Following the BCH Bliss conference, a focal event for Bitcoin Cash enthusiasts held May 14-15 in Ljubljana, Slovenia, Jonathan Silverblood introduced a Bitcoin Cash Podcast on X, featuring a collection of tracks from the event. This gathering also celebrated the “Jessica” upgrade, which launched the network’s innovative adaptive block size limit. BCH Bliss 2024: A […]
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South Korean Universities Face Banking Hurdles in Converting Crypto Donations to Cash
South Korea’s regulations prohibiting corporations from opening virtual asset exchange accounts are making it impossible for local universities to liquidate their large cryptocurrency donations. Financial authorities cite money laundering concerns as the reason for maintaining the ban. Education Ministry and Financial Intelligence Unit Favor Maintaining Ban South Korean universities are reportedly unable to convert cryptocurrency […]
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Block Subsidiary, TBD, Partners With Chipper Cash for Quicker, More Affordable Remittances
TBD, a subsidiary of Block, owned by Jack Dorsey, has formed a partnership with Chipper Cash, an Africa-focused fintech company. This partnership aims to expedite consumer remittances and make them more affordable. According to a statement, Chipper Cash plans to use the decentralized exchange protocol of TBD. This will enable trusted transactions that comply with […]
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Adaptive Blocksize Limit Algorithm Goes Live on Bitcoin Cash Network
The Bitcoin Cash network has completed its latest upgrade which essentially implemented the highly anticipated adaptive blocksize limit (ABL) algorithm. The new feature will make it much easier to change the block size limit in order to meet the demand of the network’s throughput. As of 9:24 a.m. Eastern Time on Wednesday, five blocks have […]
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Tornado Cash Developer Alexey Pertsev Sentenced to 64 Months for Money Laundering
A Dutch court has sentenced Tornado Cash developer Alexey Pertsev to five years and four months in prison for laundering .2 billion through the cryptocurrency mixing service. The case represents a pivotal moment for decentralized finance (defi) regulation and crypto privacy. Dutch Court Imprisons Tornado Cash Developer for .2 Billion Money Laundering via Crypto Mixing […]
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Brace For Impact: Mt. Gox Set To Inject 142,000 BTC And 143,000 Bitcoin Cash Into The Market- Here’s When
Tokyo-based Bitcoin exchange, Mt. Gox is preparing to release a substantial amount of Bitcoin (BTC) into the market, signaling the upcoming disbursement of payments to creditors who had been affected by its hack attack in 2011.
Mt. Gox Set To Release 142,000 Bitcoin Into Market
Reports from Reddit reveal that the Kraken Bitcoin (BTC) and Bitcoin Cash (BCH) API interface have signaled that Mt. Gox is getting ready to release its substantial cryptocurrency and fiat holdings, which include 142,000 BTC and 143,000 BCH, and 69 billion yen.
As of May 13, the interface began reading “payment in preparation,” indicating that funds would soon be distributed to creditors. The date for the anticipated disbursement has also been slated for October 31, 2024.
This decision comes after years of undergoing legal proceedings and negotiations aimed at reimbursing creditors who lost funds following the Bitcoin exchange’s crash. Earlier in 2011, Mt. Gox was hacked, resulting in the loss of 850,000 BTC now worth over billion. Shortly after the unfortunate attack, Mt. Gox filed for bankruptcy and has since been gathering funds to compensate creditors.
Reports from a few customers have revealed that the exchange has begun distributing funds in fiat currency. One particular Reddit user disclosed earlier in April, that he had received USD payments into an HSBC currency account with zero fees.
While the long-awaited distribution process comes as great news to creditors, the release of such a large amount of Bitcoin could have a significant effect on the current Bitcoin market.
Additionally, discussions about whether creditors would sell or retain their Bitcoin holdings once they receive their funds have been circulating. Nonetheless, the disbursement process presents a step towards closure and recovery for victims of the exchange’s hack and bankruptcy.
Will Creditors Sell Or Hold?
With the Bitcoin market presently in a fragile position after experiencing a series of declines following the halving event on April 20, the possibility of a large-scale sell-off could lead to drastic changes in the market, potentially resulting in a crash.
Commenting on Mt. Gox’s 142,000 BTC distribution plans, a Reddit community member suggested that the exchange’s upcoming repayments could become a catalyst for the next BTC dump in 2024.
In response, another Reddit user expressed doubt about the likelihood of a widespread sell-off, especially at the beginning of the bull market. The user surmised that investors who have been waiting for Mt. Gox’s payments for over a decade are unlikely to sell off their Bitcoin holdings quickly.
Instead, he suggested that many creditors, like himself, would be more inclined to HODL their Bitcoin holdings, having acquired a deeper understanding of the pioneer cryptocurrency during the decade-long wait.
Despite $250 Billion Worth of Transactions, Digital Yuan Users Prefer Physical Cash
Some participants of China’s Central Bank Digital Currency (CBDC) pilot program, specifically state workers paid in digital yuan (e-CNY), are quickly converting their digital currency to physical cash due to concerns over its utility and lack of incentives like interest on savings. Despite China’s advancement towards becoming a cashless society, the digital yuan faces skepticism […]
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Bitcoin Cash Price At Make-Or-Break Moment, Key Levels To Watch
Bitcoin Cash price extended losses and traded below the 0 support. BCH is consolidating and might start a recovery wave if there is a move above 0.
- Bitcoin cash price started a fresh decline below the 0 support.
- The price is trading below 0 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance at 8 on the 4-hour chart of the BCH/USD pair (data feed from Kraken).
- The pair could start a decent upward move if it clears the 0 resistance zone.
Bitcoin Cash Price Revisits Support
In the past few days, there has been a steady decline in Bitcoin Cash price like Bitcoin and Ethereum. BCH declined below the 0 and 0 support levels to move into a short-term bearish zone.
A low was formed at 1 and the price is now consolidating losses. There was a minor move above the 0 level. The price climbed above the 23.6% Fib retracement level of the downward move from the 7 swing high to the 1 low.
Bitcoin cash price is still trading below 0 and the 100 simple moving average (4 hours). Immediate resistance on the upside sits near the 8 level. There is also a key bearish trend line forming with resistance at 8 on the 4-hour chart of the BCH/USD pair.
Source: BCH/USD on TradingView.com
The trend line is close to the 50% Fib retracement level of the downward move from the 7 swing high to the 1 low. A clear move above the 0 resistance might start a decent increase. The next major resistance is near 02, above which the price might accelerate higher toward the 5 level. Any further gains could lead the price toward the 0 resistance zone.
Fresh Drop in BCH?
If Bitcoin Cash price fails to clear the 8 resistance, it could start a fresh decline. Initial support on the downside is near the 5 level.
The next major support is near the 0 level, where the bulls are likely to appear. If the price fails to stay above the 0 support, the price could test the 0 support. Any further losses could lead the price toward the 4 zone in the near term.
Technical indicators
4-hour MACD – The MACD for BCH/USD is losing pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI is currently in near the 50 level.
Key Support Levels – 5 and 0.
Key Resistance Levels – 0 and 0.
Bitcoin Cash Prepares Adaptive Blocksize Limit Upgrade, Commits to Network Scaling
Bitcoin Cash, the usability-focused Bitcoin hard fork, is preparing to perform a blockchain-wide upgrade slated to happen on May 15th. The upgrade implements the adaptive blocksize limit algorithm, allowing the network to adapt to future increases in demand without having direct input from actors, avoiding the opportunity for social attacks. Bitcoin Cash to Include Adaptative […]
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Warren Buffett Sees No Alternative to US Dollar as Reserve Currency — Berkshire Holding $188 Billion in Cash
Warren Buffett, chairman and CEO of Berkshire Hathaway, asserts that there is currently no viable alternative to the U.S. dollar as the world’s reserve currency, suggesting that U.S. debt will remain acceptable “for a very long time.” Berkshire currently sits on a cash pile of 8 billion, which Buffett views as “quite attractive.” Insights From […]
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