Bitcoin Cash (BCH) reaches new lows in BTC values amid controversies surrounding Roger Ver, a key proponent.
This week, Bitcoin (BTC) reached new highs relative to its longtime rival, Bitcoin Cash (BCH), rather than in terms of U.S. dollars. According to information from Markets Pro and TradingView, BCH/BTC officially set its lowest price ever on June 29.
Bcash proponent, Roger Ver is ensnared in CoinFLEX scandal
When it became the first significant hard fork of the Bitcoin network to challenge BTC itself in 2017, Bitcoin Cash, also referred to as “Bcash” by those who disagree with the coin’s ethos and future, garnered popularity.
The altcoin experienced highs of about 0.43 BTC per token months after its introduction, which turned out to be somewhat of a fakeout for investors who had been following the altcoin’s value fall slowly during that time.
Despite the price problems, Roger Ver, who is arguably the most outspoken proponent of BCH, has continued to proclaim BCH’s superiority over Bitcoin.
However, Ver sparked controversy this month when it was revealed that he owes cryptocurrency investment platform CoinFLEX $47 million in stablecoin USD Coin (USDC).
Ver disputes the allegations, sparking a social media uproar that is still going on this week. Whatever the outcome, it has had a noticeable effect on BCH. BCH/BTC reached a new record low on June 29 of 0.005, which is 98.83 percent below its 2017 peak.
Many commenters remembered Ver’s conviction that BCH will climb to completely replace BTC, therefore they were aware of the occurrence.
Even Bitcoin SV performs better than BCH.
The situation is hardly any better for another fervently anti-Bitcoin spin-off.
Infighting within the community caused the offspring of BCH, Bitcoin SV (BSV), to emerge, and in May, BSV experienced its own all-time lows against BTC.
A slight recovery has already taken place, bringing BSV/BTC to 0.0016 BTC, just 94.48 percent behind its all-time high of 0.029 BTC reached at the beginning of 2020.
Positively, BSV is currently purchasing more BCH than it has since December of that year.
The author’s thoughts and opinions alone, not necessarily those of Cointelegraph.com, are conveyed in this article. Every investment and trading action carries risk, therefore before making a choice, you should do your own study.
