The cryptoverse is still under pressure as the price of major cryptocurrencies continues to decline steadily. Bitcoin Cash is one of the leading cryptocurrencies that is taking a dip this week. It has lost over 10% of its price value within the last seven days.
The fall in the price of Bitcoin Cash is especially surprising after it got featured on CNBC recently. This feature on a new CNBC segment was expected to boost the price of Bitcoin Cash.
At the time of writing, Bitcoin Cash was ranked as number four as per market capitalization. Even though the cryptocurrency market is generally on a decline, the rate at which Bitcoin Cash is declining is far more than the rate at which other coins are declining. Analysts are not sure what the reason for the decline is.
Bitcoin Cash Featured on CNBC
A lot of high profile cryptocurrency personalities have expressed their lack of trust in Bitcoin Cash over time. This is all thanks to its erratic behavior. Charles Hayter, the CEO and co-founder of Cryptocompare referred to Bitcoin Cash as “all standard noise.” The CEO of 360 Blockchain on his part referred to Bitcoin Cash as one of the most controversial cryptocurrencies in the market after Ripple.
So many other influencers have discouraged traders from investing in Bitcoin Cash. The negative sentiment around the coin has contributed to its decline over the past few weeks.
On May 22, Bitcoin Cash was the focus of cryptocurrency for discussion on CNBC’s Fast Money segment. The founder of BKCM, Brian Kelly was asked to give analysis to explain the bullish stance he has on Bitcoin Cash.
Kelly said that the force that drives digital currencies is referred to as catalyst factors and gave an explanation of what these factors include.
While many expected this segment to boost the price of Bitcoin Cash, it caused more negative sentiment about Bitcoin Cash in the cryptoverse which eventually led to more decline. People accused CNBC of shilling Bitcoin Cash.