No relief for Bitcoin Cash users as BCH drops 98% against bitcoin

Bitcoin (BTC) hit new highs this week – not in terms of US dollars, but against its longtime rival Bitcoin Cash (BCH).

Data from Cointelegraph Markets Pro and TradingView confirm that the BCH / BTC pair officially arrived on June 29th.

CoinFLEX Debacle Traps BCH Ver Supporter

Bitcoin Cash, also known as “Bcash” by critics of the ethics and future of the asset, gained notoriety in 2017 when it was the first major hard fork of the Bitcoin network to attack BTC itself.

A few months after its launch, the altcoin peaked at around 0.43 BTC per token, making it a false alarm for investors who spent the interim period watching its value steadily decline.

However, BCH’s most prudent builder, entrepreneur Roger Ver, continued to draw on his bitcoin supremacy, and his rhetoric was little affected by price struggles.

However, Roger Ver sparked controversy this month when it was reported that he owed $ 47 million in USD Coin (USDC) to the cryptocurrency investment platform CoinFLEX.

Ver denied the allegations, prompting a social media storm that continues this week. Whatever the outcome of the case, its impact on the BCH is clear. On June 29, the BCH / BTC pair fell to an all – time low of just 0.005 – 98.83% below the 2017 high.

The event was not missed by commentators, many of whom recalled that Ver argues that BCH would rise until BTC was completely replaced.

$ BCH now lower than it was in the winter of 2018-2019.

– Alex Kruger (@krugermacro) June 28, 2022

$ BCH is now lower than it was in the winter of 2018-2019.
– Alex Krüger (@krugermacro) June 28, 2022

How it started vs. How’s it going:

(Roger Ver / BCH edition) pic.twitter.com/kNcRjsujhU

– KALEO (@CryptoKaleo) June 28, 2022

How it started vs. how it goes: (Roger Ver / BCH edit) pic.twitter.com/kNcRjsujhU
– KALEO (@CryptoKaleo) June 28, 2022

Even Bitcoin SV better than BCH

When it comes to other anti-Bitcoin derivatives, the situation is not much better.

Read also: Bitcoin may not suffer, but Miners say it has “Consistently Gained Over Any 4 Year Period”

Bitcoin SV (BSV), a BCH result that emerged during a community fight, hit an all – time low against BTC in May.

Since then, there has been a small rebound, bringing the BSV / BTC pair to 0.0016 BTC – just 94.48% below the full – time high of 0.029 BTC seen at the beginning of 2020.

On the positive side, BSV has been the largest buyer of BCH since December of the same year.

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