RATE Group | Bitcoin Cash Surges 20% After Bitmain Files For IPO
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Bitcoin Cash Surges 20% After Bitmain Files For IPO

26 Sep Bitcoin Cash Surges 20% After Bitmain Files For IPO

Posted at 21:08h in Bitcoin News by

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Bitcoin cash spiked today on news of Bitmain’s IPO filing. Photographer: Chris Ratcliffe/Bloomberg

Bitcoin cash rallied today, climbing more than 20% after Bitmain filed an application to hold an initial public offering (IPO).

The digital currency, which is a fork of the original bitcoin, climbed to $538.37 at 12:04 UTC on CoinMarketCap.

At this point, bitcoin cash was up 23.7% from the start of the day, reaching a nearly three-week high, additional CoinMarketCap data reveals.

Later, the cryptocurrency retreated slightly, trading at $519.03, but was still up more than 20% in the last 24 hours.

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Bitmain IPO

When explaining the sharp increases in the price of bitcoin cash, several analysts emphasized the key role played by Bitmain’s recent IPO announcement.

“This…

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