A lot of people are keeping an eye on the Bitcoin Cash price. That is pretty interesting, considering the token doesn’t exist yet. It will be created on August 1st through a Bitcoin hard fork. However, ViaBTC allows trading of Bitcoin Cash against CNY and BTC. It appears the BCC/BTC market is slowly crashing. The price took a big hit these past 24 hours and the volume is virtually drying up as we speak.
No one knows for sure what is happening to the Bitcoin Cash price right now. More specifically, the price of the IOU trading on the ViaBTC exchange. Opening a trading market for a token that doesn’t exist is always a bit risky. It also skews the effective value of this currency when it is available to users to withdraw. A few days ago, one Bitcoin Cash IOU was worth over US$500. Right now, that value is well below US$350. Someone is deliberately trying to crash the market, by the look of things.
BCC Value Tanks Spectacularly
According to ViaBTC, Bitcoin Cash hit a low of 0.08 BTC. That is a big difference compared to the 0.2 BTC value it held just yesterday. The exchange lists BCC/BTC at a 26.26% price loss over the past 24 hours. To make matters worse, the market’s trading volume has declined by two-thirds. Either people stopped caring about this exchange or Bitcoin Cash will be worth a lot less than assumed. At the same time, such a sell-off was to be expected sooner or later.
Gauging by social media statistics – for what they are worth – few people plan to hold onto Bitcoin Cash. Most Bitcoiners will try to sell BCC as soon as they possibly can. There is even a call to ensure the altcoin crashes as hard as possible on August 1st. Whether or not such “threats’ will materialize, remains to be seen. The current market sentiment seems to hint as more value declines, though. With less volume to go around and the price falling, things look bleak for Bitcoin Cash. This is despite some positive news regarding exchanges supporting this altcoin moving forward.
It is still too early to tell what the future holds for BCC. That is, assuming it will be listed as BCC in the first place. With BitConnect taking up that name, some changes may need to be made by the Bitcoin Cash community. A lot of people will keep a close eye on ViaBTC’s BCC market moving forward. It is a speculator’s heaven, so to speak. As the value of BCC declines, so will its chances of succeeding in the long run. An intriguing development, to say the least.