Bittrex And Gemini To Both Add BCH/USD Trading Pairs
Bitcoin Cash (BCH), the controversial Bitcoin fork, has been seeing its time in the public spotlight over the past few days, with a series of news and developments pushing the price of this crypto asset sky-high, or ‘to the moon’ as some optimistic traders would like to say. Most recently, two leading cryptocurrency exchanges in this nascent market, Gemini and Bittrex, have announced and hinted at support for the BTC fork, which is currently the fourth largest cryptocurrency by market capitalization.
On Wednesday, a Twitter user going by Strah pinged Gemini’s official social media page, asking the New York-based firm if it had plans to launch BCH support on October 13th, which would be packaged with the release of Litecoin (LTC) support on the platform.
Although the startup, which goes by GeminiTrust on Twitter, confirmed its plan to integrate LTC, it explained that it still hasn’t set a date for the release of fully-fledged BCH trading.
We announced during the Litecoin Summit that we would be launching LTC support on October 13th. We’ve already received regulatory approval to list BCH but haven’t announced a launch date as of yet. We will be sure to let everyone know when BCH is available for trading!
— Gemini (@GeminiTrust) September 26, 2018
Regardless, when Bitcoin Cash hits Gemini’s platform, which is a matter of when not if, many proponents of the cryptocurrency expect a substantial pump, so to speak. Just a few months back, ZCash (ZEC), the popular privacy cryptocurrency that uses so-called “ZK-snarks” technology, was unexpectedly added to the popular American platform and saw a staggering 40-45% in a matter of a few hours.
Just a day after Gemini hinted at future BCH support, Bittrex, another popular, US-based crypto exchange, revealed that it intends to add US dollar (USD) markets for Bitcoin Cash on October 3rd, just a week away.
On October 3 we’re launching a US dollar (USD) market for Bitcoin Cash (BCH).
Eligible #Bittrex accounts created before September 4 are already enabled for USD trading. New user or want to deposit/withdraw USD? Request here: https://t.co/KA248OA2Bz pic.twitter.com/nmKlcGiYaC
— Bittrex (@BittrexExchange) September 27, 2018
This move follows Bittrex’s multiple moves to list a multitude of altcoins on the fiat side of its platform, as reported by Ethereum World News previously. In the past few weeks, the Seattle-based exchange has added USD pairs for LTC, Cardano (ADA), Tron (TRX), XRP, Ethereum Classic (ETC), and ZEC, which was seen as quite the ambitious move.
Although Bittrex’s volume figures have begun to wane in the slightest, many believe that the addition of this asset, along with the ones aforementioned, will allow the exchange to regain some business in this bearish market.
Once the Bitcoin bull kicks back in, as many expect, Bittrex’s new pairs will undoubtedly help it gain recognition and volume from cryptocurrency investors across America and around the globe.
On Wednesday, BCH began a monumental surge, rising by upwards of 20% as Bitmain finally released its in-depth IPO filing documents, which indicated that the firm still has a lot of money riding on the asset. Marouane Garcon, the managing director of the Amulet crypto startup, told Forbes that the aforementioned IPO filing will have an effect on the price of BCH without a doubt. The industry leader stated:
[The filing] definitely influences the price. It has been no secret that Bitmain holds massive amounts of BCH, but now that they are going public they are going to fill their already immense treasure chest with more money, and I’m confident a good chunk of it will go towards the development of BCH. Exciting times ahead for Roger and Jihan.
The Bitmain news, coupled with the release of the aforementioned exchange announcements, have propelled BCH even higher. At the time of writing, BCH is worth $570 a piece and is up by 8% in the past 24 hours, which is quite the hefty gain, to say the least.
Taking a slight step back, the price of the asset is up by over 30% in the past 48 hours, moving from $440 to $570 due to the aforementioned factors. If Bitmain continues to allocate capital to the Bitcoin fork, as Garcon seems to expect, it would only be logical for the price of the asset to continuing rising, even if it is still a topic of controversy in this community.
Photo by Jakob Owens on Unsplash