Friday, February 3, 2023

Bitcoin Cash Holding Steady Against Attacks from Chinese Gov’t

Bitcoin Cash Holding Steady Against Attacks from Chinese Gov’t

Cryptocurrency markets have tumbled since China’s ruling against ICOs and its following statements on cryptocurrency. One digital currency, however, has remained unexpectedly stable: Bitcoin Cash.

Also read: Bitcoin Price Continues Towards $5000 Amid Chinese Regulatory Fear

Markets Tumble, But Bitcoin Cash Rolls With the Punches

Over the last few days, the bitcoin price has declined significantly. Falling from the $4,600s on 8th September to a press time price of $4,184.

Many other cryptocurrencies followed suit, depreciating significantly since September 8. Ethereum, for example, fell from the $320s into the $280s and below, and Litecoin declined by more than $10.

This trading activity seems fairly normal, with cryptocurrencies rarely staying down for long following negative attacks from national governments. Bitcoin Cash (BCC), however, the currency that no one thought would go anywhere, continues to show its strength by holding its own against the negative press coming from China.

Since September 8, BCC has fallen from the high $600s to $500s, having stabilized in the $530s at press time. While this behavior closely resembles the other affected cryptocurrencies, BCC’s reaction to the Chinese onslaught has afforded it another chance to show off its staying power.

Bitcoin Cash
Courtesy of Coin Market Cap

Against All Odds

BCC emerged on August 1, 2017 as the result of a hard fork in the Bitcoin blockchain. Having only a small base of support at the time, the Bitcoin community largely dismissed the new currency, expecting it to quickly fail.

Against their expectations, however, BCC rapidly appreciated in value, reaching highs in the $900s and then stabilizing between $500 and $600.

Many in the Bitcoin community remained skeptical. According to them, the rising price had to do with speculation, or the fact that several exchanges had not yet enabled full trading support. This group expected the forked coin to crash as soon as it hit a bump in the road — be it technically or from external forces, such as governments. According to the skeptics,

However, Bitcoin Cash has received its first major test in the form of threatening announcements from China. And so far, the coin seems to be passing. Industry support for BCC continues to grow, and community members seem to have maintained their interest thus far. How long this strength will last, though, is anyone’s guess.

How do you think BCC has performed so far? Share your thoughts in the comments below. 

Image via Pixabay

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