Is Manipulation Behind Bitcoin Cash’s Absurd Rally?

Although you wouldn’t know it by today’s prices, bitcoin cash (BCH) has topped the crypto market leader board this month. The digital currency more than doubled over the span of 18 days, and in doing so far outpaced the broader market. But a closer examination of the value drivers suggest manipulation could be partly responsible for the rally.

As a reminder, the author has no vested interest in smearing BCH as I believe it to be one of the more advantageous coins on the market today. That said, the circumstances surrounding the most recent rally are peculiar to say the least.

What’s Up with

A Hacked user informed me earlier this week that has been using the “BCH” ticker next to the word “bitcoin”. Normally, the ticker “BTC” is reserved for bitcoin, which is the original blockchain we all know about. Instead, the website quotes “BTC” next to the term “bitcoin core”.

In other words, BCH is quoted next to bitcoin and BTC is referred to as bitcoin core. See here for yourself:


For most readers of Hacked, the distinction is easily discernible, but for new traders the difference isn’t easily gauged.

The first question I have is, how many people bought bitcoin (BCH) thinking they were receiving actual bitcoin (BTC)? describes itself as the “premier source for everything bitcoin.” Although the website doesn’t appear to offer a full-fledged trading platform, users can purchase bitcoin and bitcoin cash using the following link.

It is unclear how long the website has been referring to BCH as bitcoin. For those of us who’ve been following the market for some time, the way BTC and BCH are quoted is certainly strange.


A large cryptocurrency mining group by the name of Antpool has also been accused of pumping BCH in recent weeks. The pool announced about six days ago that it is responsible for confirming more than 8% of all bitcoin cash transactions. In addition to confirming those, Antpool is also said to be burning BCH on a daily basis in order to reduce supply and boost prices.

Of course, crypto pumps do not require such elaborate setups to achieve their goals. Pump-and-dumps can be orchestrated rather easily through a chat group on social media. But Antpool does have a large and privileged position in the BCH ecosystem, which has raised suspicion over its recent actions.

Bitcoin Cash is Overbought, According to Tom Lee

Fundstrat’s Tom Lee recently weighed in on the bitcoin cash phenomenon, concluding that the cryptocurrency was overbought. In his view, investors should stick with bitcoin if they had a choice between Core and Cash.

In a segment on CNBC’s Fast Money, Lee said:

“I prefer not to pick winners and losers when we’re looking at cryptocurrencies like bitcoin/bitcoin Cash… Both have merits but if I was putting new money to work today… I would be a lot more interested in buying a lagger that could attract inflows rather than something that’s potentially overbought.”

Bitcoin cash added around $1,000 to its value between Apr. 6 and 23, with prices peaking near $1,600. The cryptocurrency corrected sharply lower on Wednesday and was still declining as of Thursday’s early-morning session. At the time of writing, BCH/USD was down 4.6% at $1,268.

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.


Chief Editor to and Contributor to, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi
  • So the price (which is set on exchanges) has been manipulated but the only evidence is that refers to BCH as bitcoin? Have a look at the enormous volume that has gone through. It’s ridiculous to put this down to that website.
    The rally “absurd’ even though these rallies occur regularly in crypto and BCH has way underperformed for months now. Was it’s underperformance also absurd?

    It went up because it was sold off a long way on low volume and has a protocol upgrade/hardfork coming on May 15. No surprises here
    Additionally BTC has staked everything on an untested technology, the lightning network, which is already showing problems. As people switched brom BTC to BCH they were getting 10 BCH for 1 BTC.
    people are switching, and ATM you get about 7 BCH for every 1 BTC. That is gonna push the price.

  • Bitcoin Cash: Pre-mined fraud coin
    Bitcoin Cash Pre-miners: “But we’re the REAL Bitcoin!”

    Yeah… and pigeons are the real eagles.

    Bitcoin Cash wouldn’t receive all this hate if they didn’t try to steal the name Bitcoin. Roger Ver, the white salesman behind the Chinese-dominated pre-mined coin called Bitcoin Cash, is using his takeover of the domain name to push a lie. Everything else is window dressing.

    • Blockstream stole the Bitcoin name. Bitcoin Cash is taking it back!
      Why people are so in love with Blocxkstream I’ll never understand. Blockstream needed to keep the blocksize small for one reason! Toi make money from their 2nd layer solutions. It’s so see through.

  • that was fake, i went to myself, they mainly promote bitcoin still, and they definitely hadn’t switched the name… Roger markets like a douche sometimes but this is fake. BCH is going up because they announced a massive upgrade coming up on the 15th of may, increasing the maximum block size to 32mb and adding super nodes for instant confirmations or something like that. I would assume it will dump a few days prior to the fork…

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