What is currently happening with Bitcoin Cash? To me it is clear that the Bitcoin Cash market is being manipulated by a big player.
Until now the mining of Bitcoin Cash has been done by a big miner who prefers to stay anonymous. This miner so far has not sold any of his rewards (See: http://www.altcointoday.com/unknown-bitcoin-cash-miners-control-almost-97-networks-hashpower/). This miner could very well be Bitmain (Antpool) because who else can create so much hashing power. I see that before the fork Antpool provided well over 20% of the total bitcoin hashrate and now they have dropped to currently 18,4%.
In the past two days, without any obvious reason, someone is buying huge amounts of Bitcoin Cash causing the price to go up from USD 300 to USD 500. The anonymous miner is the one who is profiting the most. It could very well be that the anonymous miner is also the big buyer. What is their next step. I see two possibilities:
- They see a good future for Bitcoin Cash and they hold on to their Bitcoin Cash.
- They want to cash their profits asap. In that case they will start to dump their Bitcoin Cash as soon as the market has settled at an interesting exchange rate.
It now seems that Blockstream will not support the 2x part of Segwit2x. This will lead to a new fork and in anticipation of that fork many nodes might switch to Bitcoin Cash. I will probably do so as well! This will cause Bitcoin Cash to become the main Bitcoin branch. This will support scenario 1. If however Blockstream decides to implement the 2mB blocks in Bitcoin Core I think we will see scenario 2 happening. With this in mind Blockstream could reconsider their plan!