News Bitcoin Cash spikes to $290 following trouble at Bitmain

Bitcoin Cash spikes to $290 following trouble at Bitmain


- Advertisment -

The bulls have taken over the Bitcoin Cash (BCH) train, with the world’s fourth largest cryptocurrency by market cap trading for roughly $290 per coin today. That represents a jump of almost 10 percent over the past 24 hours.

Bitcoin Cash has seen some significant gains in the last five days. Late last week marked a low point for BCH, falling to around $215 per coin. The crypto has now jumped in price by roughly $75 in less than a week.

Bitcoin Cash’s gains come, it appears, at Bitcoin’s expense. Earlier today, Bitmain’s executive director, Micree Zhan, got the boot from the Bitcoin mining giant that he helped to build. The co-founder’s firing comes after in-fighting at Bitmain resulted in Jihan Wu, another co-founder of Bitmain, returning to claim the company’s top spot.

According to BitMEX Research, Bitmain “spent the majority of its operating cash flow acquiring Bitcoin Cash” in 2017, while Jihan was in control of the company. Today, Wu told Bitmain employees that he had returned to “save this ship (from sinking),” according to Primitive Crypto founder Dovey Wan.



Please enter your comment!
Please enter your name here

Latest news

CubeBit has come forward to sponsor Future Blockchain Summit 2020

November-18-20 - CubeBit 2.0 has come forward to sponsor Future Blockchain Summit 2020. The event will be...

Using Blockchain to Fight Climate Change, MOSS is changing the Narrative

The effects of global climate change are not undeniable. From glaciers shrinking to flooding, temperature rise, and...

DeFi Tokens Still Bullish with Triple-Digit Prospects Amidst the Bitcoin Rally

The Decentralized Finance (DeFi) market seems to have reclaimed its bullish status in the ongoing crypto market...

Bitcoin Security Lessons from The KuCoin Cryptocurrency Exchange Hack

It is a recent but not new happening that a hot wallet from a crypto agency has...
- Advertisement -

Facebook’s long-awaited Libra is Coming in January 2021

In a more limited form, the Libra Association's projects are being implemented. It will only launch a...

Polkadex Enhances the Cryptocurrency Trading Experience

The global economy has not entered the modern era as of yet. Luckily, there are tools to...

Must read

- Advertisement -

Read Next
Recommended to you