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Bitcoin Cash (BTC): Bitmain IPO News Sends BTC up 26%

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Bitcoin Cash (BTC) is up another 26% to $569.86 this morning.

In fact, that move makes it the best performing coin in the global market.

All thanks to news that Bitmain filed for an IPO on the Hong Kong Stock Exchange

Bitmain Technologies Ltd., the world’s largest cryptocurrency mining company is pursuing an IPO in Hong Kong.

“The key driver behind the rise of BCH was the financial report released by Bitmain as part of the prospectus for its upcoming IPO. The crypto mining equipment maker unveiled significantly stronger results for the first half of 2018 compared to the same period of 2017, booking $742.7 million in profits on revenues of $2.8 billion. The chief source of income for Bitmain were Bitcoin mining rigs, which accounted for $1.9 billion of revenues, with the rest coming from sales of other types of mining equipment,” as quoted by Crypto Daily.

So why would that impact Bitcoin Cash (BTC)?

“This spike was definitely caused by Bitmain’s IPO filing,” said Mati Greenspan, senior market analyst eToro, as quoted by Forbes.

Remember, Bitmain holds more than a million BTC since December 2017.

In fact, a tweet from Cobra, the co-owner on Bitcoin.org once noted, “BITMAIN holding 1M+ BCH is a very powerful statement that they have skin in the game and put their money where their mouth is. It’s a good and calculated move, and it’s not wise to underestimate them.”

Technically Speaking…

On a six-month chart, BCH just broke above its 50-day moving average after finding support at $400.  Should it break above prior resistance at $642, we can make an argument for a test of $800, near-term.

 

 

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