Indeed the recent hash war in the Bitcoin Cash community to hard fork the currency into Bitcoin Cash ABC and Bitcoin Cash SV is a giant event in the crypto space that leaves an inerasable and undoubtable landmark on the ground. The two parties involved vowed to place all their bet in the war to showcase who deserves more.
Bitmain’s CEO, Jihan Wu and his accomplice Roger Ver are on the side of the ABC version of the war, while Craig Wright who claims to be Satoshi Nakamoto, is backing the SV version.
While exacerbating their threat on selling their BTC and their Bitcoin’s (BTC) hash power to enhance their respective Bitcoin Cash (BCH) mining, Jihan Wu in an alleged tweet noted:
“I have no intention to start a hash war with CSW [Craig S. Wright] because if I do (by relocating hash power from BTC mining to BCH mining), BTC price will dump below yearly support; it may even reach $5000. But since CSW is relentless, I am all in to fight till death.”
Similarly with a nonchalant attitude about what would become of Bitcoin’s price, Craig Wright Bitcoin SV responded:
“To all BTC miners… If you switch to mine BCH, we may need to fund this with BTC; if we do, we sell for USD and, well… we think BTC market has no room… it tanks. Think about it. We will sell A Lot! Consider that… And, have a nice day (BTC to 1000 does not phase me).”
“Oh. And @JihanWu and @rogerkver selling… they will also have to sell BTC to pay rented hash. If this is a long war… expect 2014 prices in BTC… think what that does… Have a nice day,” Wright added.
Even though many believe the war has ended, there is speculation that there is still feud in the market over which of the coin will stay atop the other with its market cap. But truly, the market has tanked even beyond the price envisioned by Jihan Wu.
As thus, this is not just happening for Bitcoin alone, all coins in the market are in bloodbath. Despite being in the month hyped with market growth- December, there seems to be no revival power for Bitcoin and its contemporaries.
What And How Will Bitcoin (BTC) Surge Back To Reimburse Investors?
The deep is here and no one can deny it. Bitcoin (BTC) has tanked to its lowest value in the year, so as the altcoins. While the hash is sure a determinant of the market deep, it is now over, but the market is yet to get relieved from the gesture of its disruptions probably due to the proclaimed market cap war.
Also, it has been stated that the present situation is in the wish of the crypto whales. While the market deep has made those who don’t have tangible reasons for keeping digital currency sell off the coins in their coffer, the whales are buying massively so that when the market returns to normality, their wealth would be in multiple.
But one thing is clear. When the vendetta is finally over, and the two feuding parties realize who deserves more, it is likely they return their wealth and hash power back into Bitcoin, making the making of the currency push high to the $6,500 resistant level.
Similarly, the market armature, by this time, should have sold enough for the whales to get enriched and then, the rate of sell off would have reduced to the barest minimum, and the whale could be happy to have the market back in position.
Since they have large influence on the market, there is higher possibility the market finds its shape, subsequently pushing BTC/USD value above the $8200 mark.