Bitcoin Cash Holds 92% Gain after Breaching Key Levels

Bitcoin Cash continues its bullish run as the coin approaches a high of $480. BCH has made over 90% bullish gains in its current uptrend. The coin …
Feb 12, 2020 at 12:22 // News
Author

Coin Idol

Bitcoin Cash continues its bullish run

Bitcoin Cash continues its bullish run as the coin approaches a high of $480. BCH has made over 90% bullish gains in its current uptrend. The coin has a smooth uptrend. This is not to say that the bears did not put up a fight.

The market consolidated for a week before the $400 resistance was broken. The bulls and bears also tussle with the price as the former overcame to push above the $440 price level. Interestingly, BCH has kept up the current momentum to push above $480. Nonetheless, the resistance at $480 cannot be ruled out as the Bitcoin Cash reaches the peak price of $520.

Bitcoin Cash Indicator Reading

Bitcoin Cash has risen to level 77 of the RSI period 14. This indicates that BCH is in the overbought region. The buying is likely to be exhausted as sellers take control of price. In the overbought region, sellers come in to push the prices downward. Nevertheless, buyers are not available in the region to tussle with the sellers. The EMAs are sloping upward indicating the powerful uptrend.

BCH-Coinidol (1).png

Key Resistance Zones: $320, $360, $400

Key Support Zones: $200, $160, $120

What is the Next Direction for Bitcoin Cash?

In a couple of days to come, we shall have the bull market overriding the bear market. This is courtesy of the powerful uptrend of Bitcoin Cash. Meanwhile, if the current momentum is sustained, BCH will attain a $520 price level. Bitcoin Cash may face selling pressure as we approach overbought market conditions.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

Related Posts:

  • No Related Posts

Bitpay Partnership With Poynt Enables Crypto Payments at 100000 Point-of-Sale Devices

… Poynt’s devices with the currency of their choice, including bitcoin, bitcoin cash, ethereum, and three dollar-pegged stablecoins,” the firm disclosed.
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.

Also Read: Ethereum vs Tron: Comparing Data, Defi and Stablecoins from Both Chains After Viral Tweet

Crypto Payments Available at 100,000 Poynt Retailers

Bitpay has revealed the company is collaborating with the open commerce platform Poynt in order to bolster crypto payments worldwide. On Tuesday, Bitpay announced the integration of Bitpay’s cryptocurrency payments service with Poynt’s Smart Terminal point-of-sale (PoS) devices. “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,” the firm disclosed. Bitpay already processes over a billion dollars in crypto payments every year and the firm’s CEO and cofounder Stephen Pair is excited about expanding with the new partnership.

“We’re thrilled to team up with Poynt, who’s proven to be a real driver of point of sale innovation,” Pair noted during the announcement. “It’s a massive growth opportunity for Bitpay and an important milestone in our now nine-year mission to make payments faster, more secure and less expensive for people and businesses.”

The Poynt point-of-sale (PoS) smart terminal.

Poynt Believes Crypto Will Help Expand the Firm’s Growth

Poynt is known for building it’s Smart Terminal PoS device that works with an app and can “easily email receipts, refund transactions, and settle with the tap of a button.” Devices have a hybrid MSR/chip reader and the machine supports major NFC/contactless schemes. It also has a front and back camera like a smartphone and connects to WiFi, with optional features like LTE/3G cellular modem support as well. Poynt PoS devices further support audio and they come with a stereo speaker and built-in microphone. The firm thinks expanding payment options to include digital currencies is simply a natural progression.

“Poynt was built on the idea of open commerce,” the company’s founder and CEO Osama Bedier said. “Poynt OS lays the foundation for developers and merchants to collaborate and drive limitless growth. The addition of open-source, decentralized currencies like Bitcoin is a natural fit in our open-commerce environment.”

Bitpay and Poynt’s partnership enables cryptocurrency payments at point-of-sale at 100,000 locations worldwide.

According to Bedier, Poynt recently touched a milestone of nine billion dollars in gross payment volume in a twelve-month period. The open commerce firm believes expanding to crypto payments will keep that trend going forward.

What do you think about Bitpay partnering with Poynt’s open commerce infrastructure? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Poynt, Bitpay, Fair Use, Wiki Commons, and Pixabay.


Did you know Bitcoin.com offers a slew of merchant solutions for online retailers to brick-and-mortar shops? Check out the web portal bitcoin.com/merchant-solutions and start accepting bitcoin cash (BCH) today.

Share this story:
Related
Fed Chair Powell Reveals US Response to China's Digital Yuan, Libra, Public Payments Ledger

Fed Chair Powell Reveals US Response to China’s Digital Yuan, Libra, Public Payments Ledger

NEWS | Kevin Helms

In his testimony before the House Financial Services Committee, Federal Reserve Chairman Jerome Powell answered a number of questions regarding… read more.

From Star Trek to Wikipedia: Crashing Bitcoin SV Fails to Impress

From Star Trek to Wikipedia: Crashing Bitcoin SV Fails to Impress

NEWS | Jamie Redman

The Bitcoin SV network and the infamous Craig Wright have been publicly scrutinized by two well known individuals. Wikipedia’s Jimmy… read more.

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

Please enable JavaScript to view the comments powered by Disqus.

Related Posts:

  • No Related Posts

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month

Moreover, statistics from the blockchain analytics provider 1000x Group show digital currencies like bitcoin cash (BCH) have joined BTC’s dominant …
Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month

2019 was an interesting year for darknet markets (DNMs) and a number of marketplaces closed for a variety of reasons. Despite the closures, crypto payments on DNMs doubled for the first time in five years. Moreover, statistics from the blockchain analytics provider 1000x Group show digital currencies like bitcoin cash (BCH) have joined BTC’s dominant role within the deep web.

Also Read: BCH Merchant Directories Now List 4,300 Bitcoin Cash-Accepting Businesses

1000x Group Data Shows An Uptick of Bitcoin Cash Used for Darknet Sales

There’s been a number of reports on DNM usage last year and action on the invisible web continues to be interesting in 2020 as well. Just recently, the blockchain surveillance firm Chainalysis published a report that showed DNM payments doubled for the first time since 2015. Not only did the value of BTC sent to DNMs increased by 70%, but Chainalysis also noted that DNMs will likely accept cryptos with a focus on privacy like monero (XMR).

News.Bitcoin.com looked further into darknet payment statistics by leveraging analytics from the provider 1000x Group between January 7, and February 4, 2020. 1000x Group’s dashboard shows data from 15 different markets and ten of them accept BTC only. This includes markets like Silk Road 3.1, Hydra, Wannabuy RDP, Sipulimarket, Escobay, and Joker’s Stash. The DNM Monopoly accepts monero (XMR) only and during the four-week time span, there were four DNMs that accepted coins like BCH, LTC, and XMR in addition to BTC. The four DNMs included Cannazon, Empire, Darkbay, and Apollon. However, the darknet market Apollon allegedly exit scammed five days ago.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
Darknet tracker data provided by the blockchain analytics provider 1000x Group.

The four-week time span measured on 1000x Group’s dashboard shows XMR, LTC, and BCH were used on Monopoly, Cannazon, Empire, Darkbay, and Apollon. Monero represented 56% of the payments on DNMs between that time. LTC captured 29% and BCH saw 12% of sales during the time frame ending on February 4. While Monopoly, Darkbay, Empire, and Cannazon all accepted XMR, Darkbay and Empire processed payments in litecoin (LTC) as well.

The marketplace Apollon accepted BTC, XMR, LTC, and BCH during the four-week time span and grew popular due to its multi-coin acceptance. In fact, before Apollon’s alleged departure, the DNM was probably one of the most active markets on the invisible web. Data scrapes from four researchers at the Australian National University (ANU) indicate that Apollon started small, but had since “exponentially grown in size.” Apollon grew larger after Dream Market’s ‘soft’ exit in the summer of 2019. The multi-currency DNM showed 4,500 listings and Apollon admins claimed it had more than 30,000 registered users.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
Between January 7 and February 4, 2020, Bitcoin Cash saw an uptick of use on DNMs. Darknet tracker data provided by the blockchain analytics provider 1000x Group.

A Private Peer-to-Peer Marketplace, Cashshuffle, Schnorr Signatures, and the Innovative Cryptography Behind Cashfusion

One interesting fact about 1000x Group’s payment data shows the increase of bitcoin cash (BCH) usage between January 7, and February 4. BCH development during the last year has seen a significant increase in privacy methods applied to the coin. Proponents of BCH believe that the peer-to-peer cryptocurrency has even better privacy enhancements than most coins that exist today. During the last year, the BCH ecosystem has seen the basics of Schnorr Signatures added to the chain and the Schnorr protocol was enhanced again during the last upgrade.

In March 2019, Electron Cash developers unleashed the official iteration of the Cashshuffle protocol and so far BCH users have shuffled 209,490 BCH to-date ($94 million). BCH users also saw privacy push in June, when Bitcoin.com launched its peer-to-peer BCH marketplace. Users from all around the world can trade bitcoin cash in a private manner and leverage encrypted chat and a secure blind escrow system.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
With our peer-to-peer BCH marketplace, you can buy and sell BCH privately using our noncustodial, Local Bitcoin Cash trading platform.

Beyond all that, BCH has also seen the introduction of Cashfusion, which has given the decentralized asset a much higher set of anonymity. Not only are BCH proponents using Cashfusion, but the privacy-enhancing software is making waves with BTC proponents as well. The creator of Wasabi Wallet complimented Cashfusion after he listened to Mark Lundeberg’s recent interview with Naomi Brockwell and he made some positive remarks about the protocol in another tweet as well.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
Cashshuffle data provided by the website stats.devzero.be/#/

Typically, the publication Bitcoin Magazine doesn’t cover Bitcoin Cash topics, but the news outlet’s Aaron van Wirdum wrote an objective article on the new privacy protocol for BCH. Not too long after that article, data analyst James Waugh also commended Cashfusion’s privacy advances in a recent Medium post. Waugh disclosed he queried a number of transaction inputs and outputs and realized that it’s “not possible to establish a concrete link” between them. Essentially, Cashfusion in Waugh’s opinion is far more practical than other Coinjoin protocols.

Bitcoin Cash Captured More Than 10% of Darknet Sales Last Month
Cashfusion data provided by the website stats.devzero.be/#/

It’s quite possible that the increased use of BCH on prevalent DNMs is attributed to the added privacy benefits BCH offers to everyday users. With 44,737 shuffles using Cashshuffle to-date and close to $100 million transactions shuffled, the protocol has gathered a lot of traction. Additionally, at 94,574 accounts on Local.Bitcoin.com since the peer-to-peer platform’s launch, data indicates there’s significant interest in trading privately. There have also been 2,250 fusions so far using the Cashfusion protocol since November 28, 2019, and there’s been 10,103 BCH fused to-date ($4.5 million).

It’s a shame that a DNM like Apollon is likely out of the picture, as it was the one marketplace that was popular for offering multi-currency support. As time progresses, it’s still quite probable that other DNMs will support BCH going forward, due to all the privacy-enhancing benefits that stem from recent BCH development.

What do you think about the data from DNMs from 1000x Group’s blockchain analytics data between January 7, and February 4, 2020? Do you think the addition of things like Local.Bitcoin.com, Cashshuffle, Schnorr Signatures, and Cashfusion is the reason why BCH use on DNMs saw increased exposure? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, darknet markets, services, or companies. Bitcoin.com does not provide investment, tax, legal, accounting or any advice. It has also been noted in the report above that the DNM Apollon is accused of exit scamming and readers should be aware of that situation. The data determined in this article reflects payments on February 4, 2020 and the four weeks prior. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, 1000x Group, stats.devzero.be/#/, Fair Use, and Pixabay.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Share this story:
Related
How Often Are Top Privacy Coins and Mixers Actually Used? - A Look at XMR, DASH, and ZEC

How Often Are Top Privacy Coins and Mixers Actually Used? – A Look at XMR, DASH, and ZEC

PRIVACY | Graham Smith

As Bitcoin and crypto help everyday individuals to regain control over their money, and make trusting third parties unnecessary, it’s… read more.

US Politicians Want to Ban End-to-End Encryption on Messaging Services like Telegram and Whatsapp

US Politicians Want to Ban End-to-End Encryption on Messaging Services like Telegram and Whatsapp

PRIVACY | Avi Mizrahi

Under the guise of fighting against online child pornography, American politicians are trying to effectively ban end-to-end encryption on all… read more.

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

Please enable JavaScript to view the comments powered by Disqus.

Related Posts:

  • No Related Posts

Bitcoin Cash {BCH} bounces back above $300; over 4000 SLP tokens have been created on the …

Bitcoin Cash is ranked at #4 on coinmarketcap, beneath XRP and Ethereum. The price climbed at a rate of 2.06% in the course of the past 24-hours.

Bitcoin Cash is ranked at #4 on coinmarketcap, beneath XRP and Ethereum. The price climbed at a rate of 2.06% in the course of the past 24-hours. This brought BCH all the way up to $304.22 where it presently holds. The trading volume recorded stands at $1.281 billion, while the supply has 18,003,925 BCH coins in play. As of this instant, the total market cap of Bitcoin Cash is $5.477 billion.

If you’re worried about building your business on the #BitcoinCash@SimpleLedger Protocol or even $SPICE specifically, don’t be. In 3 days Spice Casa has already had 3000 bets from only word-of-mouth promotion.

Kickstart yours at the hackathon Sept 27-30, https://t.co/ffLChLcQTW

— Spice Casa (@SpiceCasa) September 14, 2019

As reported a day ago, an ATM was set up in Venezuela meant to serve hundreds of crypto-enthusiasts. The machine has so far unveiled support for three major digital currencies: Bitcoin, Bitcoin Cash and DASH [which has garnered attention from thousands in Caracas, and other neighboring cities].

Amaury Séchet is a lead developer belonging to the Bitcoin Cash ABC ecosystem. He gave a brilliant speech at the BCH City Conference that was held in Townsville, Australia. While referring to culture, Amaury said that the BCH chain has better products and fundamentals, and has proven to be more useful in comparison to Bitcoin and various other competing projects.

He spoke of the need to focus on infrastructure. His speech was greeted with thunderous applause as he concluded it. You can watch the full 34-minute talk right here:

According to the data obtained from the candlestick chart connected to the BCH/USD pair on tradingview, one can note that the asset is trying its best to heal gradually. The daily RSI rests at 50.24, and the final two tiny peaks [of the Awesome Oscillator] bear the green shade. This point to bullish momentum returning to influence this altcoin.

About Post Author

Aditya Chatterjee

A specialist in comics and cryptocurrencies with an inclination towards DASH and Cardano. I have an innate desire to be a seasoned trader in the near future. Analyzing candlestick charts is a personal hobby.

Related Posts:

  • No Related Posts

Crypto News From the Spanish-Speaking World: Sept. 8–14 in Review

The Spanish-speaking world sees major cryptocurrency and blockchain developments with Uruguay approving a new bill that could be applied …

The Spanish-speaking world sees major cryptocurrency and blockchain developments with Uruguay approving a new bill that could be applied positively to ICOs, Cuba using crypto to access the global economy and Venezuela finally installing its first Bitcoin (BTC) ATM.

Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph en Español.

Argentinian Bitex stops accepting balance charges in US dollars

Cointelegraph en Español reported on Sept. 12, that the economic crisis in Argentina is now taking its toll on the country’s cryptocurrency operations. The Bitex firm, a blockchain financial services provider, informed its customers that it will stop accepting balance charges in US dollars. It explained:

“We communicate with you to inform you that for reasons beyond Bitex, as of this date, balance charges in US dollars will not be accepted at Bitex Argentina. All transfers in dollars received in Argentina made after this release will be returned to origin with the corresponding charges and taxes discounted. Those users who currently have US Dollars on the platform may request to download the balance and receive them by bank transfer to accounts of their ownership .”

Uruguay approves crowdfunding law that could be applied to ICOs

On Sept. 12, Cointelegraph en Español reported that the government of Uruguay approved a bill to promote entrepreneurship, which will regulate collective financing or crowdfunding platforms, and that could be applied to some ICOs. Lawyer Paula Rodríguez Medalla added:

“Without a doubt, this rule supposes a new legal framework for some ICOs dedicated to collective financing, so it will be essential to be attentive to the regulation that the Central Bank of Uruguay issues on the subject.”

Cuba: The use of crypto is gaining traction and Cubans are turning to BTC to access the global economy

Cointelegraph en Español reported on Sept. 13, that despite the silence of the Cuban government in regards to crypto’s such as Bitcoin, Cubans are increasingly using cryptocurrencies to take advantage of online work, make online purchases, as well as to invest and trade.

Cointelegraph further reported that Bitcoin trading is opening new avenues for citizens in communist-run Cuba, which has been financially isolated for years under a United States trade embargo. Without access to debit or credit cards for international use, cryptocurrency-enabled purchases are a welcome opportunity for consumers. In an interview with U.S. News, local resident Jason Sanchez said cryptocurrencies were “opening new doors” for Cubans.

Venezuela finally installs first Bitcoin ATM

Cointelegraph reported on Sept. 13, that Venezuela had installed its first crypto ATM in the city of San Antonio del Táchira. After multiple false starts, the citizens of Venezuela can now find the country’s first Bitcoin ATM in a small convenience store called Viajes e Inversiones HC. The machine supports cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH) and DASH, as well as the official currency of Venezuela and Colombian pesos.

Venezuela’s largest bank adds support for Petro

In the meanwhile, Venezuela’s largest bank, the Bank of Venezuela (BDV), reportedly added support for the country’s controversial Petro digital currency. BDV clients recently woke up to a new section in their online banking account dedicated to cryptocurrencies. At present, the crypto wallet only caters to Petro, but as the section appears to be still under development, speculation suggests more tokens could follow.

As always, Cointelegraph advises readers to approach news related to the Petro with skepticism, as the Venezuelan government has a history of deception when it comes to the state-run, oil-pegged crypto.

Related Posts:

  • No Related Posts