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Bitcoin Cash Increases 10% As Bitmain CEO Comes Back To Position

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Micree Zhan

Bitcoin Cash increases by 10 percent as the Jihan Wu, the ex-CEO of Bitmain, announced he will be taking back the position in the company. Let’s catch up on our Bitcoin Cash news today.

The altcoin was trading at around $287 when the news emerged which obviously coincided after Jihan Wu sent out a staff email where he announces that Micree Ketuan Zhan, the co-founder and executive director of Bitmain, has officially been ousted.

Back in March this year, Bitmain had its IPO fail and Jihan Wu stepped down as the CEO of the company so his partner Micree Ketuan Zhan took over. However, Wu appears to have made a comeback ever since as he has reportedly sent an email announcing that Zhan has been ousted:

 “Bitmain’s co-founder, chairman, legal representative, and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately. Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.”

No further information has been provided since and it still remains unclear how the company’s board reached this decision to Zhan. The decision only came a day after one of the major competitors of Bitmain, Canaan Inc, filed for an initial public offering in the United States and its now offering size is set at $400 million. The price of Bitcoin Cash increased right after the news as it rose by 10 percent immediately afterward. The cryptocurrency is trading at around $287 and has a market cap of around $5.2 billion.

Back in August 2018, a report from BitMEX Research revealed that Bitmain spent more than 70 percent of its operating cash flow from 2017 to purchase Bitcoin Cash. At that time, the company was under the management of Jihan Wu. At that time, Bitmain filed for an IPO in Hong Kong which failed later and the researchers noted:

“Once the company goes public, capital allocation decisions in this volatile and unpredictable market will be difficult enough; letting emotions impact too many investment decisions may not be tolerated.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Bitcoin Cash News

Bitcoin Cash Is Facing ‘Slow Death’ After Its $30M Hack: Analyst

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bitcoin cash is facing
The major altcoin Bitcoin Cash is facing a period of "slow death" now according to one analyst, who believes that the cryptocurrency is quite fragile. Speaking of, the BCH altcoin has become a major subject of speculation after a major investor claimed that he lost $30 million in a wallet hack. A now-deleted Reddit post from February 22 shows that the investor who appears to be Dreamhost founder Josh Jones said in the cryptonews that the attacker also stole 1,500 BTC worth $14.4 million. This hack came in the form of a SIM card being compromised. So far, he has not confirmed whether this was a so-called "SIM swap" or whether the funds were commandered by other means. In the deleted post, Jones appealed to BCH miners not to validate the transactions and wrote:
“It’s only had 3 confirmations, if any miners/the community can help somehow, I’ve got the private keys. Help help help.. Big reward obviously.”
Dovey Wan was quick to comment on the news. The analyst said that Bitcoin Cash is facing a period of slow death and that the impact would go far beyond Jones himself. In a series of tweets, Wan reproduced the Reddit post and criticized Jones for keeping such a large amount of cryptocurrency in a wallet accessible simply from his smartphone. She described this attack as "really brutal." Wan also added that Bitcoin Cash is facing a bad period after this hack and talked about the threats around the cryptocurrency, saying:
“RIP BCH .. only a double-spent can help this poor guy now. No matter what, this 60000 $BCH hack, the dispute among BCH camp between Ver and Jihan, all these will mark a slow death of it.”
As we reported in our Bitcoin Cash news before, BCH has seen various contentious events throughout its lifespan, including a hard fork in 2018 which resulted in the creation of another altcoin named Bitcoin SV (BSV). It is now unclear which other problems Wan was referencing when she mentioned two of the leading figures - the Bitmain executive Jihan Wu and the Bitcoin.com founder Roger Ver. Meanwhile, the price of Bitcoin Cash (BCH) now is at $371 with a 2% decline on the day.
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Bitcoin Cash News

Roger Ver’s Platform Withdraws From 12.5% Miner Fee Proposal

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Roger Ver's platform
Roger Ver’s platform, Bitcoin.com decided to step away from its proposed miner fee of 12.5% that coerced miners to divert the percentage of the bitcoin cash block reward to the development fund as we are reading in today’s crypto news. Bitcoin.com stated in a blog post:
 “As it stands now, Bitcoin.com will not go through with supporting any plan unless there is more agreement in the ecosystem such that the risk of a chain split is negligible.’’
The decision came as a response to the heavy criticism the platform was getting. The Bitcoin Cash supporters said that there are less coercive ways to raise development funds and the users of bitcoin also used the proposals to call out the centralization of Bitcoin Cash. Roger Ver’s Platform stated:
 “We think it is clear that the existing proposal does not have enough support, and we will be working to come up with a plan that is profitable for all the relevant parties and which preserves the fundamental economics of Bitcoin Cash.”
Roger Ver didn’t comment on the matter yet. The proposal was initially pushed by the cartel of miners that represent 54 percent of the network’s identified hash rate or 34 percent of the total hashrate. The CEO of BTC.top Jian Zhuoer announced the proposal a few days ago and said that his mining pool alone controls 25 percent of the identified hashrate. Some of the other members of the cartel include the CEO of Bitmain, Jihan Wu, and Haipo Yang of ViaBTC.com. Roger Ver’s platform was a part of the plan but not anymore. Bitcoin.com represented less than 2 percent of the known hashrate which means that the cartel still controls 32 percent of the network. Zhuoer stated:
 “Funding of infrastructure may often go overlooked or be underprioritized.’’
Based on the prices, the proposal will reach up to $41,000 in the funding per day or about $7.5 million over six months period. Most of the funds will go to the Bitcoin ABC or the primary open-source implementation of the Bitcoin cash protocol. Bitcoin ABC stated:
 “Although many previous attempts at stable infrastructure funding have been tried with mixed results, we are optimistic this plan could be a great success.’’
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Bitcoin Cash Dev Tax May Still Roll Out Despite Roger Ver’s Support

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Bitcoin.com, which is the operator of the Bitcoin Cash (BCH) mining pool recently said that it won't support the so-called "Bitcoin Cash dev tax" and will be working on another plan. However, some developers warn that this tax might still be implemented.
“The dev tax is wounded, but not dead,” developer Peter Rizun, who is against the proposal, told Bloomberg in the latest Bitcoin Cash news.
He also pointed out that a lot of key miners support the proposal and could still implement it on May 15. Meanwhile, Bitcoin.com is led by Roger Ver, stressed that "this is a great opportunity for developers to clarify what they need funding for, and provide the specific budgets and timelines they have for their work.” As the pool operator said, any new proposal will need to have as many people of economic weight on board as possible. These include businesses, exchanges, miners as well as Bitcoin Cash implementations. The Bitcoin Cash dev tax is now a viral topic in the cryptonews. The CEO of one of the largest mining pools on BCH, BTC.TOP recently offered to direct 12.5% of the mining rewards to support the BCH infrastructure over a period of six months. His post included a threat to orphan the noncomplying BCH blocks (the ones would no longer be included in the BCH blockchain). Besides BTC.TOP, the proposal was also signed by other large mining pools including Antpool, ViaBTC, BTC.com as well as Bitcoin.com, until the latter revoked their support. After that, we could see that the response from most of the miners was negative, including a lot of dramatic calls for massive exodus from the coin. The main issue, according to the comments, was based on the centralization. Taxes like these would quickly create a wholly centralized infrastructure for the coin and leave miners voting out in the cold. Data now shows that the average number of developers working on BCH-related products (the Bitcoin Cash dev tax is one of them) declined by 32% in the first half of 2019. Meanwhile, Bitcoin Cash (BCH) is now stable with a 3.34% increase on the day and a new price of $381. The charts have seen mixed movements in the past month but the cryptocurrency made most of everything over the past week, just like many altcoins out there.
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Bitcoin Cash Just Broke $360 And $400 Is Imminent Now

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The price of Bitcoin Cash just broke another crucial point and started a rally from $300, gaining more than 15% whereas BTC is struggling near $8,700. The BCH/USD pair could continue rising towards $400 in the near term. Now, the BCH price is showing a lot of positive signs above the $330 level and the 100 SMA (4-hours). There was a break above a major declining channel with resistance going near $324 on the 4-hours chart of the BCH/USD pair. If this sustains, we could see more increases in the latest cryptocurrencies news and the pair is likely to accelerate towards $400 if it clears the $365 resistance area. After getting rejected near $405, the BCH price started a strong downside correction and BCH declined $100 before the bulls took a stand near the $300 support. A swing low is formed near $300 and the price restarted its upward move. This is how it broke the major resistance area near the $320 level and the 100 simple moving average. Moreover, a break above a major declining channel with resistance near $324 on the 4-hours chart of the pair. Analysts now believe that Bitcoin Cash just broke a crucial point and now is the time for a new rise. Currently, the BCH price is above the $350 level but is still facing a strong resistance near $365. If there is a downside correction, the price may dive towards the $330 support and the main buy zone for the bulls now is near the $320 level and the 100 simple moving average (4 hours). The technical indicators are as following:
  • Hourly MACD – The MACD for BCH/USD is now gaining a strong pace in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently well above the 50 level, with a bullish angle.
  • Key Support Levels – $350 and $330.
  • Key Resistance Levels – $365 and $400.
All in all, the 12% increase on the day which put BCH at $360 is an indicator that more gains can be expected soon. The pair is very likely to accelerate towards $400 if the $365 area is cleared soon. In the coming altcoin news, we can see plenty of gains today. While BCH is a leader in the top 10, other coins recording impressive gains include Bitcoin SV (BSV), EOS (EOS) and Ethereum (ETH).
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