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Bitcoin Cash Follows Price Ripple Pump On Back Of Bitmain IPO News

Bitcoin Cash (BCH) staged an unlikely comeback September 27, rising almost 25 percent after news mining giant Bitmain had finally filed for an initial public offering (IPO).


BCH Hits Multiweek Highs

Data from Coinmarketcap shows BCH 00 beating out competition from the top twenty cryptocurrency assets for the 24 hours to press time, hitting $ 564 – its highest value since September 5.

Bitmain's public flotation had been widely anticipated as leaked documents about its pre-IPO investor deck sparked controversy over both its and Bitcoin Cash's perspectives.

As Bitcoinist reported in the Q2 this year, as well as the crash in the value of its huge Bitcoin Cash holdings which had been bought with Bitcoin (BTC).

Bitmain Looking to Launch Canadian Bitcoin Mining Operation

Commenters similarly feared that illiquid BCH markets could spell disaster for Bitmain and that the IPO could be attempted to navigate its way out of financial oblivion.

Despite Thursday's rises, BCH is still down almost 80 percent from its all-time highs around $ 4,100.

Industry Digests New Bitmain Figures

Bitmain, arguing BCH's gains would be temporary tests.

"I'd like to buy at the bottom," one well-known trading account on Twitter advised.

This week has also seen sudden moves from Ripple (XRP) 00, which gained an unprecedented 65 percent within the company's xRapid payment network going live in the coming month.

Copycat moves from Stellar (XLM), Tezos (TEZ) and others.

Bitmain's IPO will take place in Hong Kong, while the company has not yet disclosed information on how much it plans to raise from the flotation.

Despite previous misgivings, the most recent first-half profits were around $ 742 million, at ninefold increase on 2017.

What do you think about Bitcoin Cash's performance? Let us know in the comments below!


Images courtesy of Shutterstock

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