Earlier today, amidst a rapidly destabilizing market, the Okex exchange made an announcement that all BCH futures contracts would be honored early, ahead of a hard fork which threatens to split the currency in two to unknown consequences.
The exchange has already stopped the ordering of any new futures contracts, and is honoring the contracts at the market value at the end of trading time today. Okex told CoinTelegraph the announcement was made almost simultaneously to stopping the trading in order to avoid market manipulation.
SPECIAL ANNOUNCEMENT: All Bitcoin Cash (BCH) futures contracts will stop trading at 9:05am and be delivered at 10:00am Nov 14, 2018 CET (UTC +1) due to the upcoming hard fork. We will provide a detailed explanation shortly.#OKExAnnouncementhttps://t.co/yh3p46tirc pic.twitter.com/oqioSUOUsf— OKEx (@OKEx) November 14, 2018
Okex made the announcement ahead of a controversial hard-fork occuring tomorrow, in which competing Bitcoin SV protocol will branch off from Bitcoin ABC. Both versions have support, which creates an unprecedented situation in which a digital commodity may ‘split’ into two cryptotokens. Accordingly, OKEx is getting ahead of the ‘extremely special case,’ which will cause ‘significant uncertainty of the digital asset's development.’
Indeed, noone knows quite what will happen, but traders have been onloading BCH as well as BCH short and long contracts, indicating a number of positions being taken, though BCH’s price is currently down almost 20% at press time, according to Coinmarketcap, part of a huge crypto sell-off.