Recently, Calvin Ayre – Bitcoin Cash (BCH) proponent – tweeted about Bitmain IPO. In the post, Ayre took another hit at Bitmain – a China-based mining giant. In the post, Ayre scrutinized the recently announced Bitmain IPO, with the aim of exposing it to its investors.
Ayre said that the ecosystem of BCH found the announcement of the IPO by Bitmain very exciting. Adding that it might have brought a positive light on the markets and ecosystem of BCH. However, he said that the excitement did not last. In addition, Ayre’s post shows that the new analysis is more disappointing than the previous one.
Ayre’s Coingeek claimed that IPO has added much dubiousness in the solvency of Bitmain. Coingeek also claims that the mining firm is in possession of 28 percent of Bitmain’s assets in digital currency. Pioneering the belief that Bitmain will start a digital currency-fund in the near future. Nevertheless, some people are not in support of Ayre’s tweet, as he is being criticized on Twitter.
Bitcoin Cash (BCH) Price Today – BCH / USD
Bitcoin Cash (BCH) is currently worth $518 after an increase of more than one percent over the past 24 hours. The current market cap of the coin is $9.01 billion and its trading volume over the past twenty-four hours is $382.53 million.
Bitcoin Cash (BCH) Technical Analysis
Bitcoin Cash (BCH) is one of the best performers in the top ten digital currencies in the world. Irrespective of the losses it has seen over the months, the digital currency still has a strong community behind it. Nevertheless, the digital currency is facing a major hurdle on the upside at the $600 key resistance level.
Sellers are presently in charge of the digital currency. This will only change if buyers are able to push the value of the coin over the $600 mark. The digital currency is currently supported at the $500 mark. A break below this would see the coin decline towards the $450 mark.
On the upside, the immediate hurdle of the coin is at the $530 mark. A break over this level could open the door for more gains towards the $550 mark and possibly the $600 level.