Demand for a crypto ahead of a hard fork has traditionally come on the expectation that there would be no disruption to the original coin, with hash rates having supported the likes of Bitcoin in previous hard forks that had ironically resulted in the creation of Bitcoin Cashback in 2017.
This time around it’s a far too unfamiliar story for the cryptomarket, with the uncertainty leading to Bitcoin Cash sliding 21.99% from last Wednesday’s November high $646.8 to Monday’s $504.7 low, the reversal wiping out the more customary pre-hard fork rally that was seen on Sunday, 4th November, where Bitcoin Cash rallied 18.76% on hopes of another seamless hard fork and upgrade.
Going into the Bitcoin Cash hard fork this Thursday, 15th November has investors and prospective investors eyeing hash rates, with the newswires busy updating the respective hash rates of Bitcoin ABC and Bitcoin SV, the divided camps that are ultimately being influenced by Bitcoin Cash mining giants Bitmain and CoinGeek.
At stake is the future of Bitcoin Cash and the uncertainty has grown in recent days, with news of Bitfinex, one of the largest cryptocurrency exchanges, stating that while they will support the Bitcoin Cash hard fork, they will not take sides until the completion of the hard fork, leaving the Bitcoin Cash community to deliver consensus on the fork and ultimately decide the fate of Bitcoin Cash as we know it today.
Investors’ hope of being able to receive Bitcoin SV coins at a ratio of 1:1 to Bitcoin Cash coins held is in question just 2-days ahead of the hard fork and as a result, few are taking the plunge, which continues to pressure Bitcoin Cash to the downside.
To make matters worse, conflicting reports hitting the wires are indicating 51% hash rates in favor of both sides of the camp, depending upon the report and the timing of the data.
Adding to the uncertainty, the cryptomarket is also looking at futures prices of both Bitcoin ABC and Bitcoin SV, a number of exchanges have set up respective futures tokens to provide some guidance on market support.
Hash rates are in favor of Bitcoin SV, while futures token values are favoring Bitcoin ABC.
The market’s betting on Bitcoin ABC, based on futures prices, but with hash rates going the other way, Thursday could be a dark day for Bitcoin Cash and the broader market.