Bitcoin dips as Bitcoin Cash and Bitcoin SV gain sharply

Bitcoin Cash and Bitcoin SV gained sharply as Bitcoin pulled back. Bitcoin fell toward $84,000 on Wednesday after touching a seven-month high near $87,250 earlier in the week. Bitcoin Cash rose as much as 30% and briefly touched $358 after CME Group announced planned Bitcoin Cash futures. The futures are scheduled to begin trading on Oct. 19 pending regulatory review. Standard contracts will represent 250 BCH. Micro contracts will cover 25 BCH. The Bitcoin Cash contract would be CME's tenth single-asset crypto contract. The Uniswap contract would be the eleventh. Giovanni Vicioso, CME's global head of cryptocurrency products, said the contracts would give institutions broader regulated tools for managing digital-asset price risk. Grayscale filed to convert its Bitcoin Cash Trust into a spot ETF for listing on NYSE Arca. Bitcoin Cash's weekly gain briefly exceeded 50%. Bitcoin SV gained roughly 20% and extended its climb toward an annual high near $21. Open interest in BSV derivatives rose alongside the price, indicating that traders were adding positions rather than only covering short positions. Bitcoin Cash split from Bitcoin's main chain in August 2017 over a dispute about block size. Bitcoin SV split from Bitcoin Cash just over a year later during the Hash War. A faction led by Craig Wright pushed for larger blocks and a return to Bitcoin's original design. Both networks have traded at a fraction of Bitcoin's price and volume since their splits. Bitcoin's forks have tended to rise faster than Bitcoin in short bursts before giving back gains. Smaller market capitalization can make prices easier to move and increase volatility. Spot Bitcoin ETFs received $715 million on Tuesday.