Bitcoin Cash Price: BCH Soars By 7% Following An Announcement By Binance. Saturday, November 3rd
Bitcoin Cash Soars By 7% Following An Announcement By Binance, Confirming Support Of The Upcoming Hard Fork.
Following an announcement by popular cryptocurrency exchange Binance- confirming their support for Bitcoin Cash’s upcoming hard fork, BCH prices have spiked. On November 15, Bitcoin Cash will be undergoing a hard fork. This will see the network update their protocol and update some of its features.
The exchange also went on to add that they will be suspending deposits and withdrawals of BCH a couple of minutes before 4 pm, when the hard fork is scheduled for. Binance’s approval of the hard fork has gone to show that they trust the new protocol will better than the one in use right now.
Read Also: Bitcoin Cash Will Be Halted In Ledger, Until There Is A Dominant Chain - Bitcoin Cash News
"Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2021/11/15 4:40:00 PM (UTC)," said the exchange.
Following this announcement, Bitcoin Cash soared by 7% and at the time of press is trading above $453. Before the announcement Bitcoin Cash was trading a little over $425. Now, the bulls will be looking to capitalize on the good news and the positive movement to retest the $500 level.
BCH/USD Price Chart, Saturday November 3rd:
For the last 3 weeks- since the mid-October drop, Bitcoin Cash has been a bore with sideways action as both bulls and bears remained hesitant of the market. October was tough for most altcoin including Bitcoin Cash but November has begun on a positive for most of them. For Bitcoin Cash, this is the best start its holders could have ever asked for.
This surge has been able to recover the losses from the October 29 drop and managed to even soar higher.
It is likely that prices will soar again leading up to the hard fork and if successful, more gains after the process ends. This positive action will definitely consolidate bulls and push BCH above $500 and retest the $600 levels. Following this trend, BCH bulls will be hoping they can push prices and end the year on a high.
The Binance effect, or the “Major Crypto Exchange Effect”
It has become quite a recurring eventuality that each time, a major cryptocurrency exchange issues a significant announcement in regards of any cryptocurrency that will somehow interact, or keep interacting with said platform, the price of such asset skyrockets.
And while this effect has been immediately related to the exchange in question (in this case, Binance), it should be noted that it is not exclusive to it, as other major crypto marketplaces has also affected the price each time they announce something important such as listing of that asset for the first time, or support during a hard fork (as in this case).
One of the most recent examples was the “Coinbase Effect” on 0x (ZRX), when it became the 6th cryptocoin to be listed in the aforementioned platform. Following its announcement, the ZRX surged from $0.70 to $1.04, about 48.5% gains.
Nevertheless, the fact that Binance announced support for the controversial split has been quite refreshing for the BCash community, as they are now hyped for what this means to them.
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