Bitcoin Cash Price Doubles Amid US Crypto Crackdown, Expert Says Gain Won't Be Long-Term - News Block

Bitcoin Cash, the spin-off of the world’s largest cryptocurrency, has gained more than 108% in the past seven days as investors expect the Bitcoin-based altcoin to receive the same categorization as commodities by marketers. US regulators. But one market expert told Forkast that this won’t last long.

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Fast facts

Bitcoin Cash was up 15% to $222.46 in the 24 hours to 2 p.m. in Hong Kong on Tuesday, according to data from CoinMarketCap. Another Bitcoin hard fork, Bitcoin SV, was also up nearly 50% last week. It is currently at US$37.23 after gaining 5% in the last 24 hours.
Bitcoin Cash and Bitcoin SV typically trade in low volumes, said Benjamin Stani, director of business development and sales at cryptocurrency trading platform Matrixport.
“I would say it is mostly sentiment related – both are not widely used tokens and are generally considered past cycle coins,” Stani said, clarifying that there was no fundamental upgrade in Bitcoin forks to lead to long-term growth. term.
“The narrative I hear is that Bitcoin forks should obviously be given the same treatment as Bitcoin by the Securities and Exchange Commission, i.e. considered commodities,” Stani said. Forkast via Telegram message.
The US SEC has been aggressively policing local crypto entities on the grounds that most cryptocurrencies could be seen as securities.
Bitcoin Cash was created in 2017 as a hard fork of Bitcoin to increase the block size on the network and allow for faster and more affordable transactions. A hard fork is a permanent upgrade to a blockchain protocol that makes the new network incompatible with the old blocks.
Bitcoin Cash is also among four cryptocurrencies offered on EDX Markets, the new compliance-focused crypto exchange backed by Wall Street giants like Citadel Securities, Fidelity Investments, and Charles Schwab.
Last week, Federal Reserve Chairman Jerome Powell said that cryptocurrencies like Bitcoin have “staying power” as an asset class.

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