It’s Monday, and the crypto market is sporting both a red and green look. Meanwhile, the crypto community is preparing itself for a busy week ahead. There’s a lot scheduled, but the event taking precedence is Bittrex taking Bitcoin Cash offline. While some are planning for the temporary removal, others are expressing concerns over it. At the end of the day, however, there’s not a great deal to worry about.
Bittrex Taking Bitcoin Cash Offline
With its dominance and size, it’s not hard to understand why Bittrex is considered to be one of the largest crypto exchanges. Not to mention that Bittrex supports nearly 300 virtual currencies and trading pairs. However, while Bittrex is immensely popular, its latest announcement took a few people back. But, as I’ve said, there isn’t much to fret about.
This Wednesday (June 20th), Bittrex will undergo an upgrade. In the upgrade, Bitcoin Cash (BCH) will be temporarily removed. Bitswift and Legends will also be removed for a short period of time.
So, why is Bittrex taking Bitcoin Cash offline? Well, it has nothing to do with the performance of BCH, which some may have thought. It boils down to the fact that Bittrex wants to rebrand and make ticker symbol changes to Bitcoin Cash, as well as Bitswift and Legends. In order to do this, Bittrex has to take the cryptocurrencies offline.
Should the Crypto Community Be Worried?
While there isn’t too much to worry about with Bittrex taking Bitcoin Cash offline, we can’t confidently say that there isn’t going to be some sort of impact on investors. Bittrex has said that it plans on taking these virtual currencies offline for roughly 3 hours, which isn’t too long of a time. If you want to carry out transactions on Wednesday, Bittrex recommends doing it before or after the upgrade.
Now, as mentioned, there is the possibility of investors and traders being marginally impacted by the removal. This is because Bitcoin Cash is the 7th most traded cryptocurrency on Bittrex, so when a currency has that sort of popularity, the removal of it is bound to hurt someone in the world. We don’t think it will be too serious, though. Even Bittrex said that it plans on removing the currencies in the most efficient way possible.
Bitcoin Cash Price
At press time, Bitcoin Cash (BCH) is selling for $867.95. This puts the coin up 1.73% in the past twenty-four hours. Currently, Bitcoin Cash has a market cap of $14.92B, and a 24-hour trading volume of $323.15M.
What do you think about the Bittrex and Bitcoin Cash news? Are you worried about Bittrex taking Bitcoin Cash offline? Or do three hours not matter? Let us know in the comments below.
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