Bitcoin Cash Pushes Higher As It Benefits From Successor Of Its Predecessor Bitcoin

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By BitcoinWiki News

Key Takeaways:

– Bitcoin cash prices rose due to false statement about SEC approving a spot bitcoin ETF
– Bitcoin cash climbed over $233, up more than 9% in less than 24 hours
– It pulled back slightly but retained most of its recent gains, trading above $227
– Bitcoin cash is more volatile than bitcoin due to its smaller market cap
– Approval of a Bitcoin ETF would have positive impact on the overall crypto market, including bitcoin cash
– Traders flocked to bitcoin cash after fake Bitcoin ETF news
– Bitcoin cash is struggling to maintain its own significance separate from bitcoin
– Recent move in bitcoin cash is an echo of what BTC is doing.

Bitcoin Cash (BCH) prices surged recently, following a false statement claiming that the US Securities and Exchange Commission (SEC) had approved a spot bitcoin exchange-traded fund (ETF). The altcoin, which was created in 2017 as a fork of the original bitcoin, climbed above $233, an increase of over 9% in under 24 hours. Although it pulled back slightly, it still retained most of its gains, trading above $227 at the time of writing.

Analysts have provided their perspectives on Bitcoin Cash’s price movements. Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, explained that altcoins such as Bitcoin Cash tend to be more volatile than Bitcoin due to their smaller market cap. Marc Bernegger, member of the advisory board of fintech firm GenTwo, suggested that Bitcoin Cash’s rally is a result of increased demand and price inflation in a less liquid market. He also mentioned that the approval of a Bitcoin ETF would be a significant milestone for the cryptocurrency market, leading to greater institutional interest and legitimacy for cryptocurrencies, including Bitcoin Cash. Tim Enneking, managing director of Digital Capital Management, described Bitcoin Cash as struggling to maintain its own identity separate from Bitcoin, and suggested that its recent price movement is a reflection of what Bitcoin is doing.

It is important to note that cryptocurrency is a high-risk asset class, and this article should not be taken as investment advice.

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