Today bitcoin had a hardfork creating a new alt coin named Bitcoin Cash. I moved my BTC to Bittrex a couple days ago to get my free Bitcoin Cash.
As soon as my Bittrex account was credited with Bitcoin Cash I moved my Bitcoin to Tether (USDT) which is essentially pegged to the dollar since Bittrex does not have a fiat currency. I wanted to make sure I was out of the volatility if something big were to happen.
Next I was going to sell my BCC as soon as it was tradeable on Bittrex, but I ended up holding because it was rising in price.
I sold half my position close to $518 after the 2nd run up when I saw it didn't break into a new high. I was planning on holding onto the rest of my BCC for novelty sakes but I ended up selling around $450 after I heard some exchanges were going to open up their deposits after more BCC blocks were confirmed.
My thought process for sell my BCC:
I was going to sell my BCC because I believed that everyone was going to be doing the same thing when they got credited. Then I realized not everyone has access to an exchange to sell their BCC, first they would need to sign up for an exchange and then deposit their BCC to the exchange. Unless you were on Kraken ot Bittrex you didn't have access to sell your BCC.
At the time only Kraken and Bittrex were the only exchanges trading BCC with a good amount of volume and they were not accepting any BCC deposits until BCC had more confirmed blocks. It was taking almost an hour for each block to be confirmed.
So if everyone was selling their BCC and no one could deposit their BCC it would all be coming from internal trading on both exchanges. Majority of people who wanted to sell their BCC would have done so in the beginning and some sellers would trickle in throughout the day.
If that was the case we would end up with more buyers than sellers since there is more possibility of someone buying BCC then people selling BCC after the initial wave. There are traders, people who buy alt coins, investors, new people that signed up for bittrex because they saw you can only Buy BCC through Kraken or Bittrex. Compared to one group of sellers which was limited to only people who had bitcoin on the exchange before the fork. So that's why I decided to hold my BCC until more blocks were confirmed and exchanges were ready to open up for BCC Deposits.
I believe after majority of exchanges open up for BCC Deposits people will start selling and the price of BCC will drop. Though I think it could take a few days for this to happen I really don't think BCC should be worth $500 but that is just my opinion. Also if the price of BCC drops I believe the price of BTC should rise, that's why I'm keeping 1/4 of my crypto assets in Bitcoin for now.
If the price of BCC drops a good amount I might buy some back and try for a quick flip.
This is not trading or investing advice, this is just what I did. I could be wrong and Bitcoin Cash could go up to $1000 and I might regret selling.
Current Position:
50% USD
25% USDT
25% BTC
0% Bitcoin Cash
Follow me on Stocktwits: https://stocktwits.com/Koichi
Bitcoin Cash Block Info: Currently on block 12 as I write this.
https://cash.coin.dance/blocks
Bittrex:
https://bittrex.com/Market/Index?MarketName=BTC-BCC
Hi, i followed and upvoted your post. Kindly do same. Thanks
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