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Bitcoin Cash is Up 5% on the Day in Contrast to Market Retreat

Last Updated March 4, 2021 5:05 PM
Habiba Tahir
Last Updated March 4, 2021 5:05 PM

Bitcoin Cash is gradually trying to maintain its position above $1,000 – at the time of writing, it is valued at 1,068.87. Along with Litecoin and Dash, it is the only cryptocurrency in green in the top 10 list. One certain event can be linked to its increasing price: the Gemini exchange.

Winklevoss Twins Considering BCH

Tyler and Cameron Winklevoss talked about expanding their exchange to other cryptocurrencies including Litecoin and Bitcoin Cash at the Cboe Risk Management Conference (RMC). Both the Gemini exchange and the Chicage Board Options Exchange (Cboe), have a partnership such that Cboe will only list currencies present on the twins’ platform, as per their deal which allows Cboe to use Gemini’s cryptocurrency data to calculate futures. So, only one of these companies have to decide whether they want to allow new cryptocurrencies, forcing the other to accept the decision.

In this case, both the exchanges share the same belief. CBOE has always wanted to include other digital tokens, as stated by president Chris Concannon , “You look at the entire crypto space and you look at what other products have the liquidity and the notional size, a derivative makes sense.” As noted by Tyler Winklevoss, their wishlist includes tokens that “are from the Satoshi Nakamoto family tree — Bitcoin cash, Litecoin.” Hence, Gemini’s decision to add these new tokens will automatically add their futures on CBOE as well.

Bitcoin’s price soared past $11,000  when Chicago Mercantile Exchange (CME) and Cboe confirmed that bitcoin futures were given a green signal for Dec. 2017. As CCN.com predicted a few days ago, the slightest implication by Gemini and Cboe has given Bitcoin Cash a boost of 5%. This assessment is based on two simple reasons: the price stabilization of bitcoin and the ‘legal’ status it acquired “in the eyes of many Wall Street traders” post the launch of bitcoin futures.

Bitcoin Cash in 2018

With Mt. Gox trustee selling $404 million worth BTC and BCH, and US Securities and Exchange Commission (SEC) announcing that cryptocurrency exchanges offering tokens or ICOs must be registered with the federal agency, bitcoin has declined in value this week. But bitcoin cash had a slightly different year as it kept on moving back and forth from $1,550 to $1,457 within 24 hours in February. Starting this month at $1,207,  the price went as low as 965 on Mar. 9 before jumping back above $1,000 earlier today.

Featured image from Shutterstock.