Bitcoin Cash and Ripple: Boosting Market Sentiment | Webinar

What the Upcoming Bitcoin Cash Hard Fork Means for You

"This is the first time we are offering pre-fork trading..." XRP, BCH and BTC were among the top cryptos whose candlesticks turned green with Bitcoin Cash had the most gains, taking a chunky double digit- 11% turnover.

What's your take? Which Bitcoin Cash fork will win out? Whatever the case, with the hard fork coupling with a positive market momentum, the next two weeks are bound to be interesting for Bitcoin Cash holders.

Failure to recover the morning losses through the morning could see Bitcoin Cash pullback through the morning low $608.4 to bring sub-$600 levels into play, while we would expect Bitcoin Cash to steer clear of the day's first major support level at $542.6, barring materially negative news hitting the wires.

What are your thoughts on Poloniex offering the trading option of pre fork tokens?

In a bid to get out ahead of pre-fork market activity, cryptocurrency exchange Poloniex has already opened trading on "BCHABC" and "BCHSV". Notably absent is tether (USDT), the controversial-but-highly-liquid stablecoin.

Both Coinbase and Binance say that will support the fork, boosting BCH sharply higher. The firm said that it would manually implement replay protection for withdrawals to prevent attackers from stealing funds from the exchange. One Bitcoin Cash coin can now be bought for $623.92 or 0.09631779 BTC on popular cryptocurrency exchanges including Coinsquare, CPDAX, BitForex and Coinhub.

Background reading: What is a hard fork in cryptocurrency? Recent Fork monitor social media posts describe Craig Wright as a BCH primary supporter and self-proclaimed Bitcoin creator.

Bitcoin SV ("Satoshi's Vision"), which is backed by development company nChain and Calvin Ayre's CoinGeek, has been set up to mitigate "unnecessary" changes to BCH. If businesses keep siding on the Bitcoin ABC client, analysts believe that the network disruption may not be significant enough.

Pre-fork trading has been live for roughly 12-hours and is only available to those willing to convert their BCH to either of the forks, so trading volumes are still small.

The Bitcoin Cash price will likely remain volatile as the hard fork approaches, and will perhaps remain so for some time after, until there is clarity about surviving split chains and the hashrate ratio between all those splits.

This fork will not activate for a full week, but early returns show that traders are much more confident in BCHABC's ability to retain its value, at least over the short-term. At present, BCHABC is trading at $535 against USDC, almost six times above BCHSV, which is priced at just $90.

It's worth noting that Bitcoin Cash forks two times a year in order to protocol updates.

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