Bitcoin Cash price jump

What is the reason for a huge price spike of Bitcoin Cash? 
17 October 2017   1661

Bitcoin Cash, the fork of original Bitcoin showing big price jump in recent hours.

Bitcoin Cash price chart
Bitcoin Cash price chart

As you can see on the chart above, huge jump (over 10%) happened only few hours ago (about 8.00-9.00, 17th of October, 2017). At the moment of press, Bitcoin Cash gained 11.33% in less than 24%. Marketcap is $5,813,016,133, and average price is $348.03.

Reason for a jump

So, what is the reason for this huge price spike? Well, less than a day ago, Bitcoin dot com resource released big statement called "Bitcoin Cash is Bitcoin". As a conlcusion, Bitcoin dot com team says that 

The position that Bitcoin Cash is Bitcoin is based on its adherence to the design goals and intended purpose that Bitcoin was created to fulfill.
On October 13, 2017, Bitcoin Unlimited Chief Scientist Peter Rizun announced that their Gigablock Testnet Initiative successfully mined and propagated the first ever 1GB block. Such test results demonstrate that the Bitcoin network can scale to compete directly with mainstream payment processors (10,000 transactions per second and higher vs. Visa’s average 3,000 transactions per second). Bitcoin Cash, with its more realistic approach to scaling, is well-positioned to become a worldwide peer-to-peer electronic cash system.
Based on the arguments presented above, Bitcoin Cash (BCC) is the only fork of Bitcoin that resembles a natural continuation of the original Bitcoin invention. All Segwit chains have altered so many fundamental properties of Bitcoin that it seems a stretch to refer to any of them by the Bitcoin name.
 

Bitcoin.com team statement

We will keep our eye on this situation. So, stay tuned to get the hottest news. 

UnitedCorp to File Lawsuit Due to "BCH Manipulations"

Suit is filed against Roger Ver, Kraken and Bitmain
07 December 2018   164

The technology company United American Corp (UnitedCorp) sued Bitmain, Kraken, Bitcoin.com, Roger Ver, and others involved in a “well-planned scheme to take control of the Bitcoin Cash network.” This is reported on the website of the corporation.

Representatives of UnitedCorp argue that the actions of the defendants caused the "global capitalization meltdown of the Bitcoin Cash." These actions, the company believes, were aimed at enriching the above market participants to the detriment of others.

The company’s website also contains a diagram of the actions of the above market participants:

Bitcoin Cash Manipulation Scheme by UnitedCorp
Bitcoin Cash Manipulation Scheme by UnitedCorp

The events described are related to the recent hardfork of Bitcoin Cash, as a result of which the network of this cryptocurrency split into two competing chains. After hardfork, according to UnitedCorp, the companies and individuals in the lawsuit took control of Bitcoin Cash.

We are bringing this suit on behalf of UnitedCorp because we believe strongly in the value and integrity of democratic, distributed and decentralized blockchain networks which will become more important with time. In order to maintain confidence in cryptocurrencies such as Bitcoin Cash, no person or entity can be allowed to control them.
 

Benoit Laliberte

President, UnitedCorp

At the same time, the company is convinced that these actions were aimed at centralizing the BCH network. Also, UnitedCorp claims that on November 20, the Bitcoin ABC development team introduced the “poison pill” into the blockchain. It was presented as “Deep Reorg Prevention”. These actions, confident in the company, were, in fact, aimed at strengthening control over the network and its future updates.

UnitedCorp requires a court order prohibiting defendants from engaging in future activities that harm the Bitcoin Cash network. In addition, the company intends to receive compensation for damages, the amount of which will be established in court.

It should be noted that Bitcoin SV, a cryptoactive asset that emerged as a result of hard forks, came in fifth in the CoinMarketCap market capitalization rating.

The rate of Bitcoin SV is growing despite the general decline in the market. Over the past 24 hours, the price of BSV has increased by 21%, and the asset capitalization has approached $ 2 billion.

At the same time, the main competitor of BSV - Bitcoin Cash - has fallen by 16.5% in the last 24 hours, having consolidated on the 7th line of the rating.