OKEx Terminates Bitcoin Cash Contracts to Avoid Market Manipulation

Nov 15, 2018 at 21:00 Update Date :Nov 15, 2018 at 21:00 UTC

OKEx, world’s popular cryptocurrency exchange, has announced that Bitcoin Cash (BCH) future contracts will go to stop trading due to upcoming hard fork. The announcement was made after the delivery of all future contracts.

The official announcement reads as; all the Bitcoin Cash contracts have stopped trading at 09:05 AM CET and the delivery was made at 10:00 AM CET. As per the official tweet of OKEx, the announcement was made at the same of when the trading stopped. The tweet is as:

“SPECIAL ANNOUNCEMENT: All Bitcoin Cash (BCH) futures contracts will stop trading at 9:05 am and be delivered at 10:00 am Nov 14, 2018, CET (UTC +1) due to the upcoming hard fork. We will provide a detailed explanation shortly.”

As per the press release, OKEx, in order to prevent any market manipulation, decided not to reveal the delivery earlier ahead of time because this could lead to the loss of the clients.

Loss and Recovery

Over the last 24 hours, Bitcoin Cash has lost around 8%, which led the crypto sink to $479.19. This whole scenario overtook the positive gains of the November 15 event.

As of Wednesday, OKEx has delivered three major contracts; BCH1116 – weekly, BCH1228 – quarterly, and BCH1123 – bi-weekly. However, the exchange has decided to overcome the losses with the fund of an established community.

Hard Fork’s Impact on the Exchange

The upcoming hard fork can also create chaos on exchanges, as it may arrive with fresh chains competing for hashing power. The official email statement of OKEx stated about the unpredictability of the final outcome of Bitcoin Cash hard fork. They further added that between the delivery of data and hard fork, the exchange might face a lack of time to respond to the movements of the market.

OKEx wrote about the volatility of Bitcoin Cash market; the market is highly volatile due to the ongoing hard fork. The hard fork can cause impacts like cascade liquidation.

There is no more time left for the hard fork. As per the experts and predictors, the crypto Bitcoin Cash will see a ground shaking transformation in the coming days. The Bitcoin Cash hard fork issues are similar to other major breakdowns in the crypto industry as BTC slid to $6292.71, whereas, other major Altcoins lost around 5% of their value.

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