Bitcoin Cash Consolidates After 15% Correction, but Broader Appeal Still Lacking
user

Cryptocurrencies

Bitcoin Cash Consolidates After 15% Correction, but Broader Appeal Still Lacking

Posted on .

Bitcoin Cash Consolidates After 15% Correction, but Broader Appeal Still Lacking

Introduction

This article was posted on Monday, 09:39, UTC.

Bitcoin cash (BCH) rose on Monday, as the crypto community regained its senses following China’s ban on initial coin offerings. The forked BCH cryptocurrency has struggled to gain momentum after a roller coaster first week of trading back in early August.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

BCH: Stuck in a Range

Bitcoin cash appears to have settled after a fresh weekend selloff wiped billions from its market value. The BCH/USD exchange rate climbed more than 7% during Asian trading to reach $552.00, according to CoinMarketCap. More than $372 million worth of BCH traded hands over the past 24 hours.

BCH’s dollar-denominated market cap is roughly $9.2 billion. The token lost roughly $2 billion over the weekend on fears that China’s ICO attack would extend far beyond the new crowdfunding model.

Bitcoin cash settled at $767.76 in its first 24 hours of trading on Aug. 2. Prices have yet to regain that level. Since hitting $707.83 on Aug. 19, the token has mostly fluctuated between $500.00 and $700.00.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

At the time of writing, bitcoin cash is trading above its major support level of around $550.00. The token is likely to face strong resistance in the mid-$600.00 range. Prices remain highly volatile, as evidenced by the recent rollover.

BCH Struggles to Catch On

Bitcoin cash has struggled to earn support from a large segment of the blockchain community. Coinbase executive Brian Armstrong recently shared his thoughts on bitcoin cash in a Twitter post. 

Armstrong said Coinbase is “agnostic” on which assets are included on the currency exchange, but that it won’t “rush anything out.”

Accessing BCH remains a principal concern for many of its proponents, so much so that they threatened to sue Coinbase for refusing to support it. Low hash power and difficulty estimating its intrinsic value have also stunted BCH’s growth.

However, the news isn’t entirely negative. Bitcoin cash is the third most popular cryptocurrency by market cap, and was recently integrated into company wallets by Bitcoin.com. This suggests that the newly forked coin is slowly being integrated across the blockchain spectrum.

Bitcoin cash has has also been added to Bitcoin IRA, a Los Angeles-based company that allows Americans to access cryptocurrency in an IRS-approved retirement account. Bitcoin IRA also announced it will be supporting Ethereum Classic and Litecoin alongside existing support for Bitcoin, Ethereum and XRP.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Sam Bourgi

Sam Bourgi

Sam Bourgi is Contributing Writer to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.

There are no comments.

View Comments (0) ...
Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
Mate Csar
Analyst
Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
The Big Question: The Korean Peninsula remains calm, but for…