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Cryptocurrency exchange Gemini announced the launch of bitcoin cash (BCH) support and detailed that BCH will be available for trading on the platform this weekend. Bitcoin cash supporters have been waiting for Gemini to list BCH since the fork on Aug. 1, 2017. Beginning Saturday, at 9:30 a.m. EST, customers will be able to deposit bitcoin cash into their Gemini account in order to trade.
Gemini Exchange Adds Bitcoin Cash Support
Bitcoin cash fans found out on Dec. 7 that the New York-based trading platform Gemini was adding BCH to the exchange interface this weekend. It’s been 15 months since the Aug. 1 BCH fork, and proponents have been waiting for what seemed like forever for Gemini to list the coin. The exchange will add bitcoin cash with five trading pairs which include USD, BTC, ETH, LTC, and ZEC. Gemini’s vice president of engineering, Eric Winer, detailed that BCH seeks to “build on the goal of the original Bitcoin and become an electronic cash system.” Furthermore, in light of the recent Nov. 15 hard fork which resulted in a split and the birth of BSV, the company explained that the BCH ticker will be assigned to the ABC side of the fork.
We are pleased to announce that Bitcoin Cash (BCH) is now available on Gemini! On Saturday, we will begin accepting Bitcoin Cash deposits, and trading will open across all currency pairs on Monday. For more information, please visit our blog on @Medium https://t.co/KchBr1wUc3
— Gemini (@Gemini) December 7, 2018
BCH Will Be Available for Gemini’s Trading and Custody Services, but No BSV Support
Bitcoin Cash, a fork of the Bitcoin network, was recently forked into two distinct networks and blockchains: Bitcoin ABC and Bitcoin SV — At this time, we will only be providing support for the Bitcoin ABC network and we will be referring to it as Bitcoin Cash with ticker: BCH,” detailed Winer’s post.
The engineering executive also noted the company had added replay protection and continued by stating:
Any cryptocurrency sent to Gemini over a blockchain that we do not support, such as Bitcoin SV (BSV), will be invalid and irrecoverable. We are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.
Of course, BCH proponents were pleased to hear that the trading platform was finally adding bitcoin cash. Moreover, on Dec. 6, the bitcoin cash fork BSV jumped ahead of BCH as far as coin market capitalization is concerned. However, since the Gemini announcement, BCH has temporarily reclaimed the fifth position but both assets have been toe-to-toe in price over the last 48 hours.
Gemini’s Winer further detailed that the company worked closely with the New York State Department of Financial Services (NYSDFS) in order to list BCH. Winer and Gemini associates believe the New York company is “the world’s most regulated cryptocurrency exchange and custodian.” Bitcoin cash will also be available to Gemini’s cryptocurrency custody business model which aims to attract institutional investors.
What do you think about Gemini adding bitcoin cash (BCH) to the company’s trading and custody services? Let us know what you think about this subject in the comments section below.
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The post After Year-Long Wait New York-Based Exchange Gemini Lists Bitcoin Cash appeared first on Bitcoin News.
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Cryptocurrency prices have remained in a consolidated pattern over the last two weeks with a few ups and downs, but have remained fairly stable in recent days. The overall market capitalization of all 1900+ cryptocurrencies is valued at $ 221 billion with close to $ 12 billion worth traded over the last 24-hours.
Crypto-Markets Are Meandering Around as Traders Wait for a Break Out
Digital asset traders are patiently waiting for a break-out of some sort, in any direction, but it’s safe to say a lot of people are waiting for that bearish-to-bullish reversal. Today, just before the weekend, cryptocurrency trade volumes globally have ticked up and prices are meandering along with 2-3 percent swings at times. Bitcoin core (BTC) is hovering around $ 6,596 at the time of publication with a $ 114 billion total market valuation. BTC is the top traded coin by trade volume, as BTC markets are capturing $ 3.8 billion in daily trades. The second highest valued capitalization held by Ethereum (ETH) is around $ 22.9 billion with each ETH trading for $ 224 per coin. Ripple (XRP) is being swapped for $ 0.53 and the currency’s valuation is awfully close to Ethereum’s market cap at $ 21.3 billion. Eos (EOS) markets are up 3.5 percent today as one eos is being exchanged for $ 5.75 per coin.
Bitcoin Cash Market Action
Bitcoin cash (BCH) markets are up only 0.9 percent today, and over the last seven days the currency has lost 8.3 percent. Today BCH is being traded for roughly $ 516 per coin and the overall market capitalization is $ 8.99 billion. With a 24-hour volume of around $ 452.9 million, bitcoin cash markets hold the sixth highest trading volume throughout the crypto-economy. The top five exchanges today swapping the most BCH include Lbank, Hitbtc, Binance, Okex, and Huobi. Tether (USDT) is the currency traded with BCH the most today as USDT captures 36.5 percent of the market. This is followed by BTC (34.1%), ETH (19.4%), USD (4.6%), and KRW (1.8%).
BCH/USD Technical Indicators
Looking at the daily and 4-hour BCH/USD charts on Bitfinex and Bitstamp show bears have managed to lower the price of BCH to get in on some cheaper coins. On the 4-hour charts, both the RSI (-36) and Stochastic oscillators show markets are remaining in oversold territories at press time. One thing that’s worth noting is the two Simple-Moving-Averages (SMA) are about to cross hairs and this could mean an upside trend reversal is in the cards.
The 200 SMA is still slightly above the 100 SMA trendline showing for now the path towards the least resistance is still the downside. The 4-hour MACd shows room for improvement and Bollinger bands are extra tight. Looking at order books we can see lots of opposition at the current vantage point up until $ 550 and then again at $ 580. On the backside, if bears try and claw the price down more then there are thick foundations at $ 480 all the way to $ 460.
The Verdict: Traders Uncertain of a Bullish Reversal or Downside Break
Of course, there are a lot of analysts who believe crypto prices will grow bullish again this year and some think BTC can hit $ 20K again. However this week on CNBC the CEO of crypto investment firm Galaxy Digital, Michael Novogratz said he doesn’t think BTC will go above all-time highs in 2018 and continues, “I don’t think it breaks $ 9,000 this year.” During an interview this week the cryptocurrency analyst Nikola Lazić forecasted a downturn in prices.
“I am expecting a breakout from the downside because the horizontal support has already been broken today, the red triangle’s support has been broken in the past when the price found support on the symmetrical triangle’s uptrend line which was respected in the past,” explains Lazić.
The analyst continues:
If that last support gets broken then we are definitely seeing a lower low which would be below $ 5,767 (£4,458).
Overall markets, in general, have been consolidating and traders are simply waiting for the next spike or drop depending on which way they are betting. It’s safe to say enthusiasts and traders are still uncertain where markets will take them during the last quarter of the year.
Where do you see the price of Bitcoin Cash and other coins headed from here? Let us know in the comment section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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The post Markets Update: Crypto-Traders Patiently Wait for a Break Out appeared first on Bitcoin News.
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