Two days after Bitcoin Cash activated, the ripple effects are still creating buzz.
What Effect Did Bitcoin Cash Have On Markets?
Cryptocurrency exchanges have either accepted bitcoin cash or rejected it initially. One thing is for certain, the sudden announcement of a user-activated hard fork on short notice has drawn a lot of attention. Most cryptocurrency investors and traders are looking to capitalize, albeit cautiously. The buzz on the internet has created a lot of awareness from new users, current hodlers and governments alike. (1,2)
The most notable effect these ripples have had, in my opinion, is the global awareness it has brought to cryptocurrencies in general. Somewhat predictably, the markets have ebbed and flowed slightly from bitcoin to altcoin, bitcoin cash back to bitcoin as people try to diversify while capitalizing on the unpredictable opportunity brought about by BCC. Currently, the new altcoin (BCC) is losing value while bitcoin and the others are on the rise! (3)
Will Government Regulations Stall Bitcoin Trading?
Apparently, the U.S. Government Financial Crimes Enforcement Network wanted the capture of Alexander Vinnik, seizure of BTC-e and fine of $110M to be public. (4) Most likely as a cautionary tale against those who attempt to forgo regulations with the intent of personal gain. That whole situation left a lot of [innocent] traders out a lot of funds. Will this be a recurring theme?
On the flip side, you have people like Hu Liang leaving his position as a senior managing director at State Street Bank & Trust to create a traditional trading app for cryptocurrency investments. (1) More and more we hear about executives venturing into the crypto-sphere to make their mark and profit. As this trend continues, lets just hope that more investors are interested in the long-term benefits of cryptocurrency than they are with just making a quick buck with ICO’s.
Do you think Bitcoin Cash will surpass Bitcoin in Market Cap or Price?