The pressure is mounting on exchanges to choose a course of action for the upcoming Bitcoin Cash (BCH) hardfork that might divide the cryptocurrency; the likes of Binance and Coinbase have made their stances clear, and now, so has BitMEX.
In an announcement the BitMEX team assert that they will only be settling BCH contracts in BTCABC one of the divisive proposals currently threatening to tear Bitcoin cash in two:
“Bitcoin Cash is expected to conduct a hardfork upgrade on 15 November 2018. There are two competing incompatible hardfork upgrade proposals…Bitcoin ABC and Bitcoin SV. Therefore, there could be a chain split; users holding BCH prior to the hardfork could end up with coins on both sides of the split.
On settlement, the BCHZ18 contract will settle at a price on the Bitcoin ABC side of any split and will NOT include the value of Bitcoin SV.
This is consistent with the approach BitMEX took when Bitcoin Cash initially split off from Bitcoin in August 2017. The Bitcoin / USD contracts were settled based on the Bitcoin price at the time and did not reflect the price of Bitcoin Cash.” Reads the announcement.
Interestingly, pre-trading statistics released by Poloniex shows that BTCABC Is far more popular with traders, at a current price of $475.08 USD versus SV’s price of $70.03.
In an announcement the BitMEX team assert that they will only be settling BCH contracts in BTCABC one of the divisive proposals currently threatening to tear Bitcoin cash in two:
“Bitcoin Cash is expected to conduct a hardfork upgrade on 15 November 2018. There are two competing incompatible hardfork upgrade proposals…Bitcoin ABC and Bitcoin SV. Therefore, there could be a chain split; users holding BCH prior to the hardfork could end up with coins on both sides of the split.
On settlement, the BCHZ18 contract will settle at a price on the Bitcoin ABC side of any split and will NOT include the value of Bitcoin SV.
This is consistent with the approach BitMEX took when Bitcoin Cash initially split off from Bitcoin in August 2017. The Bitcoin / USD contracts were settled based on the Bitcoin price at the time and did not reflect the price of Bitcoin Cash.” Reads the announcement.
Interestingly, pre-trading statistics released by Poloniex shows that BTCABC Is far more popular with traders, at a current price of $475.08 USD versus SV’s price of $70.03.