itcoin Fork: Cash Volatility Continues While Bitcoin Price Remains Stable
As a forked Bitcoin heads into its second day of trading, users are rushing to secure profits as the debate rages about each version’s legitimacy.
According to data from the Chinese exchange ViaBTC, the newly-created Bitcoin Cash continues to see heavy volatility.
The Blockchain fork, known variously as BCC and BCH, has gone from 0.08 to 0.16 BTC per unit over the past 24 hours.
Chart
Before its creation Aug. 1, futures prices traded within in a similar range, but time is rapidly showing the fork itself could be more volatile still.
ViaBTC’s BCC/BTC trade pair saw the equivalent of 18,000 BTC traded in the 24 hours to press time.
Meanwhile, the mixed reactions to the fork from wallet providers are seeing strategic moves from BTC holders aiming to unlock BCC funds in order to trade them.
Certain wallets have taken a hands-off approach to BCC, with users storing funds able to access the equivalent in BCC by exporting their wallet’s private keys and importing them into a service which has decided to support both versions of Bitcoin.
Cointelegraph continues to report on the progress of both Bitcoin chains following the fork. Tuesday has been notable for Bitcoin’s price stability throughout the process, shrugging off concerns of dramatic rises or falls to continue trading between $2,700 and $2,800.
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