Bitcoin turned several heads after the king coin hit $16K. However, Bitcoin Cash seems to be creating a bigger uproar following its imminent hard fork. With the hard fork just days away, the BCH community seems to be prepping the right way for the same. Recent data revealed that those holding BCH have been moving their funds into exchanges in huge numbers.
Over 1 million Bitcoin Cash [BCH] Moved Into Exchanges
The Bitcoin Cash team recently revealed that the blockchain was steering towards a split. The distribution of the 8% mining fee stirred several contrasting ideologies in the community. While Amaury Sechet proposed the division of the 8% mining fee, Roger Ver and many others opposed this idea. Hence, Bitcoin Cash ABC and Bitcoin Cash Node, two of BCH’s critical clients were heading for a split.
While the hard fork is scheduled for 15 November 2020, the community was making the required arrangements. The fate of the blockchain and the creation of a new coin is uncertain. With only a few days left for the hard fork, Chainalysis revealed that more than $140 million worth of Bitcoin Cash was flowing into the exchanges. A whopping 1.56 million BCH found its way into the exchanges since the beginning of the month.
After a significant surge at the beginning of September, the inflows of BCH into the exchanges have been fairly low. However, this trend witnessed a reversal as the month of November commenced.
The Bitcoin Cash team was arguing against the allocation of the 8% rewards that were limited only to the BCH miners to the Bitcoin ABC development team as well. While the community continues disputing against this, several put forth the view that this division could question the decentralized nature of the network.
Days before the BCH hard fork, the coin bid adieu to its fifth position on the top ten crypto list. The coin was surpassed by Chainlink as its market cap slumped below $4.77 billion. During the time of writing, Bitcoin Cash was trading for $257.16 with a 0.34% drop in its price over the last 24-hours. The coin managed to secure gains of over 5.28% over the last seven days.