Update: 00:40 GMT, 7 December 2018- BSV is now more valuable than BCH
We are about to witness the Bitcoin Cash Bitcoin SV flippening.
Coinintelnews has been watching this one like a hawk since the hard fork, noting the narrowing gap in the valuation of the pair.
Bitcoin Cash has fallen 16.7% today to $117 while its Bitcoin SV nemesis has risen 18% to $107.
The only other coin falling as hard as BCH is Binance Coin (BNB), also down 16% ($5.18) as traders force down the price by taking their profits. Binance introduced sub-accounts to its platform today.
A leak claiming to show mounting losses at Bitmain, which is currently conducting its IPO is likely behind the crashing of BCH, of which it is one of the chief supporters along with Roger Ver and his Bitcoin.com mining pool.
We got leak of Bitmain Q3 numbers! COMPLETE DISASTER. The company lost $740 Million including losses on inventory and bitcoin cash! And this is not accounting for hash war costs! #bitmainipo @HKEXGroup
— BTCKING555 (@btcking555) December 4, 2018
Short Bitcoin Cash
We don’t like the look of a long position in BSV and it is much safer to short BCH at this juncture.
TradingView is not showing prices for either BCH or BSV at the moment, which is probably indicative the manipulated nature of both markets, given the outsized influence of the millionaires/billionaires on both networks, via mining and the dumping (or buying in the case of BSV) of the coins.
Bitmain has been making huge losses mining BCH that it can ill afford.
It is currently far less profitable to mine BSV than BCH as the data below from coinDance shows, so BSV and nChain are suffering too, although they are compensated by the rising price.
If this carries on much longer BCH will be dead and there may not be many mourners at the funeral.
Looks Like Craig Wright (pictured at top of story) and Calvin Ayre are going to have the last laugh it appears.
Bitcoin is down 5% today at $3,678 as the bears sharpen their claws.
Don’t forget to close your short position on Bitcoin we’ve been holding since 28 November when it hits target at $3,471 – we expect a bounce of sorts at that point before the slide resumes.
Overall crypto market cap has slumped to $117 billion.
BTCUSD 1-hour chart, Bitstamp