Mining pool and Bitcoin exchange ViaBTC has begun trading the “Bitcoin Cash” (BCC) token for CNY in anticipation of a Bitcoin ABC hard fork on August 1.
Like a bad divorce, some differences appear to be irreconcilable. Such is the case with the Bitcoin ABC scaling proposal, which may split the Bitcoin blockchain via a user activated hard fork (UAHF) on August 1. The solution was announced by bitcoin company Bitmain as a contingency plan for the user activated soft fork (UASF) that is scheduled for that day.
In anticipation of this split, ViaBTC has begun trading Chinese Yuan for their new Bitcoin Cash (BCC) coin. This token will support the new blockchain should the hard fork occur.
BCC opened for trading on July 22, where it managed to reach a high of 5,999 CNY ($886.64). It has since fallen to around 1,923 CNY ($284.17). Such a price slump could indicate that investors are still skeptical over the new coin and Bitcoin’s potential split.
As Bitcoin – and cryptocurrency as a whole – gains momentum, there is a growing craze around this new financial technology that leaves even the biggest historical economic bubbles in its shadow. With even Wall Street experts now forecasting enormous growth for Bitcoin, one financial analyst goes against the grain and warns of an imminent crash for cryptocurrencies based on the Elliot Wave Principle.
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