Bitcoin cash price LIVE: Latest price and news as new bitcoin rival BCH swings after fork

Bitcoin cash price LIVE: Latest price and news as new bitcoin rival BCH swings after fork

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Bitcoin cash price Getty CoinMarketCap

Bitcoin cash price chart: Latest price and news as BCH cryptocurrency swings

A group of miners created the volatile cryptocurrency – bitcoin cash (BCH) – after ‘forking’ off from the main bitcoin blockchain on Wednesday. 

The unprecedented fork in bitcoin’s existing software and transaction history gave bitcoin users ‘free money’ in the form of BCH tokens.

The price of Bitcoin cash surged above $750 dollars before falling and rising again on the first full day of trading, according to CoinMarketCap. WHAT IS THE BITCOIN FORK?

Experts have warned that proper price discovery has not occurred yet because many users were unable to start trading straight away. 

CoinDesk said a group of miners and developers have created an alternative network to prove bigger blocks in a bid to increase network capacity.

Amid concerns over trading chaos and the impact on bitcoin’s price, here is a look at the latest cash price and breaking news. (All times BST) WHAT IS BITCOIN CASH?

Bitcoin cash chartCoinMarketCap

Bitcoin cash price chart: BCH price swings on Wednesday August 2

Thursday August 3 

4.17pm: Bitcoin trades steady despite bitcoin cash rivalry

Bitcoin opened at $2,723.58, according to CoinDesk. Bitcoin’s high is $2,770.42 and Bitcoin’s low is $2,718.22 so far today. 

Bitcoin closed at $2,772.56 on Wednesday after having opened at $2,735.59, according to CoinDesk. Wednesday’s high was $2,772.56 and its low was $2675.68. 

Bitcoin cash meanwhile is trading at $397.11 as of 4.17pm.

1.31pm: “CoinGate see bitcoin cash as ‘unpredictable development’

In a statement, CoinGate said: “We are not going to natively support Bitcoin Cash and accept incoming BCH payments at this time. 

“CoinGate Team sees the Bitcoin Cash split as an unpredictable development that has not, as of yet, been tested sufficiently, and does not have nearly enough support in the market to become a sustainable and valuable addition to the crypto-universe.

“Please note that with further development of Bitcoin Cash, we might start accepting Bitcoin Cash through a third party (as we cooperate with ShapeShift), if this service is sustainable.” 

Bitcoin cash v bitcoin table CoinMarketCap

Bitcoin cash v bitcoin: Top cryptocurrency table as of 11.03am on Thursday August 3

1.35pm: Bitcoin cash dips after cryptocurrency swing on Wednesday

Bitcoin cash is at $428.76 at 1.35pm, according to CoinMarketCap. But it is still has the third largest market cap, just behind bitcoin and ethereum. 

Bitcoin cash closed at $452.66 on Wednesday after having opened at $382.38. Wednesday’s high was $756.93 and its low was $309.33. 

1.30pm: Gatecoin founder says bitcoin cash’s prospects are ‘limited’

Aurelien Menant, founder and CEO of cryptocurrency exchange Gatecoin, has raised concerns over the longer-term potential bitcoin cash.

“Over the longer term, Bcash’s prospects are limited due to the relatively small size of the community maintaining its blockchain, developing its software and using the cryptocurrency,” he told CNBC.

Mr Menant said Gatecoin would start supporting trade with bitcoin cash, unlike CoinBase which is refusing to accept BCH at all. 

Coinbase said it does not intend to “support or interact with the new blockchain in any way”.  

Bitcoin price graphCoinDesk

Bitcoin price graph: Bitcoin fell and rose again on Wednesday August 2

10am: Will bitcoin cash survive? 

The long-term survival of bitcoin cash depends on the cryptocurrency getting traction with bitcoin’s mining network. 

Jon Matonis, a founding director of the original Bitcoin Foundation, told the Financial Times: “These miners must voluntarily take a loss compared to bitcoin mining to ensure the survival of BCH,”    

“How long can that continue?”  

CLICK HERE TO FOLLOW PREVIOUS BITCOIN NEWS UPDATES

9am: Market to decide if bitcoin cash fails or thrives 

CoinDesk said: “When Bitcoin Cash split off from the bitcoin blockchain it created an entirely new blockchain unique to Bitcoin Cash. 

“From this point forward, the two currencies will trade under separate symbols. 

“And they will each have their own transaction history after the time of the split, and develop unique values.

“Both may fail, both may thrive. That’s up to individual actors in the marketplace.” 

8.30am: Kraken Exchange will not enable funding until safe

Kraken Exchange and some other exchanges are not allowing bitcoin cash deposits and withdrawals at moment. 

On Wednesday Kraken Exchange tweeted: “BCH deposits + withdraws may not be available for several days. We won’t enable funding until we think it’s safe.

On Tuesday it said: “Waiting for BCH funding? Relax, take a walk, smell the roses, enjoy the day, it’s not happening anytime soon folks. ETA 8-80hrs when safe.”

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