Over the past 24 hours, the price of the Bitcoin Cash cryptocurrency increased from $287 to $322. This 12 percent increase joined the total increase of the market by around $4 billion. The latest altcoin news shows that other major crypto assets also show large steps ahead.
Crypto assets such as TRON, Litecoin, and Ethereum Classic showed relatively large gains against the US Dollar. Bitcoin, on the other hand, jumped by 20 percent over the past week changing the entire sentiment on the crypto market. However, despite the slight gains over the week, the major crypto assets didn’t see many gains over the past four months.
Experts believe that BTC increased in value by a large margin over the week because of the liquidation of nearly half a billion dollars gained from short contracts on crypto exchanges. The chief executive Oliver Von Landsberg-Sadie of the crypto company BCB Group stated:
“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC. If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.’’
Analysts are now wondering if bitcoin has the next turn. They believe that there are fundamental factors that could increase the price action of bitcoin. For example, a cryptocurrency trader explained:
“Before every BTC halving has begun there have been oversold RSI indicators on the weekly. Every year before the Bitcoin halving the price has recovered, and sometime after the halving, the price shoots past the previous ATH. This isn’t a coincidence. It’s an algorithm that works.’’
Another indicator of a possible price increase for bitcoin is the daily transaction volume on the network. The number of transactions is reaching an all-time high and the level of activity on the network is also increasing.
Bitcoin cash, Ethereum, and Ripple could increase the interest in Bitcoin if investors hedge their investments in alternative currencies. All of those assets are down by 80-90 percent against the US dollar while Bitcoin is down by 73 percent from its all-time high.
Bitcoin.com Acquires Japan’s Blockchain Developer O3 Labs
“We look forward to accelerating services in our mobile applications serving anyone in the world with an internet connection, regardless of nationality, socioeconomic status, or access to traditional finance,” the official statement of the CEO at Bitcoin.com Stefan Rust showed.For those of you who don't know, Rust took over the role in August directly from Roger Ver, who then moved on to the role of an executive chairman. As we can see from the terms of the acquisition deal, 03 Labs and its staff will get absorbed as part of Bitcoin.com.The announcement also shows that O3 Labs has six members listed on its website, including two co-founders. Currently, it is still unclear whether the co-founders will be joining Bitcoin.com. However, both Bitcoin.com and O3 Labs did not respond to requests for comment by press time.What's also not clear, as the latest cryptocurrency news show, is what specific financial services Bitcoin.com is planning to offer. The CEO Rust said that the firm aims to give users "the ability to manage, grow, and spend [money] ... without the need for traditional banks or financial intermediaries.”As you probably know, Bitcoin.com recently launched a cryptocurrency exchange and was also preparing to launch a futures contract for Bitcoin Cash (BCH) on a Commodity Futures Trading Commission (CFTC) regulated exchange.
“Our mission is to make money work for everyone, building tools and products that help people access Bitcoin Cash,” said Rust in Monday’s announcement.The deal between Bitcoin.com and O3 Labs started a few months ago. As the details show, the latter will start working on applications to support the Bitcoin Cash network.
“I think you can see some interesting innovations in our wallet within the next 2-3 months,” Rust said and was featured in the latest Bitcoin Cash news.The O3 team has previously built NEO and Ontology blockchain applications.
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Binance DEX Is Ready To List A BCH-Pegged Token
“BCH-1FD aims to provide a token pegged to BCH value for trading on Binance DEX. In 2017, the Bitcoin community split into two: BTC and Bitcoin Cash(BCH). BCH is a peer-to-peer electronic cash system.”If this happens, the Bitcoin Cash news could show a spike for the altcoin. In the paragraph which lists the BCH-1FD team size and whether contributors are involved in other crypto projects, CZ noted that Binance DEX will provide the conversion between BCH and BCH-1FD through deposit and withdraw. Because of this, "there isn't much development work in this token or any potential conflict of interest," Zhao added.Per the proposal to list a BCH-pegged token on Binance DEX, users will also be able to swap the token for the native Bitcoin Cash (BCH) cryptocurrency directly on Binance.com. Right now, the total circulating supply of BCH-1FD is expected to amount to 5,000 BCH. However, this volume could be increased in the future.
“BEP2 BCH is mintable, and the total supply will increase as market demands. All the issued BEP2 BCH will be backed 1:1 by native BCH sitting in a publicly disclosed reserve address that can be monitored by anyone at all times,” the post states.Besides the BCH-pegged token being listed on Binance DEX, CZ also proposed to list two new trading pairs with the Binance USD (BUSD) stablecoin on the DEX: the Bitcoin BTC/BUSD and Ripple XRP/BUSD pairs.As we reported previously, Zhao was in the news a few days ago stating the reasons why Binance Coin (BNB) dropped over 50% from its all time high. As he said then, the situation "does not make much sense."
Bitcoin Cash Supporters Prepare For The Upcoming Upgrade Features
‘’The goal of Bitcoin ABC is to help create sound money that is used globally in order to drive freedom and prosperity for everyone. Bitcoin ABC continues to be a driving force in executing the roadmap for Bitcoin Cash.’’The upgrades extend the support to OP_Checkmultisigand after this upgrade, all of the signature checking operations will support Schnorr signatures. The software engineer Mark Lundeberg explained that the developers did a successful preliminary test of bringing the signatures to the platform based on these specs. Additionally, the Bitcoin Cash supporters are looking forward to the enforced Minimaldata in script application the BCHchain. The addition has excited a lot of proponents as we can see in the altcoin news, and the completion of the malleability fix unlocks another ability for Canonical Transaction Ordering. The upgrade will enable the SPV wallets to know whether or not a particular transaction was mined in a particular block.
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