The Bitcoin Cash fork on 14 November 2018 initiated the nuclear bear market, which saw Bitcoin crash below its USD 5,800 support level. It appears the Bitcoin Cash fork is continuing to have negative impacts on the entire crypto market. A lawsuit was launched in Federal Court today against Bitmain, Bitcoin.com and Roger Ver, and Kraken, for colluding to make Bitcoin Cash ABC the dominant fork with a burst of hash power right after the fork. Once Bitcoin Cash ABC was declared to be the true Bitcoin Cash by the majority of exchanges, the Bitcoin Cash ABC development team dropped a poison pill into the blockchain, and centralized Bitcoin Cash ABC, so that they had the sole right to change the code in the future and no one else. The lawsuit is saying it should be illegal for a small group of companies and individuals to coordinate on centralizing a decentralized cryptocurrency. On this news, Bitcoin Cash ABC, which is labeled as Bitcoin Cash, has dropped 21%, while Bitcoin Cash SV, which is now called Bitcoin SV, has rallied 29%. Now Bitcoin SV has a market cap that is USD 200 million higher than Bitcoin Cash ABC.
Everyone who thought Bitcoin Cash ABC was the dominant form of Bitcoin Cash must be face palming or throwing their computer out the window. They were tricked. Bitcoin Cash ABC only won because of a massive coordinated effort, and once they got the title of Bitcoin Cash the hash power dropped off. Further, Bitcoin Cash ABC abused their position to centralize Bitcoin Cash, which is an extremely dangerous and irresponsible thing to do. Who would want to own a cryptocurrency run by greedy developers like that? Like it or not, Bitcoin SV is better because they are decentralized. GenesisBlockNews believes that any centralized crypto is worthless, and now the market is pricing that in, since this lawsuit made everything so clear.
The sudden mainstream revelation that Bitcoin Cash has been commandeered by a small group of companies and individuals and was converted into a centralized cryptocurrency is probably the reason for today’s overall market bloodbath. Bitcoin is down below USD 3,400, Ethereum has dropped lower than USD 90 (The CEO of BitMEX, Arthur Hayes must be cracking open a bottle of 300 year old wine while jumping into a pool filled with jello), EOS is totally imploding and is down to a USD 1.5 billion market cap (it deserves that for being centralized), and everything else is down 10-20% or more, besides Dogecoin which is only down 7%.
GenesisBlockNews calls this the Nuclear Bloodbath Bear Market. Crypto traders should seal their doors, and hide in their bathtub under a mattress, since bears enriched by radioactive nuclear fallout are roaming the streets and looking to take a bite out of your cryptocurrency wallets.