Bitcoin Cash tanks 10% as investors dump coins

Omkar Godbole FXStreet Contributor

The newly created Bitcoin Cash [BCC] tanked 10% to $278 as investors look to dump their coins.

The sell-off seen over the last 24 hours could be attributed to the fact that some investors can now transfer their coins from wallets, where investors store their coins, to exchanges, where coins can be bought and sold.

Aaron Lasher, the chief marketing officer of Breadwallet, one of the largest bitcoin wallet companies, told Business Insider that the wallets are playing catch-up, and working on updating their infrastructure so bitcoin cash investors can move their coins over to exchanges where they can be actively traded.

The selling pressure may continue to push down BCC prices in the short-run, but in the long run, the prices could appreciate, if the currency puts on a good show as an alternative to Bitcoin.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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