Bitcoin Drops to $2400 As UAHF Fears Kick In
Bitcoin Cash's announcement on Saturday 22nd took the community by surprise and it appears the Bitcoin markets are starting to show signs of nervousness around a potential split on Aug 1st. Bitcoin Cash says that it intends to activate a UAHF on August 1st despite the BIP91 lock-in. They stated that they wanted to scale Bitcoin on-chain via an 8mb blocksize. They have also reduced the difficulty adjustment period from 2,016 blocks to 6 blocks as it is unlikely BCC will attract much hashing power.
A BCC futures market has started trading on ViaBTC, currently at a price of $393.45. Many exchanges have yet to come out with a definitive statement as to whether they will support BCC. BitMEX has stated that they “will not support the split or distribution of Bitcoin Cash”.
As a result of the upcoming UAHF, investors have become concerned given the possibility of replay attacks and general malfunctions on the network. As a result, Bitcoin is down 6.67% in the last 24 hours to $2,499.59 with roughly $519M exchanged on the USD pairs.
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