It looks like Bitcoin Cash is garnering all the attention right now as far as roller coaster rides go with the Bitcoin Cash price declining substantially over the last couple of days.
Bitcoin, Ethereum and almost all other mainstream cryptocurrencies are all stable with only minor positive movements being seen on the pricing front as well as in terms of trading volume. However, Bitcoin Cash price has been declining ever since it hit a high of over $500 a couple of days ago after being listed on Kraken and at the time of this writing the cryptocurrency is trading at $350 levels – down almost a third from where it was a couple of days ago.
Positive news on the Bitcoin Cash front including the reduction in mining difficulty and stability of the Bitcoin Cash Network have’t helped at all and the downward trend in the Bitcoin Cash price continues.
Major Bitcoin exchanges that have been strongly speaking against Bitcoin Cash have even retracted from their earlier statements and showed support for the new cryptocurrency, but that isn’t helping Bitcoin Cash either.
Bitstamp that was against listing BCH and offering its users the new cryptocurrency has said that they will be distributing BCH and will also plan out how they will list BCH for trading. Coinbase too has confirmed a change in stance and have said they will allow users to withdraw their BCC in a few months time.
None of the positive news are working for BCH and one of the most probable reasons is that the cryptocurrency is free and that those who have managed to get their hands on the altcoin are just cashing-in on getting rid of it. This could be the reason why there has been almost no movement in Bitcoin or Ethereum price since the last 48 hours as traders are mostly concentrating on Bitcoin Cash.