No bending for Bitcoin Cash users as BCH loses 98% against Bitcoin

by · July 4, 2022

Bitcoin (BTC) has reached new record highs this week – not in US dollars, but against its longtime competitor, Bitcoin Cash (BCH).

Data from Cointelegraph Markets Pro and TradingView confirm that on June 29, BCH / BTC officially set its lowest price ever.

CoinFLEX debacle catches BCH supporter Ver

Bitcoin Cash, also known as “Bcash” by those critical of the coin’s ethos and future, became known in 2017 when it became the first large hard fork in the Bitcoin network to take on the BTC itself.

Months after launch, altcoin peaked at around 0.43 BTC per token, proving something of a fakeout for investors who have spent the intervening period watching the value fall steadily.

Entrepreneur Roger Ver, arguably the most vocal BCH supporter, has yet to highlight his superiority over Bitcoin, with price problems having little impact on his rhetoric.

This month, however, Ver courted controversy when reports emerged that he owed $ 47 million in stablecoin USD Coin (USDC) to the crypto investment platform CoinFLEX.

Ver denies the allegations, with a social media storm following, which is ongoing this week. Regardless of the outcome, its impact on BCH has been significant. On June 29, BCH / BTC fell to new lows of only 0.005 – 98.83% below the 2017 peak.

BCH / BTC 1-month light chart (Binance). Source: TradingView

The event was not lost on commentators, many of whom remembered Vers’ insistence that BCH would stand up to replace BTC completely.

Even Bitcoin SV surpasses BCH

For another fierce anti-Bitcoin spin-off, the situation is hardly any better.

Related: Bitcoin’s bottom may not be in, but miners say it ‘has always made a profit over any 4-year period’

Bitcoin SV (BSV), the offspring of BCH, who appeared during community matches, reached its own lowest times against BTC in May.

Since then, there has been a modest recovery, taking BSV / BTC to 0.0016 BTC – only 94.48% below the all-time high of 0.029 BTC seen at the beginning of 2020.

BSV / BTC 1-month light diagram (Binance). Source: TradingView

On the plus side, BSV is now buying more BCH than ever since December of the same year.

BSV / BCH 1-week list chart (Binance). Source: TradingView

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