The price of bitcoin has settled as the ongoing war between Bitcoin Cash factions has seemingly come to an end.
Bitcoin started plunging in price around Nov. 14 as a hard fork in Bitcoin Cash, itself a fork of bitcoin, spooked investors and saw all cryptocurrencies heavily sold off.
The Bitcoin Cash dispute saw Roger Ver, aka “Bitcoin Jesus,” and his supporters arguing for a tweak to the Bitcoin Cash protocol to create what was dubbed “Bitcoin ABC” versus Craig Wright, the Canadian who once claimed that he was bitcoin founder Satoshi Nakamoto. Wright argued that the protocol should be maintained close to what it is now.
The Bitcoin ABC version of Bitcoin Cash has been designed for the cryptocurrency moving beyond money transfers to support smart contacts in a similar fashion to Ethereum. That includes a block size cap that can be adjusted to support the market. Rival Bitcoin Cash SV argues that Bitcoin Cash should be used solely as a form of stable global money with a set block size at 128 megabytes.
The apparent end of the war came with gambling industry entrepreneur and prominent Bitcoin Cash SV supporter Calvin Ayre saying that Bitcoin Cash SV no longer wanted to claim to be Bitcoin Cash.
That may sound odd, but the split in Bitcoin Cash involved both sides claiming to be the legitimate owners of the Bitcoin Cash cryptocurrency. That Bitcoin Cash SV has now walked away from the battle, agreeing to become its own standalone cryptocurrency while allowing Bitcoin Cash ABC to simply be called Bitcoin Cash, marks the end of the battle.
Cryptocurrency exchanges have been quick to support the detente. Kraken is among the first to credit users with an equivalent amount of Bitcoin Cash SV, now simply BSV, while supporting Bitcoin Cash ABC as the legitimate Bitcoin Cash blockchain.
The end of the Bitcoin Cash war hasn’t helped cryptocurrency markets recover their prices before the war spooked markets, but has instead seen prices finally settle.
Bitcoin was trading at $3,823.41 as of 10:45 p.m. EST, still well down from where it was trading less than two weeks ago but up from its weekly low of $3,447.58, its lowest level since January 2017.