Following the August 1st hard fork, all major Japanese Bitcoin exchanges announced that they will soon start to credit their customers with Bitcoin Cash (BCH), the new cryptocurrency created as Bitcoin’s blockchain diverged into two separate blockchains today. For every Bitcoin held by customers at the time of the fork, the same number of BCH will be credited to their accounts.
The creation of Bitcoin Cash is the most striking result yet of a 2-year-old feud over Bitcoin’s future. Bitcoin is currently valued at $47 billion but remains the main cryptocurrency. Backers of the new currency say it’s necessary if Bitcoin is to make a real mark on how the world uses money.
According to coinmarketcap, Bitcoin Cash was trading at $214 just before the split occurred, with a 24hr trading volume of $14 million. Shortly after the split officially occurred, BCH spiked up 48% which is now trading at $422 per BCH with a $100 million 24hr volume.
Bitcoin has been trading 5% lower near $2,711 after dropping to a low of $2,670 earlier in the morning, according to the chart below. Bitcoin has risen more than 15% in July and has more than doubled in value since January 2017.
Ethereum gained nearly 6% to trade near $226 which has seen a small influx of orders coming from Bitcoin investors due to uncertainty of BTC or BCH.