Competing factions Bitcoin ABC and Bitcoin SV have initiated their hard forks of the Bitcoin Cash (BCH) network and successfully mined the first blocks of each chain.
As a result of the forks, the majority of cryptocurrency exchanges suspended trading temporarily in order to distribute balances between the two networks. Leading crypto exchange Binance announced it has completed asset distribution and will begin trading again at 8:00 am UTC today.
Fellow crypto exchanges Poloniex and OKEx also suspended all deposits and withdrawals of BCH yesterday with plans to resume today.
Now, two independent chains exist – Bitcoin ABC (BAB) and Bitcoin SV (BSV) – with Bitcoin ABC currently exhibiting a higher hashrate and more blocks mined that Bitcoin SV. Prior to the fork, most exchanges announced that they would eventually apply the BCH ticker symbol to the fork that wins the hash war.
Statistics from crypto analytics website CoinDance shows Bitcoin ABC is now ahead by over 50 blocks and will almost undoubtedly emerge the clear winner. Whether or not all exchanges will adopt Bitcoin ABC into the BCH ticker of continue to trade both BAB and BSV is not yet decided.
As a result of the impending hash war, cryptocurrency markets slumped yesterday, wiping $26 billion off the overall market value. However, there has been a small recovery today with the majority of coins in the green.