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

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