Just hours after Bitcoin hard fork happened and Bitcoin Cash was created, the new cryptocurrency was listed on Kraken for trading under the ticker of BCH.
We would like to remind our readers that Bitcoin Cash will be listed on different exchanges under different tickers with most going for BCC. Kraken is using the BCH ticker.
BCH was listed on Kraken at $600,000 and while that’s not a price that BCC will ever reach, traders were waiting for asks with some bids reaching as high as $25,000. Initial trading remained volatile with prices jumping between $130 and $230 and volumes haven’t been impressive either.
We anticipate BCC or BCH in Kraken’s case to make waves over the next few days as more and more exchanges start listing the cyrptocurrency for trading and as more and more users get their free Bitcoin Cash according to their Bitcoin holdings.
Bitcoin hasn’t been faring well and has seen a decline of around $300 before eventually betting stable at $2700+ levels.
Ethereum price has been on an uptick in the last 24 hours with the cryptocurrency breaching the $220 levels again. The surge in Ethereum price indicates that some traders may have temporarily shifted to Eth while the Bitcoin scenario settles down.
Volatility in the cyrptocurrency market will likely continue for a few more days if not weeks because of the bitcoin hard fork. The free BCC or BCH will give users a reason to get their hands dirty with trading and this push and pull will add to the volatility of the cryptocurrency market.
The next few days will be interesting considering BTC will likely see a decline in its price while BCC could garner some initial momentum with Ethereum following in closely.