The Bitcoin Cash wars have ended. In the past week, there was an attempt to take control of the Bitcoin Cash network as well as its name. This struggle led to market uncertainty which caused its price to fall by almost 50%, which resulted in the reduction in Bitcoin price as well.
Now the storm is calming, and it seems Bitcoin SV is on the losing end. ABC, which is the other faction backed by investors like Roger Ver and Bitmain (a Chinese giant), will take over the affairs of Bitcoin Cash. ABC succeeded in winning the Nakamoto Consensus race, where computers in support of Bitcoin Cash decided to take sides with either SV or ABC, which gave the network, a different technical development.
Bitcoin Cash (BCH) Price Today – BCH / USD
All investors of Bitcoin Cash that held the coins as at the time when the split happened on 15th November, will now possess the new SV and Bitcoin Cash coins. In times past, splits of this nature usually leads to both coins appreciating.
Still, there will be some computing networks, like Ayre’s CoinGeek, will stop supporting the main Bitcoin Cash, but will switch to SV instead. CoinGeek does not consider the victory of ABC as a loss for SV.
Despite the fact that the contest has been resolves, in the last 24 ours, Bitcoin Cash has experienced a drop above 5%. Since 14th November, Bitcoin has lost over 30% of its value. This Bitcoin loss has been perceived by many to be as a result of the clash Bitcoin Cash had. Analysts revealed that, there were companies that switched sides, moving their computers to support one of the Bitcoin Cash groups: SV or ABC, rather than the initial Bitcoin. There were still investors that exited both coins, because they were worried about the aftermath of the war.