Bitcoin traded slightly lower in the latest market session as digital currency miners split of the digital currency and worked to create more of the new, split-off coin called “Bitcoin Cash”
Futures of the so-called “Bitcoin Cash” which is an alternative version that is promoted by minority of developers, gave back all of its initial 48 percent gains and later dropping to about 26% and was trading near $214 according to CoinMarketCap.
The Bitcoin Cash was available on some exchanges but it was still trading to only a fraction of bitcoin’s price.
Kraken Exchange, which has about 10 percent of the U.S. dollar bitcoin trade volume showed on its website that the trades for bitcoin cash were pricing the new coin around $197.
Bitcoin traded 4$ lower near $2,754 after slipping to new lows of $2,670 earlier in the morning, according to CoinDesk. The digital currency was up by more than 10 percent in July and has gained more than 50% in value this year.
Digital currency “miners” could officially the new bitcoin cash block chain after the previous session. Analysts estimates that the split into bitcoin and bitcoin cash would occur early in the next session.
This would mean that direct holders of bitcoin should receive both versions of the currency after the split.
However, Coinbase stated that it will not support the new bitcoin Cash.