Ledger Nano S - The secure hardware wallet

Poloniex Exchange Halts BCH Markets After Bitcoin Cash Hardfork

The first stage of the long-awaited Bitcoin Cash hardfork has been completed, with two chains emerging: BCHSV and BCHABC.

In this respect, Poloniex, a crypto exchange owned by Circle has announced a split of BCH balances being held on the exchange. This mode disables the trading of BCH on the exchange but allows users to trade in any of the following pairs

  • BCHABC/BTC
  • BCHSV/BTC
  • BCHABC/USDC, and 
  • BCHSV/USDC

The ticker BCHABC belongs to one of the chains created after the bitcoin cash hardfork. The chain is led by BCH developer Amaury Sechet and mining giants Bitmain Inc. The ticker BCHSV belongs to the other chain from the hardfork led by the controversial crypto figure, Craig Wright and mining firm CoinGeeks.

Poloniex says in its announcement that “deposits and withdrawals of BCHABC and BCHSV are still paused, and will remain paused until the networks stabilize.”

Meanwhile, data from crypto data site Coindance shows that BCHABC is leading the race in terms of blocks mined after the split.

BCH Outlook After Hardfork Nov 15

BCH, the original altcoin that has just been split due to the hardfork has seen a decline in market value. According to data from Coinmarketcap.The coin is more than 5% down on the day with a market cap of $7.2 billion and a press time value of $416.

BCH outlook after hardfork

We will now keep an eye on which of the chains will continue living as BCH while the other chain is given a new ticker by developers on the chain.

Never miss out on our daily crypto news, stories, tips, and price analysis.  Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter