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Cryptocurrency News: Bitcoin Cash Futures Jump After Hard Fork

Cryptocurrency News: Bitcoin Cash Futures Jump After Hard Fork

Nick Cawley, Strategist

Talking Points

- Bitcoin Cash futures jump on their first day of trading

- Bitcoin falls but losses are limited after a recent surge.

Check out our new Trading Guides: they’re free and have been updated for the third quarter of 2017

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.

And if you would like to join me as I discuss the latest Bitcoin market developments on Wednesday August 2 at 1100 GMT, Sign Up for the Free Webinar Here

Chart: Bitcoin (BTC) Price Daily Timeframe (May – August 1, 2017)

Cryptocurrency News: Bitcoin Cash Futures Jump After Hard Fork

Chart by IG

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

Cryptocurrency News: Bitcoin Cash Futures Jump After Hard Fork

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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