Bitfinex Opens Markets For Upcoming Bitcoin Cash Hard Fork
Cryptocurrency exchange Bitfinex has announced the opening of markets for assets that may arise from the Bitcoin Cash hard fork scheduled for this Thursday..
“Over the past few days, it has become increasingly clear that the fork will result in two distinct chains: Bitcoin Cash ABC and Bitcoin Cash SV,” the company writes. – At the same time, the BCH markets have experienced a significant increase in margin short positions in quantity and volume. To prevent the risk of manipulation and to maintain a healthy market, we decided to use split chain tokens (CST) for this particular case. “.
Bitfinex users are currently encouraged to exchange their assets in BCH for BAB tokens (ABC implementation) and BSV tokens (SV implementation). These tokens are traded in the pairs BAB / USD, BAB / BTC, BSV / USD and BSV / BTC, which are not available for opening margin positions. Also, users can exchange the received tokens back for BCH.
BAB and BSV tokens are expected to provide price consistency during the fork. After the fork, these tokens will become independent assets of the respective chains. In addition, after the fork, in the event of two chains, the corresponding volume of BAB and BSV will be credited to the accounts of users holding assets in BCH. If the user has a negative BCH balance as a result of leveraged trading, he will have to redeem the corresponding volume of BAB and BSV on his own until December 31 of the current year, “otherwise he risks what the system will do for him.”.
“While we want to make such forks available to our clients, our limited and temporary support should not be seen as a sign of support for any project,” the company adds..
Previously, Poloniex has opened its own markets for tokens that may result from a hard fork of Bitcoin Cash.
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