All articles tagged with #bitcoin cash
President Trump signed an executive order allowing Americans to include cryptocurrencies in their 401(k) retirement plans, signaling a more crypto-friendly stance. Notable cryptocurrencies to consider include Bitcoin Cash, Binance Coin (BNB), and Unus Sed Leo (LEO), each with potential for growth amid the evolving regulatory environment and increased institutional interest.
As the Bitcoin "halving" event begins, Bitcoin Cash, often fluctuating with Bitcoin, and Ether, considered the "silver" to Bitcoin's "gold," are among the top cryptocurrencies to watch. Solana, a rival to Ether, boasts faster and cheaper transactions, while Litecoin, dubbed "silver to Bitcoin's gold," shares similarities with Bitcoin and experiences similar fluctuations. Dogecoin, initially a meme coin, has garnered support from celebrities and maintained its position among major cryptocurrencies.
Bitcoin Cash (BCH) surged 10% after completing its reward halving event, while bitcoin (BTC) remained mostly unchanged at just above $66,300. The halving event reduced BCH's block reward to 3.125 BCH, leading to increased interest in leveraged bets on expected price volatility. The cryptocurrency market as a whole showed little change in the past 24 hours, with some tokens like Ether (ETH) and BNB Chain’s BNB seeing slight gains, while others like dogecoin (DOGE) and XRP experienced minor declines. Analysts expect the current market lull to be temporary, with traders likely waiting for macroeconomic catalysts before making significant moves.
Despite a bearish cryptocurrency market in August, there are some altcoins that show potential for hitting new all-time highs in September. OKB has a bullish wave count and a symmetrical triangle formation, with a potential breakout leading to a new all-time high at $72.10. Ocean Protocol has been trading within a descending parallel channel and may break out, with a realistic target of $1. Bitcoin Cash has cleared a corrective pattern and could reach a high of nearly $400. Toncoin is attempting to break out from a descending resistance line, with a potential target of $2.60. However, if these altcoins fail to break out, there is a possibility of price decreases.
The cryptocurrency market experienced a significant sell-off, with Bitcoin dropping nearly 8% and other major cryptocurrencies like XRP, Litecoin, and Bitcoin Cash experiencing even greater declines. The total cryptocurrency market cap has decreased by approximately $60 billion in the past 24 hours. While the exact reasons for the drop are unclear, potential factors include concerns over China's economic outlook, low trading volumes, and regulatory actions. Despite the recent downturn, Bitcoin is still up over 56% year to date.
Traders betting against Bitcoin Cash (BCH) lost over $25 million as prices spiked to $320, marking the highest loss in over two years. Negative funding rates indicate that short traders are dominant and willing to pay long traders to remain in their positions. Increased BCH trading volumes on South Korean exchanges and the launch of EDX Markets, backed by traditional finance heavyweights, may have contributed to the price surge. Large liquidations can signal the local top or bottom of a steep price move.
Bitcoin Cash (BCH) emerged as the top-performing digital asset in June, gaining 171% and outperforming Bitcoin (BTC). The surge in BCH was fueled by its listing on EDX Markets and increased trading activity on Upbit. FTT, the token of bankrupt exchange FTX, climbed 124% in June, while COMP, the native token of DeFi protocol Compound, rallied 50% in four days. The CoinDesk Market Index (CMI) gained 2.7% for the month. The positive sentiment in the crypto market was driven by institutional interest, with BlackRock's application for a spot ETF and other institutions entering the space.
Bitcoin Cash (BCH) has experienced a surge of 33.9% in its price within 24 hours following its listing on EDX Markets and increased trading interest on a South Korean exchange. The listing on EDX Markets, backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., is seen as a positive sign for BCH's regulatory clearance. The token's price had been suppressed for the year but has risen significantly since the listing, reaching levels last seen 14 months ago. The surge in trading volume is partly driven by a short squeeze and a spike in volume on the South Korean exchange Upbit, with BCH/KRW trading volume on Upbit twice that of BCH trading volumes on Binance.
Bitcoin Cash (BCH) has surged over 30% in the past 24 hours, reaching a 14-month high of $320, following the debut of Fidelity, Charles Schwab, and Citadel-backed EDX Markets. The surge is supported by increased trading activity on South Korea's Upbit exchange, with the BCH/KRW pair registering a trading volume of $557.63 million in the past 24 hours. The enthusiasm for BCH being offered by an exchange backed by prominent institutions has spread to the far east. The rally in BCH can be attributed to a combination of hope and greed, typical ingredients that fuel market movements in the cryptocurrency space.
Bitcoin Cash has more than doubled in price since being listed on EDX Markets, a new crypto exchange backed by Citadel Securities, Fidelity, and Charles Schwab. The coin's price was up nearly 20% over the past 24 hours and is now trading near $235. Bitcoin Cash was not named a security in the SEC lawsuits against Binance and Coinbase, giving investors more confidence that regulators may be ignoring it. Despite being valued at vastly less than Bitcoin, Bitcoin Cash is still a top 20 cryptocurrency with a market cap above $4.5 billion.
Open interest in futures tracking Bitcoin Cash (BCH) tokens has surged to May 2021 levels as the Bitcoin offshoot network experiences a revival of activity and value. BCH prices have doubled in the past week, becoming one of the top-performing tokens above a $1 billion market capitalization. Rising open interest either means that new money is flowing into the market or existing participants are increasing their allocation. The surge in trading interest is likely due to a network upgrade and an influential exchange listing.
Bitcoin Cash (BCH) has surged over 100% in the past week, adding $2.19 billion to its market cap, making it the best-performing cryptocurrency among the top 100 by market cap. The wider crypto market has also rebounded, adding $60 billion to the global crypto market cap over the past week, driven by investors' optimism around institutional crypto adoption. The launch of EDX Markets, a new crypto exchange backed by institutional investors, further boosted BCH's price.
Ethereum's supply on crypto exchanges as a percentage of its total supply has hit a fresh all-time low, indicating limited sell-off pressure on the leading altcoin. Additionally, ETH's average transaction fees have fallen to a level last witnessed before Ethereum's ascent to its 2023 highs. Meanwhile, Bitcoin Cash has received support from EDX Markets, leading to a massive 79% price gain in four days and a three-year high in social discussion rates.