It is safe to say the recent Bitcoin Cash protocol upgrade will continue to cause disruption for quite some time to come. There is still a lot of confusion regarding this fork and the potential long-term outcome of this most recent event. As such, the Bitcoin Cash price appears to be tanking once again, which does not bode well for the short-term future whatsoever.
Bitcoin Cash Price Drops Significantly
No one will be really surprised to earn the current momentum does not bode well for most cryptocurrencies. After massive losses earlier in the week, it now seems that scenario will repeat itself in the coming days. Most top currencies are dipping in the red again, with Bitcoin Cash noting rather spectacular losses at this time. It is a very peculiar market trend first and foremost, although more bearish pressure has been on the horizon for some time now.
In the past 24 hours, the Bitcoin Cash price has taken a significant dip. There is a 7.5% loss in USD value combined with a 5.5% loss in Bitcoin value. When currencies double-dip in the red, it is only a matter of time until the bearish pressure starts becoming unbearable. For Bitcoin Cash, that means further losses may be looming on the horizon over the coming hours.
When looking across social media, it is not that hard to see why things are going badly right now. As Dobe4ever puts it, there is no one forcing people to call BCHABC Bitcoin Cash, even though a growing number of exchanges have taken this approach in the past week. It may still be a premature action first and foremost, yet there isn’t much one can do about this trend right now.
well, no one can force YOU to call it #BCH, but same rule goes for everyone else. An overwhelming number of exchanges and community members call it BCH & BSv 😌
— dobe4ever.com (@dobe4ever) November 22, 2018
Speaking of which, there are those who consider the “victory” by ABC premature in different ways. Jeff goes as far as claiming it is similar to the Germans declaring victory in 1941 during World War II, and everyone knows how that turned out in the end. While an interesting comparison to take note of, it may also be a stretch too far for most users first and foremost.
Hey @rogerkver I know you love reading right, do you remember reading about Germany declaring victory in 1941? @ProfFaustus #Bitcoin #BitcoinCash #BCH #BitcoinABC #BitcoinSV #BSV #HashWar pic.twitter.com/j5n4Eikh0r
— jeff 🌏✌️ (@that_bch_guy) November 22, 2018
Joao Paulo Gomes sees this ongoing Bitcoin Cash debacle as a nuisance first and foremost. In his opinion, this debate makes people forget about the real issue at hand, which is how banks are collapsing and cryptocurrency is poised to take its place entirely. Whether that will be or without the involvement of Bitcoin Cash, is everybody’s guess right now.
#Italy Banks with all time highs in Shorts
and people are still shorting #Bitcoin?
All this #BCH bullshit wars and shitcoins polemics has only one purpose – divide bitcoin to destroy it or scare people away from it when the #Fiat #MONETARY SYSTEM AND THE #BANKS ARE COLLAPSING https://t.co/TvriG80PYO
— João Paulo Gomes (#NOBCASH) (@BTCtradePt) November 22, 2018
Keeping all of this information is bound, it is a bit unclear what will happen to the Bitcoin Cash price moving forward. Its current value is a lot lower compared to what most had envisioned at this stage, but it seems rather unlikely anything will change in a major way. Even so, these markets have turned around on a dime a few days ago, and history may very well repeat itself in this regard.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.