Bitcoin Cash on the move, nearly 14 million BCH transferred in the past 24 hrs
The Bitcoin Cash (BCH) hard fork took place on 15 November 2018 and since then the two new variants-Bitcoin Cash ABC and Bitcoin SV have been embroiled in controversy. Bitcoin Cash ABC is led by Roger Ver whereas Bitcoin SV is led by Craig Wright and Calvin Ayre and there seem to be no lost between the warring factions. To add spice to the ongoing war of attrition, another development in the last 24 hrs seems to have taken the community by surprise.
According to a report by Trustnodes, a whopping 13.6 million Bitcoin Cash (BCH) has been on the move in the past 24 hours and the total worth is estimated to be around $1.4 billion, which is a big number in itself.
This might come as surprise to many because BCH is generally way behind Ethereum in daily transactions, but now with this current development it has moved some 7 times the value of Ethereum in the past 24 hrs and is half of Bitcoin which is estimated to be nearly $3.6 billion.
While for Bitcoin the movement is only 6 percent of the total supply available, for Bitcoin Cash it is an astounding 38.8 percent, which is mind-boggling.
There seems to be no apparent for movement on such a large scale, but there are many theories that are doing the rounds. One valid explanation might be the recent announcement of Coinbase in which they said that they are moving the funds around “to provide enhanced security and protection for our customers.”
The exchange moved around 856,000 Bitcoins during the time period between 1 December and 6 December. The San Francisco-based exchange tends to split the cold wallet into a number of small ones and maybe this split is the reason for double counting of the same fund. This seems to be the most logical reason for the movement of such a large amount of Bitcoin Cash (BCH).
The developers at BSV are trying their best to add the replay protection but it might take some time before it is developed.
Image via Shutterstock
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