The highly-anticipated Bitcoin Cash hard-fork is just moments away. Bitcoin Cash SV and Bitcoin Cash ABC are vying with eachother in a bizarre battle of game-theory, hash wars and bad actors.
While earlier this week Craig Wright claimed that BCH SV would prevail, it now appears that Satoshi’s vision is losing momentum, as it trades more than 50% down on yesterday. While SV continues to plummet, the ABC futures are performing well, moving 28% to the upside of the past 24 hours.
Bitmain CEO Jihan Wu responded to Craig Wright with animosity, claiming that even though a hash war will dump the Bitcoin price to below $5,000, he is ‘all in’ and prepared to fight to the death.
Bitmain CEO @JihanWu isn’t going to play nice either. Looks like he is going to relocate all his hash power from $BTC to $BCH so @ProfFaustus can’t win. It’s going to be a epic 2 days for #BitcoinCash pic.twitter.com/OlzO0aI5vG
— CryptoCurrency ? (@crypto_goat_) November 14, 2018
Wu said: “I have no intention to start a hash war with CSW, because if I do (by relocating hash power from btc mining to bch mining), btc price will dump below yearly support; it may even breach $5,000. But since CSW is relentless, I am all in to fight till death.”
Traders have been looking at the hard-fork with trepidation. While there is so much uncertainty surrounding the outcome the risks of trading are high, leaving many traders to sit it out on the sidelines.
However, the Bitcoin price action is also noteworthy as it has made its biggest move since summer, falling over 11% after breaking yearly lows and the $6,150 level of support.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.