The major exchange Gemini owned by the Winklevoss brothers is in our latest cryptocurrency news – mainly for the recent decision to add support for the altcoin Bitcoin Cash (BCH). As the firm announced this Friday, the New York-based startup is only supporting the fork of Bitcoin Cash based on the Bitcoin ABC roadmap and not its alternative version which is Bitcoin SV (BSV).
The difference arises after the controversial hard fork last month where the Bitcoin Cash network split into two different and competing blockchains with their own tokens. As the engineering VP at the exchange Eric Winer wrote:
“Any cryptocurrency sent to Gemini over a blockchain that we do not support, such as Bitcoin SV (BSV), will be invalid and irrecoverable. We are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.”
Gemini also added that the New York State Department of Financial Services (NYDFS) officially supports the Bitcoin Cash (BCH) listing and approves it, allowing the exchange to offer both trading and custody services to its customers within the state of New York.
Starting today (Saturday at 14:30 UTC), customers will be able to deposit Bitcoin Cash (BCH) into their accounts and the trading will start on Monday at 18:00 UTC. At launch, BCH can be traded against USD, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Zcash (ZEC).
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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