BitMEX to Use Bitcoin Cash ABC In Settling Contracts After BCH Hard Fork.

As the date for the hard fork of Bitcoin Cash (BCH) draws nearer, a lot of crypto enthusiasts are waiting to see the number of crypto exchanges that will be in support of the event.

We’ve already heard of announcements made by Ledger, Coinbase, Binance and BitMEX about their plans to handle the hard fork. Concerning BitMEX, its team has just announced how the platform will support the hard fork on November 15th.

Bitcoin Cash (BCH) Price Today – BCH / USD

Name Price24H (%)
Bitcoin (BTC)
$8,782.28
-4.09%
Bitcoin Cash (BCH)
$324.39
1.55%

BitMEX to use Bitcoin Cash ABC price to settle contracts

The BitMEX team in a blog announcement, which was also distributed via email to all the users of the exchange advised that after the hard fork, the BCH contracts will be settled based on the Bitcoin Cash ABC value. The email announcement continued:

“Bitcoin Cash is expected to conduct a hard fork upgrade on 15 November 2018. There are two competing incompatible hard fork upgrade proposals…Bitcoin ABC and Bitcoin SV. Therefore, there could be a chain split; users holding BCH prior to the hard fork could end up with coins on both sides of the split.

On settlement, the BCHZ18 contract will settle at a price on the Bitcoin ABC side of any split and will NOT include the value of Bitcoin SV.

This is consistent with the approach BitMEX took when Bitcoin Cash initially split off from Bitcoin in August 2017. The Bitcoin / USD contracts were settled based on the Bitcoin price at the time and did not reflect the price of Bitcoin Cash.”

Bitcoin Cash ABC will also be utilized in the BBCHXBT index of BitMEX which is currently composed of three constituent exchanges: ⅓ * Poloniex + ⅓ * Binance + ⅓ * Kraken.

BCH’s current market performance ahead of Hard Fork

With the Hard Fork just three days from today, BCH currently trades at $546. Due to the earlier announcement made by some exchanges that they will be supporting the event, BCH has recently risen to $635.

However, the Bitcoin (BTC) value has fallen to $6400 after exciting the markets reaching $6,600 on the 7th of November. The BCH price could be affected due to the market decline resulting from the drop in BTC value.

 

 

 

 

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.