip Gradwell, chief economist at the analytical firm Chainalysis, says that against this background, exchanges record a significant increase in the flow of Bitcoin Cash coins..
“Over 1 million BCH has been sent to exchanges in the last 7 days ahead of the hard fork on November 15,” he writes..
Gradwell also notes that this phenomenon has resulted in a further decline in the price of Bitcoin Cash relative to Bitcoin, which has been updating lows since October, as shown in the chart above. At the time of publication, it is 0.0165 BTC or $ 260.
According to Coin Dance, the share of nodes signaling in support of BCHN implementation has increased to 83.2% over the past week. The portal currently estimates the share of nodes supporting Bitcoin ABC at 0%.
IntoTheBlock data also indicates that the most significant volume of coins purchased was between the $ 259 and $ 266 levels..
Analyst Lorenzo Straw believes that a breakout of this resistance could bring the cryptocurrency rate back to $ 300, while targets for further decline are at $ 245, 240 and $ 215..
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