Bitcoin Cash (BCH) has entered another phase of downward pressure following OKEx’s decision to delist all BCH spot trading pairs from its currency-to-currency trading zone on March 30. The move has triggered renewed market concerns, with BCH’s price now falling below one-tenth of Bitcoin’s (BTC) value—a psychological threshold it had previously maintained.
The Significance of the One-Tenth Threshold
For much of the past several months, Bitcoin Cash held a symbolic benchmark: its price remained above 10% of Bitcoin’s. According to data from Worldcoindex, this trend persisted since mid-December, even during periods of intense market volatility such as February 6, when broader crypto prices swung dramatically. That floor now appears broken, signaling weakening investor confidence and reduced market relevance for BCH.
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Origins of Bitcoin Cash: A Fork Born from Conflict
Bitcoin Cash emerged on August 1, 2017, as a direct result of irreconcilable differences between Bitcoin’s mining community and core developers. Spearheaded by mining industry figure Jihan Wu, co-founder of Bitmain, BCH was created through a hard fork of the original Bitcoin blockchain. The split stemmed primarily from disagreements over block size—while the Core development team advocated for smaller blocks with second-layer scaling solutions like the Lightning Network, miners pushed for larger blocks to allow faster and cheaper transactions.
This ideological divide led to a permanent schism: BTC remained under the stewardship of the Core developers, while BCH garnered strong support from mining pools and hardware manufacturers who favored on-chain scaling.
Community Divisions and Identity Battles
The debate over which chain represents the "true" Bitcoin continues to resonate in crypto communities worldwide. In China, a vocal faction of BCH supporters refuses to refer to Bitcoin Core as simply “Bitcoin” (BTC), instead labeling it “BCE” (Bitcoin Extended) and positioning BCH as its legitimate successor. To them, the competition between BCH and BCE remains unresolved—and some firmly believe that BCH embodies Satoshi Nakamoto’s original vision.
Conversely, many long-term Bitcoin advocates and members of the Core development team view Bitcoin Cash as a contentious fork that exploits Bitcoin’s brand recognition without contributing meaningful innovation. This clash sparked prolonged debates across platforms like Reddit, Twitter, and Weibo, with both sides defending their interpretations of decentralization, scalability, and network security.
Exchange Support Shifts: From Early Backer to Delisting
Ironically, OKEx—originally known as OKCoin—was one of the first major exchanges to embrace Bitcoin Cash. Shortly after BCH’s launch in August 2017, OKCoin announced immediate listing support, signaling strong early confidence in the asset. However, less than six months after its initial backing, OKEx reversed course, citing insufficient liquidity in the BCH spot trading zone as justification for delisting all related trading pairs at 18:00 Beijing time on March 30.
When 36Kr reached out to OKEx for comment on the delisting rationale, the exchange declined to provide further details.
This is not an isolated case. Kucoin has also recently removed BCH trading pairs, while users on forums like 8BTC have expressed concern that declining exchange support limits BCH’s accessibility and reduces overall market liquidity. With fewer venues available for trading, holders may find it increasingly difficult to convert BCH into other assets efficiently.
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Market Share Trends Favor Bitcoin Dominance
Amid these developments, Bitcoin’s dominance across the broader cryptocurrency market has been steadily increasing. As of March, BTC accounts for nearly 41% of total crypto market capitalization—an uptick from a low of 32% in January. This resurgence underscores growing investor preference for established assets during uncertain times.
In contrast, alternative cryptocurrencies like Bitcoin Cash face mounting challenges in retaining visibility and adoption. Reduced exchange listings compound these difficulties, making it harder for new investors to discover or trade BCH easily.
Is Bitcoin Cash Losing the Scaling War?
From a technical and philosophical standpoint, Bitcoin Cash was designed to be a peer-to-peer electronic cash system—focusing on fast, low-cost transactions. Yet despite larger block sizes enabling higher throughput, widespread merchant adoption has not materialized as anticipated. Meanwhile, Bitcoin has strengthened its position not just as digital gold but also as a settlement layer, with Layer-2 innovations like the Lightning Network addressing scalability concerns.
For many observers, the current trajectory suggests that Bitcoin Cash is gradually losing ground in what its proponents once framed as a battle for the soul of Bitcoin. As one believer lamented: "It's being defeated in its struggle against Bitcoin Core."
While BCH still maintains a dedicated base of supporters and active development efforts continue, the combination of exchange delistings, shrinking price parity with BTC, and waning public interest paints a challenging picture for its future relevance.
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Frequently Asked Questions (FAQ)
Q: Why did OKEx delist Bitcoin Cash trading pairs?
A: OKEx cited low liquidity in the BCH spot trading zone as the primary reason for delisting all related currency-to-currency pairs. Low trading volume can lead to poor price discovery and increased volatility, prompting exchanges to remove underperforming assets.
Q: What impact does delisting have on BCH's price?
A: Delistings reduce accessibility and visibility, often leading to decreased demand and downward price pressure. When major exchanges remove a token, it becomes harder for retail investors to buy or sell it easily.
Q: Can Bitcoin Cash recover from this decline?
A: Recovery depends on several factors including renewed exchange listings, improved adoption, developer activity, and overall market sentiment toward competing payment-focused blockchains. However, regaining lost momentum will require significant ecosystem growth.
Q: How does BCH differ from BTC technically?
A: The main technical difference lies in block size—BCH uses larger blocks (up to 32MB) compared to BTC’s 1–4MB effective limit. This allows more transactions per block but increases node storage requirements and centralization risks.
Q: Is Bitcoin Cash considered a scam by the crypto community?
A: Opinions vary widely. Some view it as a legitimate attempt at on-chain scaling; others see it as a divisive fork lacking innovation beyond block size increases. It is not universally considered a scam, but skepticism remains high among BTC maximalists.
Q: Where can I still trade Bitcoin Cash today?
A: Despite some delistings, BCH remains available on several major exchanges globally. Always verify current listing status directly on exchange websites before attempting trades.
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