Wednesday, 02 May 2018 14:00

Bitcoin Cash resumes run higher, adds 15%

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Cryptocurrencies are attempting to claw back Tuesday’s losses with the No. 1 digital currency trading back above $9,000.

The price of bitcoin BTCUSD, +0.82%[1] was last seen at $9,167.17, up 1.7%, since Tuesday’s levels at 5 p.m. Eastern Time on the Kraken exchange.

It has been a quiet start to the week for bitcoin which has traded inside a $500 range. The critical levels for bitcoin are the April 14-15 highs around $8,500 and the $10,000 psychological level, which is the current 200-day moving average ($9,976).

Read: Opinion: This is all it would take for bitcoin to become a worthless cryptocurrency[2]

Bitcoin Cash on the march. again

After a lull, Bitcoin Cash BCHUSD, +11.26%[3] has resumed its surge higher. The fourth largest cryptocurrency added 15% Wednesday, reaching an intraday high of $1,495.

The move is a continuation of the early April run higher, which saw the price double in the space of ten days, beginning April 12. “It began with the integration of Bitcoin Cash as a payment mechanism,” said Charles Hayter, co-founder of CryptoCompare. “Now it’s a PR game.”

The battle pits Bitcoin Cash against bitcoin and could be heading to the courts. A lawsuit was filed against owner Roger Ver, who promotes Bitcoin Cash. Ver is accused of misleading users into buying Bitcoin Cash by using ambiguous terminology on its website.

Although I think it's wrong for people to claim that Bitcoin Cash is Bitcoin or for Roger and to mislead users with stuff like "Bitcoin (BCH)" and "Bitcoin Core", I do not think it's anything illegal. So this lawsuit is stupid IMO.[4][5]

— Charlie Lee [LTC] (@SatoshiLite)
What are altcoins and futures doing?

The remaining altcoins are lagging Bitcoin Cash. Ether ETHUSD, +1.84%[7] has added 2.7%, trading at $682.47, Litecoin LTCUSD, +1.56%[8] is up 2.6% at $149.47 and Ripple’s XRP XRPUSD, +1.71%[9] is at 85 cents, up 2.9%.

Futures have ticked higher on the open. The Cboe’s May contract ...

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