It has been exactly three weeks since the Bitcoin Cash hard fork had occurred and led to the birth of two coins – Bitcoin Cash ABC and Bitcoin Cash SV.
Right after the fork took place, Bitcoin ABC (now with the BCH ticker in most of the exchanges) emerged as the winner of the hash war and was as crowned by many crypto exchanges as the rightful successor of the original Bitcoin Cash.
Meanwhile, after losing the contest for popularity, Craig Wright’s BSV and his team claimed they would build their brand without laying claims to Bitcoin Cash. This development helped to increase the credibility in the project and shot the coin to the 7th position in CMC global cryptocurrency ranking.
Since then, SV has been performing rather well than ABC, and according to data on CoinmarketCap, BSV has dethroned its rival by market cap. Bitcoin SV, at press time, holds the 5th place in the market with a cap $1.9 billion and a daily volume of about $304 million. Bitcoin ABC is down to the 7th position, recording a 16.64% loss with a price of $102.70 and a market cap of about $1.79B. Interestingly, BSV is currently recording a massive 21.36% gains at the same time when the rest of the crypto markets, including Bitcoin, are seeing losses of more than 10%.
Some are suspecting that the events surrounding Bitcoin Cash’s hash war might be the primary cause for Bitcoin’s free fall.
Sued for price manipulation
The United American Corp filed a lawsuit against the BCH ABC team on the same day when the price flippening happened. The Plaintiff accused Bitmain, Inc., Roger Ver, Jesse Powel, Amaury Sechet, and other team members for joining forces to manipulate BCH markets in order to make gains.
“This action involves a scheme by a tight-knit network of individuals and organizations to manipulate the cryptocurrency market for Bitcoin Cash, effectively hijacking the Bitcoin Cash network, centralizing the market, and violating all accepted standards, protocols and the course of conduct associated with Bitcoin since its inception,” part of the litigation reads.
Some members of the Bitcoin Cash supporters see the lawsuit as an effort to destroy the good name and popularity of BCH. Others in the crypto space, however, believe it is a good step towards mitigating the attempts of a group of individuals controlling a supposed decentralized Bitcoin Cash network.