There's more to the current price action than the usual bear market decline, and it's being used by the enemies of Bitcoin Cash to add insult to injury.
- Many exchanges are still disallowing withdrawals, and are requiring unjustifiably long confirmation times for deposits, if they're allowing deposits at all. [No good reason for this thanks to reorg protections - shouldn't be > 10 blocks]
- The 24hr exchange volume is still 1/10 of normal, likely as a result of decreased liquidity resulting from 1.
- Many exchanges are actively sowing confusion by changing the Bitcoin Cash ticker.
- Due to the low exchange volume, the price of Bitcoin Cash can be pushed around fairly easily - and those who would like to see it eliminated have deep pockets.
- The centralized managers of the BSV chain have yet to retract their threats against Bitcoin Cash [even though these threats are against their own economic interests. Do they have an external source of funding or just inflated egos and cash to burn?].
- The threats are depressing the price of bitcoin cash, since the most profitable coin to be mined (BTC) must be ignored to defend BCH against attack. This is a waste of resources. Roger Ver, for example, said he normally uses the BTC he earns from mining to buy BCH, but he can't do that at the moment because he's forced to mine BCH at a loss for the time being.
- A combination of reduced liquidity, uncertainty, and a price decline worse than the average is scaring off potential investors or even casual users.
- The enemies of Bitcoin Cash are gleefully claiming that Bitcoin Cash is dead, that the price can never recover, or are pretending to be supporters who - with great sorrow - must finally admit to having been wrong and that bitcoin cash is, indeed, doomed after all.
What can we do about it? Know that no attack can go on forever. The BSV guys are already showing signs of wanting to give up. The exchanges can't keep up the charade that Bitcoin Cash isn't safe for much longer, especially once the BSV team are gone. Support exchanges that are doing things right, like Kraken and Bittrex. It might take a while for confidence to be restored, but when it does, in the worst case a recovery to market avg will occur in the near term, in the longer term the ratio should return to 0.10-0.15 BTC IMO, and in the really long term (>1 yr) the sky's the limit.
This storm will pass like others before it. I've been around for a long time and have seen some serious shenanigans, and each time the attack feels like the worst ever. But Was mich nicht umbringt, macht mich stärker. - Nietsche - Götzendämmerung
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source https://www.reddit.com/r/btc/comments/9zo898/bitcoin_cash_is_under_active_economic_attack/
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