- BCH/USD is down 4% in recent 24 hours amid bearish sentiments.
- Bitmain announced the acquisition of Telescope, browser-based wallet for Bitcoin Cash.
Bitcoin Cash (BCH) is changing hands at $514, off the Asian high of $530. The coin is sliding in sync with overall bearish momentum on the cryptocurrency market. BCH/USD is down 4% on day-on-day basis Bitcoin Cash has a market value of $9.0B and an average daily trading volume $535 which is in line with mid-term average figures.
What’s going on
A large manufacturer of cryptocurrency mining equipment Bitmain acquired Telescope, an open-source Bitcoin Cash wallet, CoinDesk reports.
The wallet was launched a year ago and a browser-based application. Currently, it is supported by Google Chrome and Mozilla Firefox, but the team has plans to expand the list of browsers and supported platforms after the acquisition. The wallet enables instant BCH transactions and provides a high level of security for an online wallet as transactions are signed by a user’s browser directly with keys stored within a browser extension.
“Browser-embedded cryptocurrency wallets are a promising technology. The Telescope development team is doing some very interesting work and we look forward to working together with them on the Telescope project and future bitcoin cash projects,” Nishant Sharma, head of international press relations at Bitmain commented.
Bitmain is a large holder of Bitcoin Cash. The news that the company plans IPO triggered a strong BCH price rally.
Bitcoin Cash technical picture
From the technical point of view, the first local support is seen at $500 (psychological level and SMA200, 4-hour chart). It is closely followed by $488 (SMA100, 4-hour) and $423 handle (September 25 low).
On the upside, BCH/USD will need to climb above $534 handle created by a confluence of SMA100 and SMA50, 1-hour. Once above the recovery may be extended towards $580 and $590 (September 27 high).
BCH/USD, 4-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.