Poloniex Exchange Temporarily Freezes Withdrawals Of Bitcoin ABC And BSV/ bitcoin margin trading,bitseven,bitcoin exchange,Cryptocurrency exchange,FX Margin bitflyer
Bitcoin Cash’s problems have been relentless lately. First it was the splitting into BCH ABC and BCH SV, followed by a temporary moratorium placed on their trades on networks, and now the latest in a series of issues –Poloniex temporarily freezing withdrawals of both tokens from its platform.While there was some confusion about the cause of the temporary freeze, the company later clarified that it was caused by some issues that were unique to the BCH SV network. All wallets on the platform containing both tokens were temporarily frozen, thus preventing traders from being able to withdraw their tokens on Wednesday the 27th.According to a 28th November announcement made by the exchange on twitter, it said,The good news is that they have been unfrozen, and traders can continue their BCH ABC and SV deposits and withdrawals on the exchange.Even then, the BCV still had the problem, with the company stating they had no information on what caused it. However, there are speculations that the issues may have been caused by a failure of distribution among the BSV nodes, shortly after the split as well as a few technical glitches.However, it appears the issue has been resolved, with both chains being fully split and independent of each other.The freeze in withdrawal and deposit services saw the price of BSV dip to $77. But, it has recovered to over $90, even though that itself is low compared to its initially sustained price of $105.Currently, mining for both crypto chains is stable, with each chain now attempting to grow. This is an improvement on their erstwhile hash rate war, which saw both tokens trying to outdo each other, with each trying to crash the value of the other chain.After the split both chains have been trying to convince the crypto community of their viability, with each trying to sell their chain as being the better option. While it might take a while for the tokens to recover and reach their full value potential, both are currently on their way, with the BSV slightly lagging behind.In the bid to prove its relevance and convince the community of its viability, BSV has been attempting to mine and broadcast bigger blocks. However, the community doesn’t think of this as a necessary feature, considering that even the very impressive 64 megabyte blocks are difficult to propagate across nodes.The hash rate war between both chains has adversely impacted the network, seeing it record a massive drop in transaction volume to about 9000, a massive difference from the hundreds of thousands of transactions it used to execute.How long this will go on remains to be seen. But if their various communities rally around them and support them, it is possible that they would both experience decent transaction volumes again - bitseven.com.
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