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Bitcoin Cash’s happy rally comes to an end as price drops by 10% in 2 hours

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The price of Bitcoin Cash has dropped in two massive steps after its surge reached a pinnacle, a few hours ago. Bitcoin Cash surged by a massive 18% in a matter of 24 hours, leading the ephemeral rally.

What Goes Up Must Come Down



Source: TradingView

The rally started its descent on May 04, 2019, at 01:00 UTC, after the price hit $309; this price range has been a major resistance since April 2019. The price, since that point, has dropped in two steps; in the first drop, the price shed by 5.73% in an hour. The second drop was slightly lesser than the previous one, as it dropped by 4.88%. The price dipped as low as $280.9. However, at press time, it was trading at $287 and had a market cap of $5.12 billion, which made it the fourth largest cryptocurrency in the world.

The 24-hour trading volume for the coin was $2.51 billion and most of the volume was coming from LBank exchange via trading pairs BCH/BTC and BCH/USDT. The aforementioned exchange contributed a total of approximately $473 million in trading volume. OEX exchange took the second spot, as it contributed $202 million in trading volume via BCH/USDT.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Altcoins

SEC delays VanEck Bitcoin ETF decision, Ripple CEO on crypto’s future and more

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SEC delays VanEck Bitcoin ETF decision, Ripple CEO on crypto's future and more

Daily Crypto News – May 21

1) TD Ameritrade invests in Eris-X: According to an official announcement, the organization revealed that they had made an investment in ErisX, a company which is planning to offer both cryptocurrency spot contracts and future contracts in a single exchange.

Read more at https://bit.ly/2w7Udiu

2) Tron DApps achieve new feat: Compared to Ethereum [ETH] and EOS, Tron registered a higher number of new users and active users. It noted 60k new users, while Ethereum reported 25K and EOS reported 9k. The active users on Tron’s DApps platform were 172k, followed by EOS with 170k and ETH with 54k.

Read more at https://bit.ly/2M0a4dN

3) Tron Weekly Report: The report said that the foundation had tested the block broadcast optimization solution, and the optimization solution for energy deduction in transaction failure. However, the Foundation was still working on the on-chain rate of transactions, which were broadcasted by GPRC.

Read more at https://bit.ly/2HDahhu

4) Bitrefill launches giftwards on Amazon China: This year saw the highest number of collaborations aimed at crypto-enablement. In yet another addition to the growing list of such collaborations, Amazon China has partnered with a Lightning network service provider, Bitrefill.

Read more at https://bit.ly/2WftMWQ

5) Bug bounty hunters receive huge reward: According to latest reports, ethical hackers ‘earned’ almost $32,000 in seven weeks by fixing bugs on Tron, Brave, EOS, Coinbase, and more, via bug bounty programs. Between March 28 and May 16, almost 15 blockchain ventures paid rewards to security researchers for finding vulnerabilities.

Read more at https://bit.ly/2M1SjL0

6) Circle’s Jeremy Allaire on SEC: In a recent blog post, the CEO stated that digital assets were a “fundamental new class of financial instruments”, one which could not be clubbed with categories such as securities, commodities, and currencies.

Read more at https://bit.ly/30uGrV7



7) Binance’s CZ global crypto-adoption: While speaking at the 10th Asian Leadership Conference 2019 in South Korea, Binance CEO Changpeng Zhao aka CZ, commented, “If you don’t want to be left out in the future, you will have to embrace it.” CZ added that cryptocurrencies “could not be ignored” and added that the ones who are doing so would end up making themselves “poorer”.

Read more at https://bit.ly/2LWYxvH





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