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

Crypto Market Update: Focus on BTC, ETH, BCH, BNB, XMR, and DASH

Siamak Masnavi

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Binance Coin (BNB), Monero (XMR), and Dash (DASH)—over the past 24-hour period.

Overall, September 17th is proving to be a bit of a mixed day, with 12 of the top 20 cryptocurrencies (by market cap) in the red at press time (around 06:25 UTC).

BTC-USD

BTC-USD 24 Hour Chart - 17 Sep 2019.png

The bad news is that are still waiting for the launch of Bakkt's physically-delivered daily and monthly Bitcoin futures contracts. So, Bitcoin is still trading mostly sideways, hovering around the $10,300 mark. The good news is that the launch is expected to take place in less than one week (i.e. on September 23), as was confirmed by this tweet that Bakkt sent out on September 16:

ETH-USD

ETH-USD 24 Hour Chart - 17 Sep 2019.png

The Ether (ETH) price continues its upward movement toward the $200 mark, up another 2.24% in the past 24-hour period (making it up 4.32% in the past 7-day period). What may have helped the Bitcoin price yesterday (September 16) is the announcement by crypto payment processor BitPay that in the near future it will be possible for its customers to accept Ether payments for purchases of goods and services. Also, the BitPay wallet will support Ether.

Ethereum co-founder Vitalik Buterin had this to say about the news:

"It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.

BCH-USD

BCH-USD 24 Hour Chart - 17 Sep 2019.png

On Monday (September 16), Bitcoin.com announced that it had entered into a strategic partnership with Taiwanese smartphone manufacturer HTC, as a result of which the Bitcoin.com wallet will come preinstalled on HTC's current and upcoming blockchain phones (Exodus 1 and Exodus 1s):

BNB-USD

BNB-USD 24 Hour Chart - 17 Sep 2019.png

Although BNB is currently in the red, this may change during the next several hours once all of the six mini announcements that Binance plans to make today have come out:

The first of the six announcements that Binance CEO Changpeng Zhao (aka "CZ") referred to is the addition of support for Cosmos (ATOM) to Binance's Margin Trading platform:

XMD-USD

XMR-USD 24 Hour Chart - 17 Sep 2019.png

OKEx Korea announced on Monday (September 16) that it intends to delist all five privacy coins it is currently supporting, i.e. XMR, DASH, ZEC, ZEN, and SBTC, due to concerns that these cryptocurrencies do not allow it to implement FATF's so-called "travel rule". 10 October 2019 is the date on which transaction (i.e. trading) support ends.

DASH-USD

DASH-USD 24 Hour Chart - 17 Sep 2019.png

Since OKEx Korea's delisting announcement mentioned DASH, you would expect it to be down today, just like XMR. However, it is not, and that is very likely due to the fact that today (September 17) is the day that trading in DASH is expected to start on Coinbase Pro on/after 09:00 PST (16:00 UTC) provided that there is sufficient liquidity.

Featured Image Court: Photo via Pixabay.com