CEO of Bitcoin.com, Bitcoin (BTC) and Bitcoin Cash (BCH) services firm, Roger Ver, announces plans to launch new crypto exchange. Ver made the statement in an interview with Bloomberg on Oct. 9.
Bitcoin (BTC) Price Today – BTC / USD
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The plan to buy or create
Ver stated that the crypto trading platform would be accessible on Bitcoin.com site. It will also generate traffic from different sources such as news and wallet transactions. The CEO said the upcoming platform expects tens of thousands of users every day from Bitcoin.com.
He plans to buy or create the platform. Ver mentioned that he has considered the option of collaborating with a partner to create the exchange. This will help save some costs that come with buying.
Bitcoin cash as base currency
Ver revealed that the crypto exchange hopes to boost the adoption of bitcoin cash. This is why he has implemented it as the base currency of the proposed exchange.
Severally, the bitcoin investor has purported that BCH portrays the true plans of Satoshi Nakamoto. He also believes that the currency is better than bitcoin.
Allegations against Bitcoin.com
Seven months ago, CoinMarketCap quietly removed Bitcoin.com site from the tracking site. The firm did so because of the serious allegations against Bitcoin.com. The site allegedly misled customers into purchasing BCH instead of BTC.
Bitcoin Cash saw a significant decrease in adoption in worldwide payments in recent times. It also suffered some pessimistic forecasts from different sources. The BCH team ran some tests known as the BCH stress test to determine the problem. This test revealed that up to 2.1 million BCH transactions didn’t cause a fee surge. The aim of this community-driven test was to demonstrate the scalability and capacity of the BCH mainnet.
Bitcoin price analysis
BTC price rose from the $6,600 level after it stabilized at the $6,550 mark for a couple of weeks.
There was also an increase in volume from $3.2 billion to $3.6 billion. CoinMarketCap reported a 12 percent increase while ShapeShift’s CoinCap.io saw an increase from $2.1 billion to $2.38 billion.
Many prominent traders and technical analysts are expecting a large move in the downside or the upside. Sadly, they have been unable to predict the next major movement for BTC because of the low volume of the entire crypto exchange market. This applies to all other digital currencies. The previous prediction that there will be a breakout at the two resistance levels at the $6,800 and $7,000 mark is uncertain.
In a few days, there may be a substantial spike in bitcoin volume with a breakout from the current level. There could also be a shakeout before the short-term rally is initiated. The two-month stability period enjoyed by BTC may allow the coin to test major resistance levels as long as the volume is sustainable.
Crypto market price trend
XRP, Ethereum, EOS and Bitcoin Cash have failed to see major movements this week and recorded minor drops in value. XRP also experienced a drop in volume from the $1.5 billion peak to $395 million all within a two-week period. This is a major cause for concern for the digital currency’s short-term trend.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
