Bitcoin Cash going upwards

Bitcoin Cash saw a series of optimistic events and a notable rise within past week growing by almost 40%
07 November 2017   2836

At the press time, Bitcoin Cash is on the 3rd place in the list of top cryptocurrencies with the highest market capitalisation. Bitcoin Cash currently follows Bitcoin and Ethereum having a $10 billion MarketCap, which is $3 billion more than it had only 6 days ago. During past week Bitcoin Cash was developing quite positively and eventually rose almost by 40% from $440 on November 1 to $620 on November 7.

Bitcoin Cash Charts November 2017 Bitcoin Cash Charts

On November 3 the cryptocurrencies market cap exceeded $200 billion and it was noticed that Bitcoin Cash rose by 87%. What is more, on November 1 Wikileaks Shop announced in twitter that it starts to accept Bitcoin Cash as a method of payment, notably rising awareness of the currency among users.

Also, Bitcoin Cash is in the centre of attention because its hard fork is due to come on November 13. According to Bitcoin entrepreneur Juan Garavaglia, Bitcoin Cash hard fork is only meant to upgrade the protocol.

It seems like the transformation and development of Bitcoin Cash as an independent cryptocurrency outside Bitcoin, lets it grow so fast. For instance, Bithumb, the second largest crypto exchange after Bitfinex, was making nearly $1 billion in Bitcoin Cash trades daily during the last month.

Bithumb Bitcoin Cash Graph November 2017Bithumb Bitcoin Cash Graph

Also, such a successful development of Bitcoin Cash may be linked to a fast-growing Bitcoin as any cryptocurrency directly connected with Bitcoin would benefit from the exposure of Bitcoin in media services and within financial industry.

Moreover, on November 6 the official account of Bitcoin Cash made an announcement that 21 of Los Angeles area bitcoin ATM locations of BitcoinPlug will be selling Bitcoin Cash from now on, which is also quite a positive piece of news.

Court to Dismiss BCH 'Hijack' Lawsuit

UnitedCorp claimed that it incurred significant losses due to the actions of the defendants, which are Kraken, Bitmain and Roger Ver
06 February 2020   587

The court dismissed the lawsuit of the mining company United American Corp. against the Kraken exchange, its founder Jesse Powell, Bitmain, its co-founder Jihan Wu and Roger Ver, who accused them of manipulating the Bitcoin Cash market and claimed $ 4 billion in compensation. As a reason for refusal, the court pointed to the lack of jurisdiction of the case and insufficient grounds.

UnitedCorp claimed that it incurred significant losses due to the actions of the defendants, who, after the emergence of Bitcoin SV in 2018, organized the so-called “hash war” and competed for 11 days to form the longest chain. The role of the Kraken exchange in these events was due to the fact that it was the first to decide to award a ticker for the BCH chain, also called Bitcoin ABC.

The simultaneous decrease in the price of Bitcoin Cash from $ 400 to $ 200 led to a significant drop in mining revenue of UnitedCorp. The firm claimed that the defendants violated the Sherman Act (the first US antitrust law proclaiming a crime to impede free trade by creating a trust and conspiring for such a purpose), Clayton's law, which also regulates the activities of trusts, demonstrated negligence, unintentional misrepresentation, improper enrichment and treatment property in their favor.

During hash wars, the amount of computing power in the Bitcoin Cash network reached 7.88 EH / s, whereas now it is 3.99 EH / s. Due to the actions of other miners, UnitedCorp could receive a significant part of the awards it had hoped for before, and the depreciation only worsened its position.

The court dismissed the claim without further restrictions. Thus, UnitedCorp is allowed to submit its revised version again until February 28th.