Poloniex Launches Pre-Fork Trading Support for Bitcoin Cash’s November 15th Hard Fork

For those customers that can't wait until November 15th for the Bitcoin Cash (BCH) hard fork ("Planned Network Upgrade"), Circle's crypto exchange Poloniex has announced a solution: it is allowing customers to trade Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) tokens right now.

The two main competing implementations in the upcoming hard fork of Bitcoin Cash are "Bitcoin ABC" and "Bitcoin SV". Poloniex does not want to take sides, and furthermore it wants to allow members of the crypto community to show which variant of BCH they support before the hard fork takes place:

"We believe the responsible thing for an exchange to do is remain neutral, and we want to empower the community to demonstrate their support through trading activity. "

So, on 7 November 2018, it enabled "pre-fork trading" for the first time ever. Customers can trade BCHABC and BCHSV against both Bitcoin (BTC) and Circle's stablecoin USDC Coin (USDC):

BCH hard fork 1.png

To make this possible, it now provides a conversion tool (you can find this in the upper right corner of the "Exchange" screen on the Poloniex website). This allows BCH to be converted into "equivalent amounts" of BCHABC and BCHSV; it also allows BCHABC and BCHSV to be converted back to BCH in case csutomers wish to withdraw funds:

BCH hard fork 2.png

Poloniex plans to pause BCH deposits and withdrawals at 14:00 UTC on 15 November 2018. At 15:00 UTC, it will "freeze the BCH, BCHABC, and BCHSV markets, cancel all outstanding orders, and take a snapshot." Any user that still holds BCH at this time will "immediately receive an equivalent amount of BCHABC and BCHSV." All BCH balances will then be set to zero. Once both chains have stabilized, withdrawals will be enabled.

Poloniex offers this important warning:

"You do not have to engage in pre-fork trading. If you choose to engage in pre-fork trading, please note that, as with all trading on the platform, trading in these assets can be extremely risky, and you trade at your own risk.  It is possible that one of these chains will not be economically or technically viable after the fork, and its value will drop to zero."

At press time, according to data from CryptoCompare, BCH is trading at $589.34, down 4.55% in the past 24-hour period.

Featured Image Courtesy of Poloniex LLC

Justin Sun Congratulates CZ on Binance Coin (BNB) Price Setting a New All-Time High

On Saturday (April 20), Justin Sun, the Founder and CEO of TRON Foundation congratulated Changpeng Zhao (aka "CZ"), the CEO of Binance, and the rest of the Binance team on the Binance Coin (BNB) price breaking its previous all-time high (ATH), which had been set in January 2018.

This was the tweet Justin sent out at 08:54 UTC on April 20:

CZ replied with this tweet:

According to CryptoCompare, at 07:05 (UTC), the BNB price reached the new ATH of $25.42, as can be seen in the 24-hour price chart shown below:

BNB - 24 Hour CC Chart - 20 Apr 2019.png

As CryptoGlobe reported on April 18, there have been quite a few catalysts behind the impressive rise in the price of BNB over the past three months, a few of which are listed below:

  • High successful initial exchange offerings since January 28 (BitTorrent, Fetch.AI, Celer Network) via Binance Launchpad.
  • Ever-expanding list of use cases for Binance Coin.
  • Regular quarterly BNB token burns (the 7th one was reported by Binance on April 16).
  • Successful mainnet launch of Binance Chain (on April 18), with the swap from ERC20 BNB tokens (on Ethereum) to BEP2 BNB tokens (on Binance Chain) expected to begin on April 23 at 00:00 (UTC).

With regard to future BNB price catalysts, since Binance seems to be betting its future on Binance Chain, the main ones are probably:

  • a successful token swap process (i.e. from ERC20 BNB to BEP2 BNB);
  • existing projects, such as decentralized social media platform Mithril, announcing their migration to Binance Chain; and
  • new projects deciding to adopt Binance Chain.

Finally, if you are a BNB token holder and you are worried about how to prepare for the mainnet token swap, the best advice comes from Binance:

 

Featured Image Courtesy of Binance