Bitcoin Cash Price: Don’t Trust Rallies That Start on Crypto Twitter

Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

Get Exclusive Analysis and Investing Ideas of Future Assets on Hacked.com. Join the community today and get up to $400 in discount by using the code: “CCN+Hacked”. Sign up here.

By CCN: The bitcoin cash price surged on Monday and Tuesday as a social media campaign pressuring crypto exchanges to delist its top rival gained momentum.

BCH PRICE, BITCOIN CASH

BITCOIN CASH (BCH) SLIPPING FROM ITS INTRADAY HIGH | SOURCE: COINMARKETCAP.COM

The fourth-largest cryptocurrency set an intraday high at $324.80 following the Asian market open.

Unsurprisingly, BCH demonstrated an inverse trajectory to bitcoin SV (BSV). As some of the leading cryptocurrency exchanges announced that they would delist the controversial cryptocurrency, the bitcoin SV price plunged by 23-percent. At the same time, the bitcoin cash price appreciated more than 10-percent against the dollar.

One straightforward theory suggested that crypto traders were dumping BSV for BCH, and social media sentiment seemed to bear that out. On exchanges, both cryptocurrencies experienced large volumes against tether (USDT), which could indicate that funds were flowing from one to the other.

Hong Kong-based OKEx, which refused to delist BSV, was the top spot trading platform for both BSV and BCH. The crypto exchange hosted almost 8.9-percent of the total BSV volume. It also hosted 10-percent of the overall BCH volume. That proves that both the assets shared an interim inverse relationship in terms of price action.

This Crypto Twitter-Driven Rally Doesn’t Have Legs

The minor correlation should not mislead speculators into believing that bitcoin cash will continue to bleed its rival dry. The average profit-driven trader with an option to trade BSV would likely buy the dips and wait for the #DelistBSV campaign to blow over and the market to stabilize.

At the same time, bitcoin cash’s uptrend lacks strong fundamental and technical support, given that it merely cashed in on the anti-BSV hysteria.

Chief backer Roger Ver did his best to fan the flames of the intramural spat, challenging Craig Wright to sue him, too. That’s a political tactic: pose BCH as the only rival to BSV and then excite traders so they develop an emotional connection with the cryptocurrency.

Bitcoin cash could experience some headwinds now that SBI Virtual Currencies, a Tokyo-based regulated cryptocurrency exchange, broke from the #DelistBSV fervor to expel BCH from its platform.

All in all, the recent bitcoin cash rally is not the final word in the ongoing BCH/BSV civil war. Intraday traders are smart enough to play the pump – as well as the potential dump. In the end, this was just another day in the crypto market.



About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,567 0.01 % 1.32 % 2.76 %
Ethereum1,865.4 0.52 % 5.71 % 2.60 %
Tether1.0000 0.01 % 0.15 % 0.02 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB313.87 0.16 % 4.72 % 8.89 %
XRP0.3953 0.31 % 2.83 % 2.74 %
Binance USD1.000 0.17 % 0.37 % 0.14 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana44.95 1.51 % 7.75 % 9.66 %
Dogecoin0.07973 0.07 % 4.41 % 5.07 %

bitcoin
Bitcoin (BTC) $ 29,596.00
ethereum
Ethereum (ETH) $ 1,870.56
tether
Tether (USDT) $ 0.999893
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 314.99
xrp
XRP (XRP) $ 0.396412
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.490903
solana
Solana (SOL) $ 45.34
dogecoin
Dogecoin (DOGE) $ 0.079864