Whats going on with Bitcoin Cash BCH? - page 2.

vv181

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Quote from: livingfree on June 27, 2023, 01:45:23 AM

I am wondering maybe some of these institutions are getting it wrongly that bitcoin =! bitcoin cash. This is just situational but an altcoin that's pumping is no longer surprising when we're getting close to the bitcoin halving.

Certainly, an exchange backed by Wall Street giants like Fidelity, Citadel and Charles Schwab, knows the differences and won't be misled by a rookie mistake. That cheap misinformation is absurd to be believed by such an institution.

Quote from: https://decrypt.co/146851/bitcoin-cash-bch-surges-33-9-in-24-hours-following-edx-listing-s-korean-short-squeeze

Jamil Nazarali, CEO of EDX Markets, deemed that the four crypto tokens listed on EDX Markets (Bitcoin, Ether, Bitcoin Cash, and Litecoin) were safe bets in terms of compliance with the United States Securities and Exchange Commission.

Anyway, Bitcoin Cash does not pump for no reason. It is a consequence of the exchange listing, thus, the short seller is forced to maintain or exit its position. That is what drives the prices higher and higher, it is due to a Short Squeeze. The South Korean exchange also has a volume spike. So there is indeed some relation. Neither they are FOMO'ing, the market does tell what causes it, not simply a pump and dump scheme.

Xal0lex

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Quote from: Bitcoin_Arena on June 27, 2023, 05:00:56 PM

6. BCH is not where near it's all-time of $2940 high back in 2017. While most coins like Bitcoin and ETH are above their all times of 2017 ($20K) and 2018 ($1,200) respectively, Bitcoin cash instead continued to plumate to $231 where it is today

It should be somewhere $4k at the least if it followed the bull cycles. If this is not a dead coin to you, Accardo, then I don't know what is.

Unfortunately, not all coins, even the most famous ones such as TRON, Ripple, have the ability to update or reach their former ATH. In 2017, there were a lot of speculative spikes that sent prices sky high, very high. BCH is just a prime example where there was a liquidity spillover from bitcoin to BCH and then back again. I don't think we will ever see BCH that expensive again.

siniminomorocomunisakito

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Quote from: killerfrost on June 30, 2023, 03:56:09 AM

The remaining coins like BTC, ETH are too big to create FOMO, or new LTC is pumped. I also see the price today showing strong FOMO, some stories about the Koreans helping to push the price make me feel quite interesting about what's going on with it.

Yes. FOMO sentiment in my view can result in irrational buying behavior. Yes. LTC today is pumping strong. but, besides that it can also collapse in the next moment which will make everything go topsy-turvy. Yes. very risky if FOMO-driven Buying and Pump and Dump Schemes have the potential to occur.

TastyChillySauce00

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Listed on EDX market has become the main reason. Korean community was the main party behind this pump.

https://www.newsbtc.com/news/bitcoin-cash/never-skip-korea-pump-bitcoin-cash-soars-168-10-days/

It's clearly said that by the article if korean community was always pumping altcoins. It seems like they are FOMO ing BCH after it gets listed on EDX market.

It may go back again later after those korean people will have done to pouring their money into the BCH.

FrozenBit

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I've been witnessing the market volatility at the moment and the SEC news seems to be bringing a buzz, but looking at BCH's price increase today it's really impressive, although this is not a coin that I spend a lot of time researching, but indeed after the news from June 20 to now, the price of BCH has had an impressive increase in price compared to the current market context. It doesn't matter if this fomo lasts or not, but we all have to admit that the reality is that just having good news some things will be used by themselves to attract pump power.

danherbias07

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Don't fall in love with the pump. If you see profits, especially on that coin, do take it. It might not last long because there is not much hype that is happening about them, more on the FUD side.
Another reason could be it was just pulled up by the recent increase of Bitcoin. It ain't like a lot of investors will really risk their money on them so another reason could be manipulation by whales or the team behind it. Be cautious with sudden movements like this because it might just be a reason to make profits from those who can shake that market.
If I were in your position, my balance in BCH will already be zero because I don't really trust it. I'd rather use that money to buy Bitcoin or Ethereum.

cryptoaddictchie

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Quote from: DeathAngel on June 27, 2023, 03:55:05 PM

It’s up over 110% in 2023 now but I don’t think anybody needs to be FOMO’ing in right now. It has low volume & low liquidity, I don’t trust pumps like this. It’s likely a small group of large bag holders pumping the price to lure people in. BCH is not a coin that I believe in personally but DYOR.

Yeah the pumped is really high but without any adequately volume this means someone is trying to pump it badly. Ofcourse other retailers and huge traders would notice the movement and likely to scoop some profits. But wondering what could be the real reason for this since there is not much noise around and anything to get excited about.

hugeblack

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Quote from: Bitcoin_Arena on June 27, 2023, 05:00:56 PM

It should be somewhere $4k at the least if it followed the bull cycles. If this is not a dead coin to you, Accardo, then I don't know what is.

The reason may be that it has turned from a currency that follows cycles into a pump/dump coin. If this is true, then it is likely that the current rise is confirmation of the death of this currency, as most of them do not return to rise again, regardless of price cycles or market trends.
The rise and peak that occurred in the year 2017 was due to speculation and the lack of alternatives with a large injection of liquidity into that currency and spamming the Bitcoin network in hopes of making it an acceptable alternative. Remember at that time that the individual had to pay $50 as a transaction fee. things changed a lot from that time.
In general, in any case, there are enough negative indicators to avoid investing in that currency, and therefore do not try to catch a speeding train.

killerfrost

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It seems that recent news has caused many whales and investors to FOMO with this coin, it is understandable that among the names mentioned by EDX, BCH has experienced strong growth, if compared with other coins. The remaining coins like BTC, ETH are too big to create FOMO, or new LTC is pumped. I also see the price today showing strong FOMO, some stories about the Koreans helping to push the price make me feel quite interesting about what's going on with it.

adaseb

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The best time to sell Bch was when it was listed on coinbase and it hit like $3000 or $4000 or something similar. It had many pumps in its day. Everyday you would see Roger Ver going on interviews and pumping BCH. Claiming it’s the better Bitcoin because of larger blocks and longer block height. Almost everyday you would see a Roger ver post.

Now….

How often do you hear of Roger Ver? Almost never. After the BSV mess I think he just gave up. Like the above poster said,he seems to prefer ETH now compared to BCH even.

Hypnosis00

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Quote from: Dave1 on June 27, 2023, 10:50:39 PM

Quote from: My User ID is 553628 on June 27, 2023, 06:45:39 PM

I thought it's already dead. Anybody who thinks investing to this coin is a brilliant idea is either a fool or very naive. I didn't even cashout my airdropped BCH's.

Yes, most likely those who have invested on them are not actually using it and most likely just for Holding.

But doesn't make sense as it should have been dead by now. In any case though, we know who are the people behind it and what they wanted to accomplished and the community are not going to support that kind of attacks.

Although most likely those who have are merely puppet of the project or they are somewhat related to BCH.

It was manipulation and that action is made to attract newcomers thinking that was potential, yet it was not. We never know whos behind this unexpected rally but for sure it was related to the project. Well, they will still fail in what they are thinking of as I know that investors now are smart enough to determine what are the potential projects and what is not. Soon they will give up on making a fake pump as this situation won't stay long and this won't get much attention as what they're thinking.

CYBER_COWBOY

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Quote from: Dave1 on June 27, 2023, 10:50:39 PM

Quote from: My User ID is 553628 on June 27, 2023, 06:45:39 PM

I thought it's already dead. Anybody who thinks investing to this coin is a brilliant idea is either a fool or very naive. I didn't even cashout my airdropped BCH's.

Yes, most likely those who have invested on them are not actually using it and most likely just for Holding.

But doesn't make sense as it should have been dead by now. In any case though, we know who are the people behind it and what they wanted to accomplished and the community are not going to support that kind of attacks.

Although most likely those who have are merely puppet of the project or they are somewhat related to BCH.

Quote from: My User ID is 553628 on June 27, 2023, 06:45:39 PM

I thought it's already dead. Anybody who thinks investing to this coin is a brilliant idea is either a fool or very naive. I didn't even cashout my airdropped BCH's.

Yes. To invest money in crypto and make a lot of profit is very stupid & naive that's right.
The point is to make money not to be around when a currency have all time high or is cool or not cool.

I am sure some traders has made some good profits last month. Grin

Up to $296 at the moment.

Dave1

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Quote from: My User ID is 553628 on June 27, 2023, 06:45:39 PM

I thought it's already dead. Anybody who thinks investing to this coin is a brilliant idea is either a fool or very naive. I didn't even cashout my airdropped BCH's.

Yes, most likely those who have invested on them are not actually using it and most likely just for Holding.

But doesn't make sense as it should have been dead by now. In any case though, we know who are the people behind it and what they wanted to accomplished and the community are not going to support that kind of attacks.

Although most likely those who have are merely puppet of the project or they are somewhat related to BCH.

My User ID is 553628

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I thought it's already dead. Anybody who thinks investing to this coin is a brilliant idea is either a fool or very naive. I didn't even cashout my airdropped BCH's.

Bitcoin_Arena

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Quote from: Tytanowy Janusz on June 27, 2023, 04:55:15 AM

Quote from: Accardo on June 27, 2023, 04:48:07 AM

What makes you think that BCH is dead, it has been holding above $100 since 2022 and now in a pump that hits $200. Even I'm sad about selling my bch portfolio a while ago. I enjoyed holding BCH for sometimes, made profits through bch. I understand that lots of bitcoin users don't like BCH, but it's just obvious that so far bitcoin price goes up bch will follow the trend. The way it's moving BCH can hit $300 before it dumps again back to $150 thereabout.

1- Average 10k tx per day compared to 400k from bitcoin, 1 000k from ETH.
2- daily trading volume on binance before pump and dump event was like 3 mln $. Thats a dead shitcoin area.
3- zero adoption - literally no one is using it. ATMs do not offer BCH, online payment services with crypto do not offer BCH (they even have doge but not bch)
4- no progress, no new utilities
5- no media attention before this pump and dump event. Even Roger Ver, the biggest BCH shiller has already given up on BCH, the last of his statements I saw was about ETH

Let me add this

6. BCH is not where near it's all-time of $2940 high back in 2017. While most coins like Bitcoin and ETH are above their all times of 2017 ($20K) and 2018 ($1,200) respectively, Bitcoin cash instead continued to plumate to $231 where it is today

It should be somewhere $4k at the least if it followed the bull cycles. If this is not a dead coin to you, Accardo, then I don't know what is.

Questat

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That is somewhat unexpected as it was barely to pump without something behind it. It pumps before because it was bull season but on this current performance, I can't say it was a normal pump, hyped and someone got involved in this.
But anyway, it never gets much attention from the community knowing that they are not investing in this project (maybe just a few) and so we can't hear the noise about this project and the supports are very low. We must be careful in this kind of project that we never see any consistency, it could be a trap.

Bitstar_coin

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Temporary pump i think, traders must be tired of bch lack of movement for months i guess. Whatever this is, hope you are smart enough not to think of keeping it for long period, take your profit while you can.
There is not much community backing of bch so the only way to rise is artificial pump. Don't get dump on while chasing those profits.

DeathAngel

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It’s up over 110% in 2023 now but I don’t think anybody needs to be FOMO’ing in right now. It has low volume & low liquidity, I don’t trust pumps like this. It’s likely a small group of large bag holders pumping the price to lure people in. BCH is not a coin that I believe in personally but DYOR.

TimeTeller

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Quote from: el kaka22 on June 27, 2023, 01:18:30 PM

Not entirely sure what made it move like this, but it is obvious that this is a huge increase. I mean thinking that this was under 100 dollars just recently and suddenly it is over 200 dollars is a huge increase. Even though we are at a stage where bitcoin and all others increased, none that went up this much as far as I know so this one seems like a big one. It is not going to be a simple thing to figure out the reason but I would stay away from it as of right now.

Because if you bought it before the increase then you could have profited from it, since you didn't buy it beforehand, that means it might be too late right now and you may end up with a huge loss as well. I would highly suggest not to do that, just forget about it.

Who knows, such sudden increase is a trap? People should be very careful in buying more of this coin.
But for those who are holding and they are getting their profits already, why not sell some?
At least, you already got your profits from this coin because if you wait too long, it can easily go back to where it was.

From the article from coindesk -

https://www.coindesk.com/markets/2023/06/26/bitcoin-cash-price-jumps-to-one-year-high-fueled-by-spiking-social-interest-exchange-support/

"Some $92 million in BCH has been transferred in the last 24 hours, compared to $11 billion in BTC, blockchain data by BitInfoCharts show."

So in my opinion, better be on the lookout about this forked coin, as the big holders may be trying to cash out good money from here.

Adbitco

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Yeah I also noticed that from my wallet as well I was like something has happened possibly a positive news that have spike the market uncontrollably. Sometimes it's very hard to predict what would happened next in the market because altcoin aren't to be trusted 100 percent, as an investor I will advise you to take profits because you wouldn't know what may happen next. Still, never neglect puting trust in bitcoin as it's the most reliable coin to hold than any other altcoin out there.

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