The Bitcoin Cash price (BCH/USD) has dropped below the $600 mark following a steep drop that occurred in today’s early trading.
The fourth-largest-digital currency on the market had a largely disappointing trading session, though it managed to mitigate its losses in late trading. The digital coin had a decent spell in the early afternoon, when it rose to $638.55, which was its highest price level since September 4. However, soon after that the Bitcoin offshoot dropped to an intraday low of $610.34. The coin eventually finished the session at $617.26, lower than its opening level of $630.18.
Bitcoin Cash dipped below the $600 mark following after experiencing an even steeper drop in today’s early trading. According to data from digital currency tracker Coinmarketcap, the coin fell to as low as $579.82 in these early hours. The coin has since steadied its course in an attempt to recoup its early losses. BCH even managed to revisit the $600 mark in the afternoon, although it has struggled to stay above the mark. At the time of writing, the Bitcoin Cash price was hovering around $600.
This happens just a week ahead of a hard fork that is set to introduce a scheduled upgrade to the BCH protocol. Industry website Coindesk recently reported that six of the top 10 cryptocurrency exchanges by BCH trading volume had already announced that they would support the upcoming fork. Among those is the largest US crypto exchange, Coinbase, which said last week that in the “unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain”.
In today’s trading, the Bitcoin Cash price stood at $596.46, as of 15:29 GMT. The digital coin has lost 3.6% in the past 24 hours, Coinmarketcap data shows.