Test Trading Activity On Poloniex Shows That Fake Satoshi’s BCH Fork Valued Less

Test trade by Poloniex

Following the declaration from  the crypto exchange Poloniex that it would permit “pre-fork trading” in the two proposed Bitcoin Cash (BCH) forks – Bitcoin Cash ABC and Bitcoin Cash SV, preliminary exchange data has so far shown the performance of the contending alternatives.

As shown from data from Poloniex (UTC 06:40 AM) , BCH ABC is trading $100 below, or 8% lower than its parent coin BCH.

The other contending prospective fork BCH SV, sponsored by self-proclaimed Satoshi Craig Wright and others is trading roughly 90% lower at just $52 as of press time. This makes the BCH SV the lowest valued among Bitcoin Cash forks.

test trade for BCH forks

As shown in the chart, the first few hours of trading showed a large degree of volatility for both alternatives. The market started showing stability to some extent in the early hours of Friday morning.

What is very obvious at this point is that the market for both BCH ABC and BCH SV is still small and liquidity low. This implies more erratic values is to be expected until the market finds stability. 

In order to exchange the proposed coins – which don’t yet exist on the blockchain – Poloniex clients were required to convert their BCH coins to any of the fork options they preferred – BCH ABC or BCH SV. Making such conversions have proven to bear some risks as seen from the 90% losses incurred with BCH SV. 

As indicated by Poloniex, deposits and withdrawals of the proposed forks might be accessible after the actual hard fork on November 15.

Meanwhile, traders are welcome to trade the coins inside the exchange. However, they have been cautioned in a blog post on the exchange that “trading these assets can be extremely risky.”

The release further stated that,

“It is possible that one of these chains will not be economically or technically viable after the fork, and its value will drop to zero.”

 

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Author: Jofor Humani

Peddling words has been a passion beneath the surface. I speak less than I write...naturally. Aside speaking and writing, I walk too...good for your heart they say. I sometimes do not feel like writing. Then I enjoy quiet times which I use to think and stay with family.

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