Ever since the network update, BCH has been fallen dramatically against the USD. From trading in the $600 range, the cryptocurrency is now struggling to stay above $100. Yesterday morning, almost every top 20 cryptocurrency was trading in red against the USD. Bitcoin was down by over 10%. Only BSV was thriving at the time. This morning, however, BCH is trading in green against the USD and part of the reason would be the positive sentiment that filled the market after Gemini made a major announcement.
BCH Gets A Boost Thanks To Gemini’s Announcement
Gemini is one of the largest cryptocurrency exchanges in the world. The Winklevoss twins owned exchange has some of the largest cryptocurrencies in the world on its list and it has just added BCH. According to an announcement made on Medium, the company will be providing support for the ABC network which is now called BCH. It is not going to support BSV yet. However, the post stated that the exchange will continue to evaluate BSV as time passes to know if they can afford to support BSV deposits or withdrawals later in the future.
Bitcoin Cash (BCH) Price Today – BCH / USD
Gemini prides itself as the most regulated cryptocurrency exchange in the world. It is always concerned about meeting regulatory requirements. This is one of the reasons why it has worked hand in hand with the New York State Department of Financial Services to get the approval for offering custody services for BCH. This will allow institutional investors who are interested in BCH to penetrate the market.
Two months ago, Gemini got the regulatory approval to trade Litecoin (LTC). The vice president of engineering at the company, Eric Winer, said that they are trying to make sure they meets fiduciary obligations and banking compliance under NYDFS. He said they had full regulatory backing to trade Litecoin.
Bitcoin, Bitcoin ABC And SV.
As you already know, Bitcoin was the first application of blockchain. It was after the creation of BTC that other cryptocurrencies started popping up. About one year ago, a dispute within the development team lead to the creation of a Bitcoin hard fork, Bitcoin Cash. A few weeks ago, a dispute within the Bitcoin Cash development community led to the creation of another hard fork, Bitcoin SV.
BCHABC and BSV were contending for the title BCH following the hard fork. Calvin Ayre, cryptocurrency billionaire and entrepreneur, who is the developer of the SV network, publicly declared that his team no longer wants the name BCH for BSV. Before his declaration, Bitcoin ABC had already gotten the name.
BCH And BSV Price Analysis
At the time of writing, BCH was trading at $107.75. This shows that it was up by 4.68% against the USD and up by 2.60% against Bitcoin. The trading volume over a 24 hour period $193,269,851 and the market capitalization is $1,885,504,507. It has gone back to trading as the 5th largest cryptocurrency per market capitalization.
Bitcoin SV (BSV), on the other hand, is now trading in red at a time when the entire market is trading in green. This is the opposite of what happened yesterday. It is trading at $102.03. This shows that it is down by 5.63% against the USD and down by 7.62% against Bitcoin. BSV is struggling to retain the seventh position with a market capitalization of $1,783,198,475 and a trading volume of $153,760,449.