Bitcoin Cash Plummets 18% Overnight: What Triggered the Massive Drop?

The substantial short-term drop in the price of Bitcoin demonstrated the sheer intensity of the sell-off on Nov. 14, which was unexpected considering that Bitcoin had maintained stability in the $6,300 to $6,800 range for more than three months, since Aug. 9 to mid-November.

Stellar, Cardano, Monero, Bitcoin, and every other major cryptocurrency fell by around 8 to 11 percent, Bitcoin Cash suffered an 18 percent drop in value overnight as the worst performing major cryptocurrency in the global market.

On Nov. 15, BCH is expected to hard fork its protocol and run a planned update.

Major exchanges including Coinbase have announced support for the original BCH network with the roadmap set forth by bitcoincash.org.

Initially, the support for ABC and BCH led investors to be optimistic about the short-term trend of the asset.

To receive the free BSV, Bitcoin Cash holders started to accumulate a significant amount of BCH, pushing the price of BCH up from $430 to $630 at its highest, by more than 50 percent.

In response, Bitmain co-founder and billionaire BCH supporter Jihan Wu stated that the BCH community is working to kick CSW out of the community, possibly by not supporting BSV and uniting miners in China to oppose it.

"The whole BCH community are working together to kick Fake Satoshi out. The resistance against cult leader proves the inner strength and sophistication of the BCH ecosystem."

On Nov. 14, Craig Wright claimed that 2014 prices of cryptocurrencies are imminent if the conflict between BSV and BCH continues, and damages BTC as a result.

The continuous conflict between the two camps led investors to lose confidence in the short-term trend of BCH, which ultimately led BCH to drop by more than 50 percent within a seven-day span.