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BCH Price Rally | Is the Bitmain IPO Causing the Bitcoin Cash Rise?

Hold onto your hats folks! There is a BCH price rally happening right now! But why!?

The coin has rallied almost 30% at the time of writing; according to coinmarketcap.com, BCH is currently up 28.94%. Are we seeing a repeat of what Ripple (XRP) accomplished last week?

BCH Price Rally: Is Bitmain the Cause?

So without a doubt, BCH is the best performing coin on the market right now. Analysts are attributing the BCH price rally to the successful IPO filing of Bitmain with the Stock Exchange of Hong Kong Limited.

Mati Greenspan, the senior market analyst for social trading platform eToro, said the following: “This spike was definitely caused by Bitmain’s IPO filing.”

Bitmain IPO

So how come Bitmain news is causing a BCH price rally?

Back in August, a Bitmain investor deck was leaked to the public. Thanks to this, the public got an eyeful of Bitmain’s holdings in various cryptocurrencies including Ethereum, Bitcoin and… Bitcoin Cash.

The investor deck showcased that Bitmain has held over 1 million Bitcoin Cash since late 2017. This amount accounts for nearly 6% of the entire circulating supply of BCH and was considered “a very powerful statement that they have skin in the game and put their money where their mouth is.”

Baring in mind that Bitmain is one of the largest digital currency miners in the world, this makes a BCH price rally plausible.

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Concern Grew

However, holding such a large amount worried investors, and rumors circulated citing liquidation concerns. Speculation grew about the IPO of Bitmain and “whether the conglomerate will be able to successfully conduct the public offering of its equity.”

But the successful filing of the IPO yesterday has allayed those concerns. The miner filed a prospectus for the offering, showing its intention to offer securities to the public, according to CoinDesk.

The BCH price rally has been an immediate indication of investors’ excitement for this news. BCH is currently trading at $580.63. At the close yesterday, that figure was $447.77.

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Bithumb Hack | $14 million worth of BTC, ETH, BCH, and XRP Stolen

Bithumb hack: Last week, the world’s 11th largest cryptocurrency exchange by its 24-hour trade volume, Bithumb, announced that it had been hacked. The initial reports suggested that close to 35 million Korean won ($31 million USD) had been taken from its platform. Several cryptocurrencies were stolen, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH).

The original translated tweet read:

“[Urgent notice] to stop the front of the withdrawal service password please stop the money transfer. Today, about 35 billion in the morning, the size of the password was stolen. Your assets are securely housed in a cold wallet. For the time being, we cease to offer passwords and monetary deposits and withdrawals services.”

In those first reports, it was said that XRP was the targeted cryptocurrency, but the latest discoveries announced this morning say otherwise.

BTC, ETH, BCH, and XRP Compromised

This morning, the Bithumb hack details were brought to light by the exchange.

The announcement translated from Korean to English reads:

“[Announcement] Accident damage Amount and membership compensation information comb Sseomeun June 20, the password-deodorizing damage size was announced in approximately 35 billion. In the future, ongoing damage recovery has been counted as the current amount of damage in approximately 19 billion. For further compensation, please check through the link.”

It seems Ripple (XRP) wasn’t the only cryptocurrency hacked from Bithumb accounts after all. As per the chart above, it seems that Bitcoin (BTC) took the biggest hit.

The coins compromised include:

  • Bitcoin Cash (BCH)
  • Bitcoin (BTC)
  • Aelf (ELF)
  • Ethereum (ETH)
  • Ethos (ETHOS)
  • Golem (GNT)
  • Hshare (HSR)
  • Kyber Networks (KNC)
  • OmiseGo (OMG)
  • VeChain (VEN)
  • Ripple (XRP)

In Bithumb’s announcement via its website, the cryptocurrency exchange states that the main reason for lowering the estimates was due to “ongoing participation, support, and cooperations of the cryptocurrency exchanges and cryptocurrencies [sic] foundations across the world.”

Bithumb asks that its users still refrain from making any deposits at this time. The company will be providing updates on the hack investigations in the near future.

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Bitcoin Cash Price Watch | BCH/USD Back On Bullish Run

Bitcoin Cash Price Watch: Bitcoin Cash (BCH) returns to bull run.

Key Highlights:

  • Bitcoin Cash price bounced back from its decline this past weekend, now looking to break $900 once again.

  • BCH/USD is back on a bullish run after establishing support at around $860.

  • The $910 price level is considered a major resistance point.

Bitcoin Cash Price Watch: BCH/USD Looking To Overtake $900

On Wednesday, Bitcoin Cash price continued to recover from its decline this past weekend, reaching a high of $909 before pulling back below $900. BCH/USD is now up by 6% over the past seven-day period. At the moment, the cryptocurrency is back on another bullish run, looking to overtake the pivotal $900 level once again.

Bitcoin Cash managed to break past its previous resistance of $880 today, and a major resistance of $910 must be tested to maintain a long-term bullish outlook. For the short term, it’s more likely for BCH/USD to be in the $860-$890 price range. The lower limit of that range is considered a major support level. A downside action below the support could take BCH/USD down to a retracement level at $825.

Bitcoin Cash price watch
Source: Tradingview

Looking at the chart, things could go either way for Bitcoin Cash price in the following hours. The MACD is showing a neutral signal, while the RSI indicator puts Bitcoin Cash in a severely oversold position.

Looking at the Technical Indicators:

  • Hourly MACD — Neutral signal

  • Hourly RSI — Bitcoin Cash is in oversold territory

  • Major Resistance Level — $910

  • Major Support Level — $860

>> Bitcoin Price Watch: June 20, 2018

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Freedom of the Press Foundation Accepts Cryptocurrency Donations – Crypto Currency News

As of this Monday, June 18, 2018, the Freedom of the Press Foundation accepts cryptocurrency donations. But what tokens is it accepting?

Freedom of the Press Foundation Accepts Cryptocurrency Donations

The non-profit helps journalists to report on issues such as the “mismanagement, corruption, and law-breaking in government.” The foundation has announced that it is accepting Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Zcash (ZEC).

The foundation hopes to add more cryptocurrencies in the future, but currently, donations can be made to the digital wallets that have been added to the Freedom of the Press Foundation website.

According to the official release, the Freedom of the Press Foundation believes that “decentralized technology has great potential to advance the ability of individuals to resist surveillance and censorship.”

Although the announcement was only just made on Monday, one blockchain company, called Mainframe, has already donated 1,000 ETH to the non-profit foundation, which is approximately $500,000 USD, at the current market value.

In regards to the donation, the Freedom of the Press Foundation has said:

“We are deeply grateful Mainframe has made this critical donation to help Freedom of the Press Foundation protect journalists and whistleblowers, and are excited Mainframe, through their technology, shares our commitment to protecting privacy and freedom online.”

Donations will help to support the foundation’s projects to advance press freedom, including their SecureDrop whistleblower submission platform.

The Freedom of the Press Foundation can be added to a list of non-profits that have begun to accept cryptocurrency donations, including the Red Cross, the Water Project, and even the Ellen Degeneres Wildlife Foundation (where actor Ashton Kutcher donated nearly $4 million worth of Ripple’s XRP to in May).

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The acceptance of cryptocurrencies as a form of donation could be attributed to its growth in popularity. Either way, foundations like the Freedom of the Press Foundation are now opening their doors to a different type of donation that will still help to support them.

Do you think this could lead to other companies or businesses accepting cryptocurrencies?

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Bittrex Taking Bitcoin Cash Offline – Why? – Crypto Currency News

It’s Monday, and the crypto market is sporting both a red and green look. Meanwhile, the crypto community is preparing itself for a busy week ahead. There’s a lot scheduled, but the event taking precedence is Bittrex taking Bitcoin Cash offline. While some are planning for the temporary removal, others are expressing concerns over it. At the end of the day, however, there’s not a great deal to worry about.

Bittrex Taking Bitcoin Cash Offline

With its dominance and size, it’s not hard to understand why Bittrex is considered to be one of the largest crypto exchanges. Not to mention that Bittrex supports nearly 300 virtual currencies and trading pairs. However, while Bittrex is immensely popular, its latest announcement took a few people back. But, as I’ve said, there isn’t much to fret about.

This Wednesday (June 20th), Bittrex will undergo an upgrade. In the upgrade, Bitcoin Cash (BCH) will be temporarily removed. Bitswift and Legends will also be removed for a short period of time.

So, why is Bittrex taking Bitcoin Cash offline? Well, it has nothing to do with the performance of BCH, which some may have thought. It boils down to the fact that Bittrex wants to rebrand and make ticker symbol changes to Bitcoin Cash, as well as Bitswift and Legends. In order to do this, Bittrex has to take the cryptocurrencies offline.

Should the Crypto Community Be Worried?

While there isn’t too much to worry about with Bittrex taking Bitcoin Cash offline, we can’t confidently say that there isn’t going to be some sort of impact on investors. Bittrex has said that it plans on taking these virtual currencies offline for roughly 3 hours, which isn’t too long of a time. If you want to carry out transactions on Wednesday, Bittrex recommends doing it before or after the upgrade.

Now, as mentioned, there is the possibility of investors and traders being marginally impacted by the removal. This is because Bitcoin Cash is the 7th most traded cryptocurrency on Bittrex, so when a currency has that sort of popularity, the removal of it is bound to hurt someone in the world. We don’t think it will be too serious, though. Even Bittrex said that it plans on removing the currencies in the most efficient way possible.

Bitcoin Cash Price

At press time, Bitcoin Cash (BCH) is selling for $867.95. This puts the coin up 1.73% in the past twenty-four hours. Currently, Bitcoin Cash has a market cap of $14.92B, and a 24-hour trading volume of $323.15M.

Bittrex taking Bitcoin Cash offline
Source: CoinMarketCap

The Takeaway

What do you think about the Bittrex and Bitcoin Cash news? Are you worried about Bittrex taking Bitcoin Cash offline? Or do three hours not matter? Let us know in the comments below.

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