Grayscale’s BCH Trust loses $ 1.6M value as hard fork begins

The value of assets under management for crypto fund manager Grayscale Investments Bitcoin Cash Trust has fallen by $ 1.6 million following the announcement that crypto assets are due on November 15.

According to data from Coin Dance, the Bitcoin Cash (BCH) network is now divided into two blockchains. Currently, the Minor action is in favor of a community-driven bitcoin cash node or BCHN. The pool mining block of crypto exchange binance accounted for 661,647 – the last common block before the fork.

At the time of publication, miners have mined about 27 blocks for BCHN and none for Bitcoin ABC, or BCHA.

Since the November 15 forks were announced, crypto users have generally been sending more BCH through exchanges, depositing more than $ 300 million tokens in November. While Grayscale has appropriately added to its holdings of BCHG shares at the time, its bitcoin cash trust has decreased the value of assets under management. According to the update posted on the crypto fund manager’s Twitter account, the firm Was $ 46.8 million in assets under management for BCH Trust on Friday, a $ 1.6 million drop since November 9.

The BCHN fork emerged in response to Bitcoin ABC’s announcement that it would introduce a new “coinbase rule”, which gives 8% block rewards to a development fund controlled by BCHA’s lead developer Amauri Siquet. Supporters of BCHN have insisted that the rule is not required, claiming that they can fund blockchain without this development or mining tax. Apart from community support, the dominance of BCHN suggested that Thorn would emerge as the dominant blockchain.

While Bitcoin Cash has experienced price volatility since the forks were first announced, it rose to over $ 276 on October 23 and fell more than 26% at the beginning of September to $ 230- $ 280 in value. Is moving between the corridors. Currently Bitcoin Cash is trading at $ 245.87, having fallen 4% in the last 24 hours, while Bitcoin (BTC) slipped to $ 15,903 with a blockage of $ 16,000.