[2018-01-09] Cryptocurrency Market Struggles to Record Gains; BCH Spikes 25%

[FollowSynergy]

Most major cryptocurrencies in the global market with the exception of Bitcoin Cash have struggled to record major gains over the past 24 hours. Bitcoin, Ethereum, Ripple, Cardano, and Litecoin all demonstrated a slight change in their values, failing to show large price movements.

Bitcoin Cash Surges

While the majority cryptocurrencies in the market recorded a 1 to 3 percent decline or increase in price, the value of Bitcoin Cash skyrocketed by 25 percent, leading traders in the cryptocurrency community to suspect a short-term pump.

Over the past few weeks, throughout the large correction, cryptocurrencies in the global market moved on a similar trend led by bitcoin and Ethereum. Apart from several rare instances wherein small market cap cryptocurrencies like FunFair increased for a brief period of time, the majority of cryptocurrencies in the market moved up and down simultaneously.

However, in the past 24 hours, the price of Bitcoin Cash increased from $995 to $1,250, with volume heavily concentrated on OKEx, the Hong Kong-based cryptocurrency exchanges operated by OKCoin, formerly the largest cryptocurrency exchange in China prior to the country’s cryptocurrency trading ban in September 2017.



Bitcoin Cash remains as the most frequently traded cryptocurrency on the OKEx trading platform, which currently is the largest cryptocurrency exchange in the world with a daily trading volume of $2.4 billion. Previously, OKEx fell behind South Korea’s UpBit and Binance in terms of daily trading volume. But, because Binance has been offline for well over 24 hours due to a server issue, OKEx overtook Binance temporarily to become the biggest exchange in the global cryptocurrency market.

One similarity between all of the cryptocurrencies that have recorded massive gains over the past 24 hours including Bitcoin Cash, Qtum, and Ethereum Classic is that they are all heavily concentrated in the South Korean cryptocurrency exchange market. This week, premiums in the South Korean market have started to reappear, which is significant given that for the past few days, cryptocurrencies were actually cheaper on South Korean exchanges.

Since Bitcoin Cash, Qtum, and Ethereum Classic are all supported by the country’s most widely utilized exchanges in Bithumb, UpBit, and Korbit, it is likely that the recovery of the South Korean cryptocurrency exchange market and the entrance of new investors into the local market led the three cryptocurrencies to surge up in value.

Several traders suspected Roger Ver, the CEO at Bitcoin.com and an early-stage bitcoin angel investor, of bringing up the price of Bitcoin Cash prior to his interview with Alex Jones on February 9. However, Ver denied such rumors, firmly emphasizing that he has not made any bitcoin or Bitcoin Cash trades as of recent.

With a $2.5 billion daily trading volume, Bitcoin Cash is the third most liquid cryptocurrency in the global market, behind bitcoin and Ethereum. Bitcoin Cash rarely achieved a two billion dollar daily trading volume over the past few months and thus, the recent pump in the volume and price of Bitcoin Cash remains questionable.

Short-Term Trend

Overall, although the market has rebounded from its large correction last week, it is still struggling to show signs of mid-term recovery. Hedge fund investor and Pantera Capital CEO Dan Morehead, stated that bitcoin along with other cryptocurrencies will likely surge up in value again in several weeks.

“And we’re 52 days into this. It seems like another couple of weeks and everything will be normal and [bitcoin] can start growing back up again,” said Morehead.

https://www.ccn.com/cryptocurrency-market-struggles-record-gains-bitcoin-cash-spikes-25/

[tee-rex]

It is likely the money obtained via recent Bitcoin crash that got pumped into BCash. Let's not forget that Roger Ver has sold his Bitcoin stash recently. Now he and his minions may have decided it is right time to prop up their bastard child. Their short-term goal is to make BCash more attractive to speculators in these unsettled times.

[Satisun]

It is likely the money obtained via recent Bitcoin crash that got pumped into BCash. Let's not forget that Roger Ver has sold his Bitcoin stash recently. Now he and his minions may have decided it is right time to prop up their bastard child. Their short-term goal is to make BCash more attractive to speculators in these unsettled times.

I thought Roger Ver still got some bitcoin although he supports the bitcoin cash whole heartedly.

[Kemarit]

It is likely the money obtained via recent Bitcoin crash that got pumped into BCash. Let's not forget that Roger Ver has sold his Bitcoin stash recently. Now he and his minions may have decided it is right time to prop up their bastard child. Their short-term goal is to make BCash more attractive to speculators in these unsettled times.

If could very well be that they are pumping Bitcoin Cash so hard right now and make easy profits. And for those who have ride the wave, sooner or later, they will go back to Bitcoin after taking their gains. Bitcoin Cash will remain the poster child for Roger and his cohorts, pumping it then exiting at the perfect time. Newbies, just beware, you don't know how this game is played, don't be trap and exit as early as you can. Overall, Bitcoin Cash still doesn't have enough traction from the community and never will. I'm not riding with them, would rather trade with other altcoins or HODL Bitcoin and wait it out till it bounce back.

[Slow death]

bastard child.

talking about bastard children, today another bastard son had a 50% pump, I'm talking about Bitcoin Gold

Bitcoin Gold (BTG)

$154,23 USD (51,51%)
0,01847660 BTC (50,99%)

unbelievable how these altcoins are even manipulated

Several traders suspected Roger Ver, the CEO at Bitcoin.com and an early-stage bitcoin angel investor, of bringing up the price of Bitcoin Cash prior to his interview with Alex Jones on February 9. However, Ver denied such rumors, firmly emphasizing that he has not made any bitcoin or Bitcoin Cash trades as of recent.

obviously he would deny it, because he would not risk his reputation and bitcoin cash reputation

B itcoin Cash Surges

I think this news channel should wait a little longer before pulling bag of  bitcoin cash

Bitcoin Gold (BTG)

$154,23 USD (51,51%)

E-coin (ECN)

$66,43 USD (1 375,55%)

Well, altcoins prices are very manipulated

[J. Cooper]

À short term 25% gain really doesn't matter too much if you keep in mind that these alts will be obsolete in the very near future. Bigger blocks clearly weren't the right solution and despite trying to steal the bitcoin brand they're not gaining a lot activity on their part of the chain anyways.

[tee-rex]

bastard child.

talking about bastard children, today another bastard son had a 50% pump, I'm talking about Bitcoin Gold

Bitcoin Gold (BTG)

$154,23 USD (51,51%)
0,01847660 BTC (50,99%)

unbelievable how these altcoins are even manipulated

Several traders suspected Roger Ver, the CEO at Bitcoin.com and an early-stage bitcoin angel investor, of bringing up the price of Bitcoin Cash prior to his interview with Alex Jones on February 9. However, Ver denied such rumors, firmly emphasizing that he has not made any bitcoin or Bitcoin Cash trades as of recent.

obviously he would deny it, because he would not risk his reputation and bitcoin cash reputation

These guys are weasels. They shouldn't be asked such questions because they are well prepared for them and may in fact be even willing to be asked them. If he himself didn't sell a bitcoin or didn't buy a bcash, it doesn't mean that some dude couldn't have done exactly that for him and on his behalf. Also, as of recent is rather a vague term

Or he can be lying straight in the face, of course.

[TraderTimm]

Take a look at Ver's schedule of media events.

Prior or on the day of the event, BCash gets pumped. Someone should make an index/tracker of it and use it to hand Roger's ass to him.

Stockpile some shitfork tokens, wait for the interview, dump during its airing.

[coin_lover]

BCH price is mot likely being manipulated

[peter0425]

BCH price is mot likely being manipulated

What do you mean likely manipulated? Its been manipulated since day 1 of its existence.

And what has others here is saying, Roger Ver hands is all over the place. How can one coin suddenly exploded like that. And it also coincides with a lot of trolls in the social media saying that bitcoin would fall to $3K. Roger's been paying those schills to spread fear amongst investors to dump their coins so that it will look like that they have shifted to Bitcoin Cash. But just like any previous attempts they will be unsuccessful and Bitcoin Cash will have a massive dump again. But wait and see and I'm sure that all of us will say I told you so.

[Hell-raiser]

BCH price is mot likely being manipulated

What do you mean likely manipulated? Its been manipulated since day 1 of its existence.

And what has others here is saying, Roger Ver hands is all over the place. How can one coin suddenly exploded like that. And it also coincides with a lot of trolls in the social media saying that bitcoin would fall to $3K. Roger's been paying those schills to spread fear amongst investors to dump their coins so that it will look like that they have shifted to Bitcoin Cash. But just like any previous attempts they will be unsuccessful and Bitcoin Cash will have a massive dump again. But wait and see and I'm sure that all of us will say I told you so.

Yeah, I definitely agree! Now when the Bitcoin fees and confirmation times have dropped dramatically, Bitcoin Cash seems to be massively losing its ground and leverage. Roger Ver and Jihan Wu had been proposing BCash as an alternative to costly Bitcoin transactions, the state of affairs in which Bitmain and their affiliated miners likely played a major role, but there is no any real advantage in using BCash compared to Bitcoin today. And when LN gets fully activated in the main net, there will be no use for this fake Bitcoin any more, if we assume there were any in the first place.

[veleten]

BCH price is mot likely being manipulated

of course it is manipulated,hell even bitcoin price is manipulated
simply look at all the news surrounding the crypta and one would think that
the sequence of events is: negative news-price drop,while I think,in reality it is:
behind the scenes agreement to drop the price,markets manipulated and simultaneous negative  news spam
to give some explanation of a clear manipulation to the general public
it is similar to gold fixing and futures oil prices-nothing more than a global  mafia agreement

[TraderTimm]

Go to https://fork.lol/tx/txs

See the number of transactions? Bitcoin is beating BCash by a sizeable margin, essentially an order of magnitude more activity.

Now go to https://fork.lol/tx/fee

See that wiggling blue line? Its BCash fees in satoshis per byte. The Orange one is Bitcoin.

They are nearly together, the spreads are so tight. The whole fees narrative is falling the fuck apart. So what does BCash offer other than Roger Ver's mug plastered all over its promotional materials? They use the SAME CODE that Bitcoin uses, and they don't have Segwit implemented. This means they can't use Lightning in a secure and reliable way.

Its going to be increasingly difficult for Roger Ver to keep up the charade with this going on. Also, its worth noting that Antpool which is Bitmain's big mining pool, is now mining 1MB blocks that have transactions in them. They used to mine empty blocks quite regularly. I even noticed the sporadic participation of a bitcoin.com mining pool that was starting to mine fractional and empty blocks.

This may mean that Jihan and Roger have had a split, since their planned takeover hasn't gone the way they intended it to. Usually BCash would spike in large multiples before Roger had a speaking event - like the one going on now at "Anarcopulco", his buddy Jeff Berwick's event that Ver sponsored.

The story is unraveling and Roger is going to be a very large bag-holder of an asset that nobody really wants.

If you have any, I'd consider liquidating before the big realization sets in that BCash is Bankrupt.