The Bitcoin Cash network has now been upgraded yesterday 15th November. Seems that Bitcoin ABC will likely win the civil war with help from Bitstamp and McAffe. The event might have a bullish impact on Bitcoin price.
Talking about this war In tweet McAffe stated:
“The war raging around Jihan Wu was started by the egos and short sightedness of the Bitcoin developers. The developers serve the community, not some ideal principal of technology. And they certainly do not control our community. Wake up developers. You could have avoided this.”
The main figure of this hash war was Craig Wright with his Bitcoin Cash SV fork threating to bring down the Bitcoin price with his history about him to be Satoshi etc…
Meanwhile, Binance distributed the new coins after the hard fork, CZ sated that that coins symbols (BCHABC) (BCHSV) will not be changed later.
— Binance (@binance) November 16, 2018
Apparently, Bitcoin Cash ABC seems, to be winning and is 42 blocks ahead at the time of writing according to coin.dance data.
Moreover, it is interesting that Bitcoin Unlimited and Craig Wright’s Bitcoin SV appear not to be mining any blocks at this time despite having 40%+ of the hashrate before the split. So either they’re shadow mining or they messed up something.
What has to do the BCH Fork with BTC price?
If we go back in memory, the BTC price under $5,600 was around this time one year ago when the historic bull run started hitting $20,000 in mid-December 2017.
One year ago on 13 November BCH released a network upgrade which stabilized BCH and at the same time sent the bitcoin hash rate to new high records as it became more profitable to mine bitcoin. This pushed the bitcoin price to $10,000 by the end of November.
Will the history repeat itself this year? Like a year ago when we had Wall Street entering crypto by launching Bitcoin Futures on CBOE and CME exchanges, there are similar events that could turn the market into bullish very quickly.
Without a doubt, everyone’s eyes will be on the launch of Bakkt in December which might start the next bull run.