Bitcoin Cash (BCH) Trading Begins on South Korea's Biggest Exchange, Bithumb - Investors Price BCH North of $500


Bitcoin Cash (BCH), the new digital currency that split from the main Bitcoin network on August 1, made its debut today on South Korea’s largest exchange, Bithumb. In early trading, South Korean speculators and investors pushed BCH to a daily high of 959,000 KRW, or approximately $850.00 at current exchange rates.

At press time, BCH is trading on Bithumb at an effective USD price of $571, which is more than double the exchange rates currently quoted on Bitfinex, Bittrex, ViaBTC and HitBTC.


While BCH training has been active for several hour now on Bithumb, the higher prices could be due to the fact that deposits and withdrawals are still disabled.

Bithumb said in a statement today that Bitcoin Cash transfers will be allowed at some point, but no details were given, “The opening date of Bitcoin Cash(BCH) deposit/withdrawal service will be given through further notification.,” said Bithumb.

Moreover, Bithumb's BCH/KRW pair has seen $96 million in turnover so far today! For comparison, the combined 24h BCH volume of Bittrex, Bitfinex, HitBTC and Kraken, comes out to $82 million.

Korean Exchange Bithumb Says New Bitcoin Cash Trading Schedule to be Released


Bithumb, Korea’s largest cryptocurrency exchange by volume, will be giving its clients 0-fee trading for 24h in tandem with the launch of Bitcoin Cash trading pairs. In today’s blog post, Bithumb said the promotion will only run for two days:
“Fee Free Event will be running from August 3rd (Thurs) 18:00 KST to August 4th (Fri) 18:00 KST”
Additionally, Bithumb stated that Bitcoin Cash will have the “BCH” ticker, and not “BCC,” which is currently used by Bittrex, HitBTC, BitBay and Bleutrade.

Bithumb previously said that Bitcoin Cash trading will begin on August 3, but today, Bithumb explained that a new opening schedule will be released on Friday, August 4, 2017. The Korean exchange also said that trading, deposits and withdrawals of Bitcoin Cash have been delayed due to the unstable production rate of new blocks on the Bitcoin Cash blockchain:
“Up until August 3rd 12:00 KST, Bitcoin Cash has been showing instability on the block production or even on the deposit/withdrawal.”
Although miners on the Bitcoin Cash network produced only three blocks on August 1st, as the special mining difficulty reduction algorithm was not activated, the rate of new blocks has picked up greatly over the past two days.

So far today, 19 new blocks have been found, and yesterday, miners produced 10 new blocks as the difficulty dropped off substantially, according to data from Blockdozer.com. At press time, the Bitcoin Cash blockchain is running at a quarter of the main blockchain's difficulty.

Majority of exchanges have already opened up Bitcoin Cash trading, however, many of BCH-supporting exchanges also made the decision to block traders depositing new coins until new blocks are found at a steadier pace.

At press time, the Bitcoin Cash blockchain is valued at $7.1 billion, according to CoinMarketCap, and one BCH will set you back about $433.


Bitcoin Cash Climbs to $300 on Bittrex and Kraken After Successful Split From the Bitcoin Chain


The Bitcoin Cash/Bitcoin pair opened at a 0.003 today on American exchange Bittrex. But just an hour after the launch, Bitcoin Cash climbed to a daily high of 0.14789 against Bitcoin. While on HitBTC, Bitcoin Cash (BCH) is currently trading as high as $360.

Social media and Reddit forums were rife with speculation that the value of Bitcoin Cash would crash to $0 at launch, as existing Bitcoin holders would dump their BCH holdings. But those theories were proven wrong today as investors on Bittrex and Kraken snapped up the cheaper BCH coins.

Although there are great discrepancies at this time between BCH exchange rates on different trading venues due to thin liquidity, Bittrex's BCC/BTC trading pair has the most volume so far today, beating Kraken's BCH/BTC pair by about $2 million.

At press time, the Bittrex BCC/BTC pair has seen 2997 BTC ($8.26 million) in Bitcoin Cash trades in the first 2.4 hours.

Since the Bitcoin Cash exchange rate on Bittrex is currently hovering at 0.1087, the most accurate price for Bitcoin Cash in dollars would be approximately $298.925.