Bitcoin Cash (BCH) Price Surged Because Kraken Shut Down BSV Tradings
Today, Bitcoin Cash (BCH) surged by more than 10%, per total, as Kraken shut down Bitcoin SV (BSV) tradings. Bitcoin Cash (BCH), which is the fourth cryptocurrency by market cap, jumped from around $230 to approximately $270.
Kraken shut down Bitcoin SV (BSV) tradings, helping Bitcoin Cash (BCH) price to surge
On Monday, Kraken announced that “Bitcoin SV (BSV) trading is now disabled. Open orders will be canceled shortly. Please withdraw all BSV by May 31st, 2019.”
“Bitcoin SV (BSV) deposits are now disabled. Deposits currently pending will be credited shortly. If you send funds in now, you may not be credited until after trading is disabled on April 29th. Please withdraw all BSV by May 31st, 2019,” Kraken added in its statement.
Accordingly, since Bitcoin SV (BSV) cannot be traded anymore on Kraken, some investors might have turned to Bitcoin Cash (BCH), something that helped BCH price to surge by more than 10% earlier today.
Besides the decision taken by Kraken to shut down Bitcoin SV (BSV) tradings, another factor the pushed the BCH price higher is that Bitfinex decided to switch the ticker to Bitcoin Cash (BCH).
Many innovations take place on Bitcoin Cash (BCH) blockchain
Another advantage Bitcoin Cash (BCH) has at the moment is that its blockchain is the perfect host for many innovations. Among them, there is Openswap which permits for atomic swaps between Bitcoin (BTC) and BCH.
Also, the so-called Bitcoin File Protocol is another exciting feature as it’s permitting the upload of data directly on-chain. “Files are uploaded to the blockchain in a series of data chunks encapsulated within OP_RETURN messages located at vout=0 (i.e. the first output) in each data chunk’s respective transaction,” the devs behind Bitcoin File Protocol said.
Bitcoin Cash (BCH) price
As we’ve already mentioned above, Kraken disabled Bitcoin SV (BSV) tradings on its platform, so Bitcoin Cash (BCH) gained momentum, and its price surged.
While earlier today BCH reached near $270, at the moment of this writing, though, Bitcoin Cash (BCH) is at a little above $267, recording an increase of about 7% in the last 24 hours, as per CoinMarketCap.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.