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After BCH hard fork BCH trust value lost $16 million

Date:2024-04-27 18:25:07 Channel:Wallet Read:
In the cryptocurrency field, the BCH hard fork has always attracted much attention. The latest BCH hard fork triggered a shocking incident, with a reported loss of up to $1.6 million in BCH trust value. This incident not only caused market fluctuations, but also attracted widespread attention from investors and industry practitioners. This article will provide an in-depth analysis of this incident, explore the reasons behind it, its impact and future development trends, aiming to provide readers with comprehensive and in-depth insights.
After the BCH hard fork, the BCH trust value lost $1.6 million. This news was like a depth bomb that instantly shocked the entire cryptocurrency market. Investors have expressed shock and uneasiness, and are worried about the impact of this unexpected event. In such a moment of uncertainty, we can’t help but ask, what exactly caused such a huge loss in the value of the BCH trust?
First, we need to understand the background of the BCH hard fork. BCH is the abbreviation of Bitcoin Cash and is a fork of Bitcoin. A hard fork refers to an irreversible divergence that occurs in a blockchain network, causing the original blockchain to be split into two chains. This BCH hard fork resulted in a huge loss of trust value. The occurrence of this incident highlights the risks and uncertainties in the cryptocurrency market.
Second, let’s dive into the impact of this incident on the market. The BCH trust value lost US$1.6 million, which not only caused huge losses to investors, but also severely hit market confidence. Investors began to question the stability and reliability of the cryptocurrency market, causing market trading volumes to plummet and prices to fluctuate wildly. This panic spread in the market, exacerbating investor panic and forming a vicious cycle.
In addition, we also need to pay attention to the specific reasons for the loss of BCH trust value. According to industry insiders, illegal activities such as market manipulation and insider trading may be behind this incident. These behaviors not only harm the interests of investors, but also seriously disrupt the market order. In the cryptocurrency market, an area full of risks and opportunities, the importance of regulation is self-evident. Only by strengthening supervision and combating manipulation and fraud can the healthy development of the market be ensured.
Regarding the BCH trust value loss of US$1.6 million after the BCH hard fork, we not only need to see the problem, but also look to the future. As an emerging field, the cryptocurrency market is full of opportunities and challenges. In the face of market uncertainty and volatility, investors need to remain rational, strengthen risk awareness, and choose high-quality projects for investment. At the same time, regulatory authorities should also increase supervision, maintain market order, and protect the legitimate rights and interests of investors.
In summary, the BCH trust value loss of $1.6 million after the BCH hard fork has sounded a wake-up call to the entire cryptocurrency market. Investors need to be alert to market risks, maintain rational investments, and stay away from speculation and manipulation. Regulatory authorities should also strengthen supervision, combat market manipulation and fraud, and maintain market fairness and transparency. Only in this way can the cryptocurrency market usher in healthier and sustainable development. May we work together to protect the stability and prosperity of the cryptocurrency market.

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Following the announcement of BCH’s Nov. 15 fork, the value of assets managed by cryptocurrency fund Grayscale Investments’ Bitcoin Cash Trust fell by $1.6 million.

The Bitcoin Cash (BCH) network has now forked into two blockchains, according to data from Coin Dance. At the moment, miners’ actions appear to be biased towards community-backed Bitcoin Cash
Node(BCHN). The mining pool mined block 661647, which was the last block before the fork.

As of the time of publication, miners have mined approximately 27 blocks for BCHN and not a single block for Bitcoin ABC (BCHA).

Cryptocurrency users have been moving more BCH through exchanges since the fork was announced on November 15, with more than $300 million in BCH transferred in November. While Grayscale appears to have increased its BCHG’s BCH holdings during that time, the value of assets under management in its BCH trust has declined. According to the latest news posted on the crypto fund management company’s Twitter account, it managed $46.8 million in BCH trust assets on Friday, a decrease of $1.6 million since November 9.

Bitcoin ABC announced that it will introduce new “Coinbase Rules” to hand over 8% of block rewards to BCHA lead developer Amaury
The development fund controlled by Sechet, the BCHN fork emerged in response to this statement. Supporters of BCHN insist no rule changes are needed, claiming they can fund the blockchain without needing such development or mining taxes. BCHN’s dominance and community support indicate that BCHN will become the dominant blockchain.

The price of BCH has experienced volatility since the fork was first announced, and has been trading in a price range of $230 to $280 since falling by more than 26% in early September. BCH is currently trading at $245.87, down 4% in the past 24 hours, while Bitcoin (BTC) fell below the $16,000 mark to $15,903.

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