BitMEX Prepares For Bitcoin Cash (BCH) Hard Fork, Launches ForkMonitor

BitMEX Prepares For Bitcoin Cash (BCH) Hard Fork, Launches ForkMonitor

As the cryptocurrency is approaching its scheduled fork on November 15th, the BCH valuation has jumped 25% from Nov. 2 until now.

If you're a Bitcoin Cash investor, you might be feeling a little pleased with yourself today, that's because throughout the weekend, Bitcoin Cash has made some fantastic gains and seen some real progression, away from the overall negative trend of the markets. But the exchanges and platforms supporting BCH, were in a spot of dilemma and had to make a decision- should they support the hard fork or not? This price action experienced by Bitcoin Cash during the last days can also be compared to other hard forks in the past. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Trading volumes have also spiked reaching $1.4 billion dollars in the last 24 hours. Investors started to pay attention to Bitcoin Cash because on November 15 it will experience a new hard fork.

As is often the case anytime a hardfork is scheduled, the price of Bitcoin Cash has started 'mooning'.

BitMEX Research, the research arm of crypto derivatives exchange BitMEX, announced the launch of a new BTC/BCH soft/hard fork monitoring tool (available at ForkMonitor.info) that it has sponsored. The fork itself is scheduled to take place on November 15th.

As the fork occurs, Coinbase explained that it will actively monitor the Bitcoin Cash Network, before subsequently evaluating the network "and taking the appropriate next steps" to re-enable deposits and withdrawals of the altcoin. Please be sure all BCH sends and receives are completed prior to that time.

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The website will monitor many different aspects of the networks and their associated blockchains, with the ultimate goal of keeping track of these variables during forks to be "potentially useful in helping to detect unintentional consensus bugs". Coinbase can not predict the duration of this upgrade process. "In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain".

Crypto startup Ledger providing asset storage solutions has said that it will protect BCH users through the fork.

Bitcoin Cash (BCH) is the star of the new website, however, as ForkMonitor runs eight BCH nodes, versus five BTC notes. This news came just hours after Ledger, revealed that it would be protecting its users through the fork, claiming it would support the dominant chain, which is the one with the highest (and most stable) hashrate when the time comes.

Blockchain group NChain led by the controversial Craig Wright has gone to lock horns with BCH-centric developer consortium Bitcoin ABC. As part of the hard fork, the BCH holders will get an equivalent amount of the newly created BCH chain tokens.

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