November 15th and the Hype behind Coinbase and the hard fork
What do people use BitcoinCash for? I used it as a beginner in order to lose money. Valued at $420.00 just days ago , yesterday the excitement over Coinbase PRO's support of the upcoming November 15th hard fork sent the otherwise failing Crypto into the stratosphere , metaphorically speaking. From $420.00 to as high as $586.65 u.s.d. , 10 days prior to the fork ; rather naked price manipulation caused nearly the entire market to rally, prior to the inevitable realization that 10 days out , nobody was going to hold the oft maligned currency at that price and higher until November 15th.
Now with the drawback , a large portion of the market is in decline. The BTC/BCH ratio has reached BTC 0.08940159, and people are paying that rate still. It has become a sellers market , with demand outweighing supply even now. Long Term investors will likely not be harmed, provided they do not get spooked by what is going on , but the statement that headlined another Tradingview newsflash stating that the "Speculators are gone, only 'real' investors remain," is obviously not true with so many willing to buy in at such an inflated price in the hope - there is no guarantee , of an airdrop similar to the one that brought BitcoinCash into existence. Coinbase' statement read in part that "In the unlikely event that two viable chains emerge , BCH holders will receive the new iteration when trading resumes.
So far , only two exchanges have publicly stated support for the upcoming fork will be supported, and one with a hint of doubt as to a positive outcome. Never the less , buyers came out of the woodwork.
Now BCH is in a freefall , and the entire market is destabilizing. Who exactly is profiting here , other than the exchanges collecting their fee's? 539.00 u.s.d. as of this writing. What a mess.
Now with the drawback , a large portion of the market is in decline. The BTC/BCH ratio has reached BTC 0.08940159, and people are paying that rate still. It has become a sellers market , with demand outweighing supply even now. Long Term investors will likely not be harmed, provided they do not get spooked by what is going on , but the statement that headlined another Tradingview newsflash stating that the "Speculators are gone, only 'real' investors remain," is obviously not true with so many willing to buy in at such an inflated price in the hope - there is no guarantee , of an airdrop similar to the one that brought BitcoinCash into existence. Coinbase' statement read in part that "In the unlikely event that two viable chains emerge , BCH holders will receive the new iteration when trading resumes.
So far , only two exchanges have publicly stated support for the upcoming fork will be supported, and one with a hint of doubt as to a positive outcome. Never the less , buyers came out of the woodwork.
Now BCH is in a freefall , and the entire market is destabilizing. Who exactly is profiting here , other than the exchanges collecting their fee's? 539.00 u.s.d. as of this writing. What a mess.