Bitcoin

The BCH fund in Grayscale loses $ 1.6 million in value with the start of the hard fork

The value of assets under management for crypto fund manager Grayscale Investments’ Bitcoin Cash Trust has fallen by $ 1.6 million following the announcement that crypto assets will be forked on November 15.

According to Coin Dance, the Bitcoin Cash (BCH) network has now split into two blockchains. Nowadays, The miners’ action seems to favor the community-run Bitcoin Cash Node (BCHN). Binance’s cryptocurrency pool was responsible for mining block 661,647, the last shared block before the fork.

At press time, miners have been mining approximately 27 blocks for BCHN and none for Bitcoin ABC or BCHA.

The BCH fund in Grayscale loses $ 1.6 million in value with the start of the hard fork
The BCH fund in Grayscale loses $ 1.6 million in value with the start of the hard fork

Since the November 15 diversion announcement, cryptocurrency users have generally sent more BCH across exchanges and deposited more than $ 300 million of the tokens in November.. While Grayscale appeared to have topped up its BCHG stock holdings at this point, the value of the assets under management in its Bitcoin Cash Trust has declined. According to updates posted on the Crypto Fund Manager’s Twitter account, the company has would have The BCH trust’s assets under management were $ 46.8 million as of Friday, a decrease of $ 1.6 million from November 9th.

The BCHN fork came in response to Bitcoin ABC’s announcement that it would introduce a new “Coinbase Rule” that would channel 8% of block rewards to a development fund controlled by BCHA’s lead developer Amaury Sechet. Proponents of BCHN have insisted the rule is not required, claiming they can fund the blockchain without that development or mining tax.. BCHN’s dominance in addition to community support had indicated that the fork would emerge as the dominant blockchain.

While the price of Bitcoin Cash has been volatile since the fork was first announced, it surged above $ 276 on October 23, and has since moved generally between a $ 230 to $ 280 price corridor that fell more than 26% in early September . Bitcoin Cash is currently trading at $ 245.87 after falling 4% in the past 24 hours, while Bitcoin (BTC) fell below the $ 16,000 mark to $ 15,903.

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