Cryptocurrency News: Bitcoin Cash Futures Jump After Hard Fork
- Bitcoin Cash futures jump on their first day of trading
- Bitcoin falls but losses are limited after a recent surge.
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New Digital Currency Jumps in Early Turnover
A hard fork is occurring in the blockchain and is in the process of creating a new digital token, Bitcoin Cash (BCC), and it’s already trading nearly $100 higher than last night’s indicative price. At the time of writing the first ‘block’ of Bitcoin Cash has yet to be fully mined but is expected to be completed within a few hours. When this happens the new digital cash is created.
According to prices from Coinmarketcap, BCC futures are changing hands at $389, up around 37% in the opening trade. In comparison, the original token, BTC, is trading around 4% lower today at $2695, after having touched a six-week high of $2925 earlier in the European session.
Every holder of BTC before August 1 will receive the same amount of BCC in their digital wallets today, although those who held their coins in exchanges that refuse to recognize the new currency, were advised to move their currency to a compatible exchange, or lose their rights.
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Chart: Bitcoin (BTC) Price Daily Timeframe (May – August 1, 2017)
And while Bitcoin faltered, the table below shows the rest of the top five cryptocurrencies enjoying a good run, with the market’s second-largest token, Ethereum, the standout.
Market Moves/Top 5 Capitalizations – July 31, 2017
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--- Written by Nick Cawley, Analyst
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.