Bitcoin Cash suddenly surges 10% as Bitmain’s co-founder Micree Zhan is ousted
|- Bitmain’s largest shareholder exits the company as power struggle mounts.
- Bitcoin Cash tests $300 as proof that it can do better with Zhan away from it.
Bitcoin Cash is flying the bullish flag high above the cryptocurrency horizon amid news that the largest shareholder and co-founder of Bitmain having been removed from the company. The news of Micree Zhan’s exit was first shared by Primitive Ventures’ Dovey Wan. Zhan owns a 36.5% in the Beijing-based mining giant.
“Got this internal email from Bitmain where Jihan sent to the whole company, this is INTENSE”
Wan quoted the internal email which categorically said:
“Micree Zhan is dismissed from all operating positions from the company immediately. No one should take order from him or attend his meeting.”
The fight to sit at the helm of the mining giant has been ongoing for some time. Jihan Wu is a former CEO of Bitmain and is said to be having a 20.5% stake in the company. Jihan succeeded Zhan as the official legal representative of the firm.
In an interesting spin of events, Bitcoin Cash has rallied following the news from Bitmain. It is rumored that Bitcoin Cash was the reason why Bitmain’s IPO application failed to sail through. A trader, The Crypto Dog believes that Bitcoin will do very well with Zhan out of the picture and even promises to keep “a very close eye” on the project.
At the time of writing, Bitcoin Cash is trading at $287 after testing the vital $300 level. The rally has been instrumental in breaking above the resistance at $270 and $280 respectively. Meanwhile, it is essential that buyers put their best feet forward to sustain BCH above $280 and focus on blasting past $300.
BCH/USD one-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.