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Cryptocurrencies 21.10.217:Bitcoin Cash Consolidates as Markets Search for Direction

The value of Bitcoin Cash edged lower on Friday, but established a relatively neutral range above $320 as markets awaited fresh catalysts.

BCH Consolidates

The BTC/USD exchange rate is down nearly 3% at $324, according to CoinMarketCap. At present values, Bitcoin Cash is capitalized at $5.4 billion, enough for fourth on the cryptocurrency leadership board.
The technical indicators continue to show a neutral outlook for the BCH/USD. Relative strength is in the low 40s, while the MACD continues to hover near the zero line.
Bitcoin Cash surged above $380 earlier this week as part of a broader crypto-market rally. The rally has since reversed, with prices consolidating north of $320, with near-term resistance located in the $335-$340 region.
BCH has had a volatile three-months since forking from the Bitcoin network on Aug. 1. Over that period, the digital asset has traded between $278.36 and $740.18.
Bitcoin prices also consolidated Friday, trading at $5,655 USD.

“Bitcoin Cash is Bitcoin”

According to CCN, backers of Bitcoin Cash have announced plans to re-brand the new cryptocurrency simply as “bitcoin.” Roger Ver and Calvin Ayre issued a joint statement declaring: “Bitcoin Cash Bitcoin.”
In practical terms, this means referring to the incumbent blockchain as the SegWit chain. It will he divided into SegWit1x (SW1) and SegWit2x (SW2) following the upcoming hard fork in November.
Both investors have considerable clout in the blockchain community. Ayre is a billionaire who founded an online gambling empire, whereas Ver is considered “Bitcoin Jesus” due to his early backing of the project.
It remains to be seen whether the investors’ conviction will lead to greater mainstream acceptance of Bitcoin Cash. The new coin surged immediately after the August hard fork but has since struggled to win favor with investors. For crypto investors, arriving at BHC’s intrinsic value has been nearly impossible in the early stages of its existence.

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