Bitcoin Cash (BCH) Spikes in Value After Binance Announces Support for Upcoming Hard Fork 12

Bitcoin Cash (BCH) Spikes in Value After Binance Announces Support for Upcoming Hard Fork

Investors and the community members of the Bitcoin Cash (BCH) project and cryptocurrency have some good news to look forward to as Binance has announced that its platform will be supporting the upcoming hard fork.

In the announcement less than a few hours ago, the exchange notified its users that BCH deposits and withdrawals will be suspended a few minutes prior to the 4pm time of the hard fork on November 15th.

The announcement went on to give the following exact details:

Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC).

Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).

Please leave sufficient time for deposits to be processed in full prior to this time.

We will handle all technical requirements involved for all users holding Bitcoin Cash in their Binance accounts.

We will make a separate announcement after the snapshot is complete to notify users when deposits and withdrawals for Bitcoin Cash will reopen.

BCH Price Spikes After the Binance Announcement

What is usually the norm after a hard fork, is that owners of the digital asset end up owning new coins belonging to the new blockchain ledger. In the case of BCH, there are two upgrades and owners of the coin during the snap shot, will get new coins in the ratio of 1:1.

The thought of such a possibility and Binance announcing support for the upgrade, has caused the price of BCH to spike in value. A chart has been provided below for a better visualization.

Bitcoin Cash (BCH) Spikes in Value After Binance Announces Support for Upcoming Hard Fork 13

Ledger To Suspend Bitcoin Cash Support

The news comes after the Ledger company announced that it will be suspending support for Bitcoin Cash right before the hard fork. The reason for doing so, is that they prefer to wait for the outcome of the hard fork so they can also upgrade their back-end supporting software appropriately and according to the upgrade that will be implemented fully. (There are currently 2 versions of the upgrade thus causing the hard fork.)

Users of all Ledger hardware devices have been given two options:

  1. To withdraw their BCH funds prior to the hard fork and transfer them to another wallet or exchange that supports the hard fork
  2. If they plan on not using their BCH funds during the hard fork event, they can choose to keep their funds in their hardware wallets. However, they will not be able to access their funds up until the hard fork has been completed, and the team at Ledger has upgraded us well

What are your thoughts on the upcoming Bitcoin Cash (BCH) hard fork? Please let us know what you think in the comment section below.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.