The cryptocurrency exchange BitMEX will be settling contracts using Bitcoin Cash ABC price. According to a blog post published by BitMEX a few days ago, the company will be settling the BCHZ18 contract based on the Bitcoin ABC price. Additionally, it will not be including the value of Bitcoin SV.
Bitcoin Cash Hard Fork Impact on BCHZ18
The Bitcoin Cash (BCH) upcoming hard fork is already generating some issues in some exchanges. BitMEX will be settling contracts using the Bitcoin Cash ABC Price rather than Bitcoin SV. Bitcoin Cash is going to experience a hard fork on November 15.
Bitcoin Cash supporters are divided about which side to support. There are two proposals, Bitcoin ABC or Bitcoin SV. Bitcoin ABC is supported by the crypto mining giant Bitmain. Bitcoin SV, instead, is supported by the self-proclaimed Satoshi Nakamoto Craig Wright.
About it, the exchange commented:
“Bitcoin Cash is expected to conduct a hard fork upgrade on 15 November 2018. There are two competing incompatible hard fork upgrade proposals, with the associated clients being Bitcoin ABC and Bitcoin SV. […] On settlement, the BCHZ18 contract will settle at a price on the Bitcoin ABC side of any split and will NOT include the value of Bitcoin SV.”
The BitMEX BBCHXBT Index is comprised of the information provided by Polonize, Binance, and Kraken. All of them are recognized exchanges in the crypto world.
Cryptocurrency exchanges are starting to provide a clear explanation to users about what to do during the hard fork. Investors that hold BCH at the time of the fork will receive the same amount of coins in the new chains.
This is one of the reasons why Bitcoin Cash skyrocketed during the last weeks. The price of this virtual currency went from $420 to $630 dollars, an increase of 50% in just a few days. The price increase in Bitcoin Cash has also affected the whole market, triggering a small positive movement in most of the cryptocurrencies in the market.
A few days ago, BitMEX Research unveiled a new website known as ForkMonitor.info. In this site, the crypto exchange will be providing all the necessary information about upcoming hard forks in the cryptocurrency space. However, there will be a focus on Bitcoin (BTC) and Bitcoin Cash.
Users should be contacting their respective exchanges to know how to proceed at the time of BCH’s hard fork.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.