After a massive drop that took place yesterday, Bitcoin Cash (BCH) has returned to its original position today. At press time, BCH is trading at $ 107.23 with a market capitalization of $ 1.8 billion. The cryptocurrency's 1-hour statistics have started to flash a green signal with a 3% increase. However, the daily currency charts still show a downward trend of approximately 7% loss.
The weekly Bitcoin Cash chart. (BCH) You have been deepening a significant loss according to CoinMarketCap. The cryptocurrency opened the month of December at $ 172.52, which gradually decreased to $ 130.54 in the sixth. Furthermore, BCH saw a sudden drop to $ 107 during the day, which pushed the cryptocurrency down into the market.
However, this morning, the digital asset prospered towards its 5th position with a significant rise in a shorter span of time. The daily BCH chart shows that the coin managed to climb the ladder and reached $ 116.
The Gminis exchange, which is owned by the Winklevoss twins, today announced support for Bitcoin Cash. Many investors speculate that this could be the main reason behind the sudden increase in price.
Tweet by Gminis:
"We are pleased to announce that Bitcoin Cash (BCH) is now available on Gemini! On Saturday, we will start accepting Bitcoin Cash deposits and trading will open on all currency pairs on Monday."
(Note: ThehardforkofBitcoinCash (Note: ThehardforkofBitcoinCash (Note: ThehardforkofBitcoinCash (Note: ThehardforkofBitcoinCash (BCH) that took place on November 15, led to the creation of Bitcoin Cash ABC and Bitcoin SV. On some of the exchanges, Bitcoin Cash ABC is still denoted as BCH.)
According to an official Gemini post, the exchange will only be compatible with Bitcoin Cash ABC at this time. They have also added replay protection to all BCH withdrawals from the Gemini platform to ensure transactions are only valid on the Bitcoin ABC blockchain.
A crypto enthusiast says:
"Good news! Thank you for confirming that you list coins with solid foundations for future adoption as money."
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Laira is a full-time writer at AMBCrypto. She is a graduate in Computer Science and has approximately 1 year of writing experience. Her enthusiasm and keen interest in developing her knowledge of blockchain and cryptocurrency led her to become part of AMBCrypto. It currently has no value in cryptocurrency or in its projects.