The Future Of Bitcoin Cash (BCH) Is Bright

INTRODUCTION

Bitcoin Cash (BCH) is a hard fork (a community-activated update to the protocol or code) of the original Bitcoin blockchain. The fork of Bitcoin took place on Aug. 1, 2017, with the purpose of updating the block size to 8MB. On Nov. 16, 2018, BCH was hard forked for a second time and split into Bitcoin SV (Satoshi’s Vision) and Bitcoin ABC. Bitcoin ABC became the dominant chain and took over the BCH ticker, as it had more hashpower and the majority of nodes in the network.

The Bitcoin Cash fork was due in part to an argument between Bitcoin factions about whether the cryptocurrency needed to increase its block size. This argument is based on the idea that Bitcoin’s transaction processing time is too slow to ever allow for the scaling needed to replace traditional payment systems like Visa and Mastecard.

ANALYSIS IN TERMS OF VOLUME OF TRADE.

The monthly trading volume of Bitcoin(BCH) is 3,247,380,685 on May 18,2020.And 1,423,308,166 on June 17,2020.The difference in monthly trading volume within this duration 1,824,072,519.The decrease in percentage trading volume is 56.170 percent.

 WEEKLY TRADING VOLUME OF BITCOIN CASH

 The weekly trading volume of Bitcoin Cash(BCH) is 1,423,308,106 on June 17,2020. And 2,357,578,052 on June 11, 2020.

The differerence in weekly trading volume is 934,269,946

The decrease in weekly percentage trading volume is 36.63 percent.

PARTNERSHIP IN BITCOIN CASH

Bakkt and Galaxy Digital Team Up to Offer Bitcoin Purchase Service to Institutions

Bakkt and Galaxy Digital have just created a new Bitcoin purchase and storage service for institutional investors. Both companies said they have worked together to create a service in which they take care of the whole process, including onboarding, order execution and storage of digital assets.

Indeed, according to a recent survey carried out by Fidelity among 800 investors, 80% of them plan to invest in digital assets. So it is not surprising these two companies have decided to cooperate in order to take advantage of this high demand. Galaxy Digital and Bakkt plan to offer this new service to institutions such as traditional financial asset managers and hedge funds.

Bitpay Enables Bitcoin Cash Payments at 100,000 Point-of-Sale Devices

On February 11, the Atlanta-based payment processor Bitpay announced the firm’s recent partnership with the company Poynt. Now retailers will be able to support cryptocurrency payments using point-of-sale devices and crypto users will be able to pay with digital currencies at more than 100,000 Poynt retailers worldwide.

With just the scan of a QR code at checkout, consumers can now pay merchants using Poynt’s devices with the currency of their choice, including bitcoin, bitcoin cash, ethereum, and three dollar-pegged stablecoins.

Nexo Now Offers Bitcoin Cash Instant Crypto Credit Lines

Bitcoin Cash community members are able to borrow against their favorite digital asset in more than 40 fiat currencies across more than 200 jurisdictions. This is thanks to Nexo which now offers BCH Instant Crypto Credit Lines with one of the lowest annual percentage rates in the industry.

Making the world’s first BCH-backed loans available on the Nexo platform enables BCH holders to borrow against their assets rather than selling them when in need of liquidity. Including bitcoin cash on Nexo’s Instant Crypto Credit Lines platform greatly increasing the asset’s utility, eases selling pressure and makes hodling BCH easier in the long run, all while providing the added benefits of Nexo’s unrivaled interest rates starting from 5.9% APR and superior tax-efficient service in 40+ fiat currencies across 200 jurisdistion. 

HTC’s Blockchain Phone Now Supports Bitcoin Cash

Today, HTC announced its partnership with Bitcoin.com to add bitcoin cash support for its Exodus 1 blockchain phone. The new function will come with Bitcoin.com’s preinstalled wallet and be rolled into the Exodus 1 software update. Bitcoin.com will also sell the Exodus 1 and all future versions.

In a statement, HTC’s chief decentralization officer Phil Chen called the update a natural next step for the phone. “The Zion Vault is happy to support BCH natively in hardware so security goes hand-in-hand in the BCH blockchain as an alternative to dominant payment rails and platforms,” he said.

With the partnership, Zion Vault, the phone’s key management software can now secure BCH transfers by signing off on transactions.Prior to last February, HTC only accepted major cryptocurrencies bitcoin and ethereum. As of now, the phone is priced at $699.First announced at Consenses 2018, HTC has regularly updated the Exodus 1 with new blockchain features. An update in May allowed users to directly swap cryptocurrencies within the Zion Vault wallet.

BITCOIN CASH RECEIVES EUROPEAN BANK CUSTODY SUPPORT

Bank Frick has finally added Bitcoin Cash to its list of supported crypto tokens, including BTC, ETH, XRP, and LTC. Now, customers will be able to purchase BCH with Swiss francs, euro, and US dollars. Stefan Rauti, Head of Blockchain Banking at Bank Frick, commented on the new partnership,

Bank Frick has selected a relatively wide array of altcoins, offered at a time when those assets held a higher appeal. The bank offers the purchase and custody of less popular cryptocurrencies also, including Ethereum Classic (ETC), NEM (XEM), Qtum (QTUM) and Stellar (XLM). The offerings are not unique in the crypto space, but the fact that Bank Frick has remained interested in cryptocurrencies over the years remains encouraging. The bank also offers a secure channel to purchase cryptocurrency for fiat.

BITCOIN CASH PRICE PREDICTIONS

Bitcoin Cash long-term Price Analysis

Bitcoin Cash has been on a path to recovery since March. In fact, while most of the market fell on Black Thursday, BCH’s price had begun to fall well before that. While Bitcoin Cash has managed to go past the 12 March price point during the course of its recovery run, the relief was temporary and the coin, in line with its previous history, retraced.

At press time, Bitcoin Cash was being traded at $253 and had a market cap of $4.6 billion. Over the past 24 hours, BCH’s price saw it gain by 1.7 percent, having registered a trading volume of $1.7 billion.

BCH/USD slumps under descending channel support

Bitcoin Cash followed in the footsteps of Bitcoin and other major cryptocurrencies. The price is down 4% on the day after opening the day at $237. BCH/USD teeters at $228 while extending the bearish leg below the descending channel. The price is also below the moving averages; both the 50 SMA and the 200 SMA are likely to stand in the way of upward movement at $246.59 and $242.68 respectively.

CONCLUSION

Bitcoin Cash has been in the symmetrical triangle formation for quite a while now and price breakout is likely to happen towards the end of June. Taking into account the indicators and the probable price breakout, BCH is likely to reach Target 1 – $275 towards the end of the first week of July. However, if the unlikely bearish scenario were to transpire, BCH may move towards Target 2 – $233 over the same time frame.

All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.