It hasn’t been long since the Roger Ver led Bitcoin Cash ABC (BCH) chain was declared the winner of the controversial hash war against Bitcoin Cash SV (BSV). The conflict created a rift within the cryptocurrency community which sent the overall crypto market tumbling down to all-time lows.
Although the “Bitcoin Cash” moniker went to ABC the aftermath has turned out to be devastating. It’s not clear who exactly is the winner here, but one thing is for sure, much like in the real world, overall there are no real winners in a war only losers.
Will the Real Bitcoin Cash Please Stand Up?
In an unexpected turn of events, Bitcoin Cash SV (BSV) is inches away from eclipsing Bitcoin Cash (BCH) in price as well as overall market cap. The cryptocurrency (BCH) started off the week with a bad start by giving up the number 4 spot to Stellar (XLM) in overall cryptocurrency market capitalization, followed by an additional 20% drop this Friday.
On the other end, Bitcoin Cash SV (BSV) has managed to negate the overall bearish market sentiment and rack up an impressive +20% price increase during the extended downturn and at one point surpassing Bitcoin Cash (BCH) in price ($111.62) . Currently, both cryptocurrencies are standing neck to neck at number 5 and number 6 respectively (coinmarketcap).
The Cause of the BCH ‘Flippening’
Bitmain has been stricken with rumors of leaked sales Q3 numbers which are less than stellar. Apparently, the company has suffered losses of more than $740 Million and that includes the losses incurred from holding Bitcoin Cash (Bitmain being one of the biggest supporters and holders of BCH) as well as the capital expenses required to support BCH in the “Hash War”.
We got leak of Bitmain Q3 numbers! COMPLETE DISASTER. The company lost $740 Million including losses on inventory and bitcoin cash! And this is not accounting for hash war costs! #bitmainipo @HKEXGroup
— BTCKING555 (@btcking555) December 4, 2018
While these rumors might turn out to be another case of unwarranted market FUD, it is safe to say that the damage has already been done. While it seemed like Bitcoin Cash ABC has won the war it might just be that their battle has just begun.