Bitcoin Cash (BCH) is up 20 percent in the past 24 hours following yesterdays announcement that Bitmain has successfully filed it’s initial public offering (IPO) documents with the Hong Kong Stock Exchange.
The price of BCH was hovering around the $430 mark for most of this week but then suddenly skyrocketed by almost 20% to $538.37 yesterday at around 2 pm UTC when the announcement was made. The following few hours saw some extreme volatility, with a number of sharp spikes and dips in price before steadily increasing again today to a high of $585.36.
Bitmain is one of the biggest cryptocurrency mining companies in the world and recently revealed as part of its prospectus ahead of its IPO that it’s holding huge amounts of BCH. Following the announcement, there was much speculation in the crypto community regarding a possible exit scam due to losses of up to $350 million dollars in the second quarter of this year.
Now, however, it would appear the company has gained renewed trust following its successful IPO filing, passing on the market benefits to Bitcoin Cash (BCH).
Bitmain founder Jihan Wu has long been a proponent of Bitcoin Cash and recently got into a heated debate with blockchain development company nChain’s Craig Wright over two proposed hard forks that could see the network split in two.
Bitcoin ABC, the development team behind BCH, announced plans for a new hard fork to increase the block size to 32MB on November 15th. nChain, however, say they intend to go ahead with their own hard-fork to increase the block size to 128MB. A split in the blockchain due to a lack of consensus between the two companies could cause huge problems for Bitcoin Cash and significantly affect the market price.
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