After running up for the majority of the last week, the price of Bitcoin Cash (BCH) jumped another 15% on the news that San Francisco-based Coinbase would be supporting the hard fork that is scheduled to take place on November 15.
As we previously reported, the upcoming fork centers around a fundamental disagreement between Amaury Séchet’s Bitcoin ABC and Craig Wright’s nChain over changes to the BCH protocol that were proposed by ABC. Included in these changes would be canonical transaction ordering.
Bitcoin Cash has greatly benefited from major crypto platforms coming out in support of the fork, including Ledger and Binance, the world’s most popular exchange.
Similarly, Coinbase is approaching the upcoming fork with caution, in order to protect user funds and find the best path forward.
We will monitor the Bitcoin Cash network during the upgrade. Coinbase cannot predict the duration of this upgrade process. When the upgrade is complete, we will evaluate the network and take appropriate next steps, including re-enabling sends and receives. We will update our customers throughout the upgrade process and about the outcome of the fork once the network reaches consensus. In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain.
BCH is now trading for $540.74, giving the Bitcoin fork a $9.42 billion market cap and making it the 4th largest cryptocurrency in the AltDex 100 Index (ALT100), a benchmark index for large-cap coins and tokens.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.