Bitcoin Cash Price Analysis: Roger Ver Planning to Launch an Exchange with BCH as the Base-currency

  • The CEO of Bitcoin.com, a digital currency wallet provider, noted that the organization is exploring launching its own exchange.
  • Bitcoin Cash (BCH) still looks promising for a potential bull rally, despite the minor downturn seen.

Bitcoin Cash Advocate Exploring Exchange Offering

Roger Ver was speaking during an exclusive interview with Bloomberg in Malta, making it known of his plans to offer an exchange. At this time, he is unsure of whether an exchange will be developed from the ground up. The other consideration is if they would just buy an existing exchange, rather than completely building one from scratch. The Bitcoin Cash advocate said, “If we build it ourselves, we can do it really, really cheap, and we get exactly what we want,”. Cautiously noting, “but we don’t have the security of a battle-tested exchange that’s been around for a while.” Ver made it clear that his own built exchange would not have that battle-hardened status of dealing with hackers that an existing exchange may have experienced.

Further on, Ver said that Bitcoin Cash would be the base cryptocurrency on the planned exchange. This isn’t too much of a surprise, given his strong support for Bitcoin Cash since its launch last year.  This could be a way in which he would be trying to increase the mass adoption for BCH, something that has struggled to take-off. The issue of using Bitcoin Cash as the base currency at this stage is the liquidity is not quite there yet at all. Interest from an institutional perspective appears to have somewhat subsided in BCH of late.

Roger Ver Previously Accused of Manipulation

There was some previous outrage across the community that Roger Ver’s Bitcoin.com website, shows users Bitcoin Cash (BCH) as Bitcoin (BTC) and Bitcoin as Bitcoin Core (BTC). This clearly could be misleading for people, particularly new and inexperienced users, as thoroughly detailed in a previous article by Hacked’s Sam Bourgi. The website of Bitcoin.com still displays the misleading tickers.

Technical Review – Daily Chart

BCH/USD daily chart

Bitcoin Cash, as covered in the last article, broke out to the upside from a bullish pennant pattern. Since the burst higher, BCH/USD over the past two days has cooled. This has seen a retest of the broken pennant. Seemingly so far, playing out to the textbook, with the breakout and retest. Support is currently eyed on top of the pattern, seen around $509. Should this fail to regather upside momentum, there could be a very fast and heavy drop. Bears would likely push the price back down to $430-400 area, where a chunky demand area sits.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.

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