Newsflash: Bitcoin Cash (BCH) Spikes 7.5% to 7-Day High but Concerns Remain

By CCN.com: Bitcoin Cash ABC opened Wednesday in positive territory, rising more than 7.5% against the US Dollar on a 24-hour adjusted timeframe …
Bitcoin CashBitcoin Cash
Image: Shutterstock

By CCN.com: Bitcoin Cash ABC opened Wednesday in positive territory, rising more than 7.5% against the US Dollar on a 24-hour adjusted timeframe.

At 1130 GMT, the BCH/USD pair was trading at $129.83 according to aggregated data provided by CoinGecko.com. The total market cap, at the same time, was close to $2.282 billion, Bitcoin Cash’s best since January 15, 2019, while its 24-hour adjusted volume was above $256.244 million.

Bitcoin Cash 24H Chart Performance | Source: CoinGecko

In comparison, other top cryptocurrencies underperformed. While Bitcoin’s valued surged by a modest 2%, XRP and Ethereum also jumped 1.6% and 2.2% on a 24-hour adjusted timeframe. Only EOS and Tron came closer to Bitcoin Cash concerning substantial gains. Both the blockchain assets appreciated more than 5% against the dollar.

No Solid Fundamentals

The Bitcoin Cash market could not provide any evidence that could support their impressive rally. Roger Ver, the man behind the Bitcoin Cash project, had recently announced that they would update their Bitcoin.com wallet. On January 21, peer-to-peer marketplace Bitquick had added BCH support to its platform. But the rally did not start anytime before January 22.

On the contrary, Bitcoin Cash faced survival threats throughout the time since its hard fork in November 2018. Its closest ally Bitmain closed down global operations, fired 80% of its staff, and replaced its two CEOs in what it called an adjustment. Cobra, the co-owner of bitcoin.org and bitcointalk.org, said in a controversial tweet that Bitcoin Cash is dead.

Bitcoin Cash is dead. Needs new leadership and direction/purpose otherwise it’ll be worth $0 in a few years.

— Cøbra (@CobraBitcoin) January 18, 2019

The absence of solid fundamentals left technical indicators to do the explanation.

Bitcoin Cash 1H Chart | Source: Coinbase, TradingView.com

As visible in the Coinbase chart above, the Bitcoin Cash surge took place merely around its current support area near $119.64. Similarly, an active resistance area to the upside capped the rally from maturing further – as it did in four different occasions since January 17. It explains that Bitcoin Cash – at best – must be consolidating within a strict trading channel while awaiting breakout.

Analysts Watch

According to Moon Overlord, a cryptocurrency trader with 38.8k followers on Twitter, Bitcoin Cash is breaking out of a sizeable descending trend line.

$BCH seemingly breaking out here after a small bear trap / stop raid. pic.twitter.com/HZA5kxzw1F

— Moon Overlord (@MoonOverlord) January 22, 2019

Nico, another Bitcoin Cash analyst, found the coin breaking out of a falling wedge pattern. Traditionally, such a move is bullish for assets.

“MACD and RSI rising, Buy Signal from the UCTS at the 6h chart,” wrote Nico. “EMA50-100 & 200 between here and potential target at 0.04sats so pay attention for any pullback in the road.”

Update on $BCH, Falling Wedge Breaking up (finally). MACD and RSI rising, Buy Signal from the UCTS at the 6h chart. EMA50-100 & 200 between here and potential target at 0.04sats so pay attention for any pullback in the road,#bchabc#BCHpic.twitter.com/QU9p4pwDht

— Nico (@CryptoNTez) January 22, 2019

Click here for a real-time bitcoin cash price chart. Price Charts from TradingView.

Bitcoin Cash [BCH] integrated on peer-to-peer trading platform BitQuick

The BitQuick announcement comes right when Bitcoin Cash has been enjoying a bullish market, as it saw a price increase of more than 7 percent in …

BitQuick, the over-the-counter cryptocurrency marketplace has increased its coverage by adding the fourth largest cryptocurrency in the market, Bitcoin Cash [BCH] to its platform. This inclusion will allow peer-to-peer purchase and trading of BCH in less than three hours, BitQuick claims.

The marketplace is owned and operated by Athena Bitcoin, which operates Bitcoin and other cryptocurrency ATMs in the US, Columbia and Argentina. Athena Bitcoin also operates Mercado Athena, another BTC marketplace.

Additionally, BitQuick is also used by traders to convert digital currencies to fiat or vice versa in the following countries: US, Canada, Europe, Russia, and Australia.

BitQuick is pegged as a “relatively decentralized” platform as it offers Localbitcoins’ like multi-signature escrow system which allows it to operate relatively freely in the US’ regulatory atmosphere while adhering to the Know Your Customer [KYC] requirements and transactions limits.

At the moment, BitQuick operates in 49 states in the US, with New York being the only exception. Back in 2015, the peer-to-peer Bitcoin market place ended their New York operations as they could not comply with the state’s BitLicense that required every local Bitcoin seller to apply for a license.

The marketplace also accounts for privacy as they do not store their client’s private keys, relying on escrow settlement to generate them. Customers will be allowed to trade up to $250,000 using P2SH [Pay to Script Hash] multi-signature addresses.

In order to gauge the market demand and accordingly expand their cryptocurrency coverage, BitQuick will send out a survey to traders before adding on to their Bitcoin and Bitcoin Cash markets.

The BitQuick announcement comes right when Bitcoin Cash has been enjoying a bullish market, as it saw a price increase of more than 7 percent in the past 24 hours. The overall market has increased by over $2 billion as major coins are awash in green, with BCH leading the charge as the highest gainer in the top-10.

In recent news, Bitcoin Cash proponent and CEO of Bitcoin.com, Roger Ver sparked controversy by comparing Bitcoin [BTC], in its original form, going by its 2009 whitepaper, to Bitcoin Cash in its current form as the only true, “peer to peer electronic cash system for online payments.”

The Bitcoin community on Reddit accused Ver of “borderline scamming” new and uninformed investors who want to invest in Bitcoin and not in its hardfork Bitcoin Cash.

The online community has also credited Ver’s website Bitcoin.com as one of the main mouthpieces of the pro-Bitcoin Cash narrative. Last week, one outspoken critic John Carvalho, known in the community as Bitcoin Error Log, challenged Ver to a “fight” with the rights of Bitcoin.com hanging in the balance.


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Aakash Athawasya

Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.

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Crypto Exchange Asks Users to Return $5.3 Million in Bitcoin, Ethereum and Altcoins After …

The South Korean cryptocurrency exchange CoinZest is trying to recover cryptocurrencies worth $5.3 million it accidentally airdropped. The bungle …

The South Korean cryptocurrency exchange CoinZest is trying to recover cryptocurrencies worth $5.3 million it accidentally airdropped. The bungle highlights the immutable and irreversible nature of blockchain transactions.

The error occurred while the exchange was trying to airdrop We Game Tokens to its users as a promotional event.

Instead, it airdropped the wrong coins. Users received Bitcoin (BTC) and Ethereum (ETH), among other cryptocurrencies.

Exchange operators are calling it a computer server glitch, with a number of users also accidentally receiving Korean won in their accounts.

Some account holders who received BTC immediately decided to sell, causing a sharp price drop, according toCoindesk Korea.

An official of the exchange revealed to Hankyung, a Korean publication, that a handful of users triggered the price plunge. Reports Bitcoin.com,

About 10 members tried to sell about KRW 600 million worth [~$530,000 USD] of cryptocurrencies or to withdraw money in Korean won even though they recognized the mistake of depositing money and computer errors. [Therefore] there has been a problem of rapid price decline.”

The exchange says users have returned nearly half of the misplaced crypto with roughly $2.6 million yet to be returned.

CoinZest has no plans to compensate the losses suffered by its users.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Indonesian unicorn company Go-Jek acquires Filipino crypto startup Coins.ph

Jakarta-based technology startup Go-Jek has acquired a majority stake in Filipino cryptocurrency wallet Coins.ph, Bitcoin.com reported. Go-Jek …

Jakarta-based technology startup Go-Jek has acquired a majority stake in Filipino cryptocurrency wallet Coins.ph, Bitcoin.com reported.

Go-Jek, Indonesia’s first unicorn company, was established in 2010 as a motorcycle ride-hailing phone service. Over the years, the company has evolved into an on-demand mobile platform and app, providing a wide range of services including transportation, logistics, mobile payments, food delivery, and many other on-demand services.

Founded in 2014, Coins.ph is a digital wallet provider that allows Filipinos to make payments or buy digital currency such as Bitcoin, Bitcoin Cash, and Ethereum. According to the official website, the company customer base has grown to more than 5 million.

Coins.ph is expected to continue its operations as before following this acquisition.

Although the terms of the deal have not been disclosed, TechCrunch reported that Go-Jek paid $72 million for acquiring the majority stake in Coins.ph, citing two industry sources.

Speaking with TechCrunch, Ron Hose, CEO and co-founder of Coins.ph, said that the company was in the process of raising a new round of funding when the Go-Jek opportunity presented itself.

“We had to make a decision on how we want to continue growing our business, and we felt like ultimately together with Go-Jek we could build something that is overall bigger and better for our customers,” he said.

He said that Coins.ph will leverage Go-Jek’s resources and expertize to provide Filipinos with even more convenience, choice, and access to the services.

Go-Jek’s payments platform Go-Pay has entered into a partnership with Coins.ph.

“We are excited to work with Coins.ph, a company that shares our ethos of empowering communities by bringing more people into the digital economy. Consumer transaction behavior in Indonesia and Philippine share many similarities, and together with Coins.ph, we hope to have similar success in accelerating cashless payments in the Philippines,” Aldi Haryopratomo, CEO of Go-Pay, said.

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Create Your Own Bitcoin Cash Giveaway With Bitcoin.com’s Golden Ticket Software

At Bitcoin.com we love to spread cryptocurrency awareness. In order to further grow adoption in a fun way this month, we decided to publish the open …
Host a BCH Giveaway With Bitcoin.com’s Golden Ticket Software
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Have you ever thought about creating a cryptocurrency giveaway during a hosted event? Now you can create your own crypto-based sweepstakes with Bitcoin.com’s event paper wallet generator. With Bitcoin.com’s Golden Ticket program and open source code, the software allows anyone to develop fantastic tickets funded with bitcoin cash (BCH).

Also Read: Peer-to-Peer Trading Platform Bitquick Implements Bitcoin Cash Support

Create Your Own Bitcoin Cash Giveaway With Bitcoin.com’s Golden Ticket Software

At Bitcoin.com we love to spread cryptocurrency awareness. In order to further grow adoption in a fun way this month, we decided to publish the open source Bitcoin.com Golden Ticket repository which can be found on Github. The code allows anyone with a light knowledge of terminal command prompts to create amazing giveaway tickets loaded with BCH. The Golden Ticket platform allows the creator to choose a custom mnemonic language or Hierarchical Deterministic (HD) key creation. But it also generates HTML, pdf, and a spreadsheet mapping of the Cashddr format, Privkey, and index the swept status of each golden ticket. Alongside this, the giveaway ticket creators can redeem unswept BCH after a certain period of time.

Host a BCH Giveaway With Bitcoin.com's Golden Ticket Software
Spread adoption with Bitcoin.com’s Golden Ticket.

Bitcoin.com’s Golden Ticket program requires the installation of Nodejs LTS version 8 and use of the computer’s terminal application to run command lines. After Nodejs has been added, the user simply clones the Golden Ticket Github repo and installs the dependencies. There are seven actions within the workflow, comprising generating a wallet, creating addresses, initiating a CSV, funding the mothership address, funding secondary addresses, generating stats, and lastly reclaiming the funds that were unswept.

How to Create Custom Golden Tickets

Host a BCH Giveaway With Bitcoin.com's Golden Ticket Software
Bitcoin.com’s Golden Ticket app requires Nodejs and a little terminal prompt knowledge.

The first thing to do is generate a 256-bit mnemonic and BIP44 BCH address by typing “npm run generate-wallet” into the terminal. After that, you will be prompted to choose a language out of the eight available. If you don’t enter a language, the Golden Ticket program will default to English.

Following this choice, you should choose an HD path. If nothing custom is chosen, it will default to the BIP44 account of your mnemonic: m/44’/145’/0′. From here you can choose a custom name for the giveaway ticket event or choose to leave it as is and let the name default to “Golden Ticket.” After the name is chosen, it will write to the owner’s mnemonic, HD Path, and the mothership address. The address, called the mothership, is the address an individual or organization funds in order to fund all the other generated addresses.

Host a BCH Giveaway With Bitcoin.com's Golden Ticket Software

After running the command line “npm run create-addresses” the program will prompt the creator for an event name, HD Account and an address count. You can verify the addresses created by typing “npm run create-csv” and follow this step by funding the mothership address. Our Golden Ticket program shows the mothership’s written alphanumeric address alongside a QR code that’s easy to fund. After the waller is loaded, simply type “npm run fund-addresses” to begin adding bitcoin cash to the satellite addresses tethered to the mothership.

From here, the lotto tickets can be printed on paper or card material in order to hand out at an event. After the event finishes, you can simply run the Golden Ticket software and enter “npm run generate-stats” into the terminal to generate basic stats about the event’s tickets. If a lot of people in the crowd decided not to sweep the bitcoin cash into a mobile wallet or desktop client at home, the mothership can have funds sent back after a certain period of time. If the creator wishes, the custom giveaway tickets can have a disclaimer on them explaining there is a time frame for redemption.

Host a BCH Giveaway With Bitcoin.com's Golden Ticket Software
We gave away Golden Tickets loaded with BCH at the Libertycon 2019 event in Washington D.C.

Giveaways generate a lot of excitement and we think funded tickets with the best peer-to-peer cash system in the world go hand in hand with cool events. Bitcoin.com recently gave out a ton of Golden Tickets to participants at Liberty Con 2019 in Washington D.C. and the initiative was a great success. If you want to learn how to make your very own bitcoin cash-funded Golden Tickets then check out our repository for more instructions on installation and funding.

What do you think about Bitcoin.com’s Golden Ticket software? Let us know what you think about this subject in the comments section below.


Image credits: Bitcoin.com, Twitter, David L. Wolper, Creative Commons, and Nodejs.


Want to create your own secure cold storage paper wallet? Check ourtools section.

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