OKCoin and Huobi, two of the biggest Chinese cryptocurrency exchanges have shown a green signal to Bitcoin Cash trading.
Bitcoin Cash is a new form of cryptocurrency which was launched on 1st August as a readymade alternative of the traditional Bitcoin mode. Bitcoin Cash focuses on electronic cash transfers of peer-to-peer level. Since its launch, Bitcoin Cash has managed to replace the controversial SegWit code with the simpler and more adjustable blocksize cap. Bitcoin Cash generated as a digital asset out of Bitcoin ABC’s software platform paints a full node picture of the Bitcoin protocol.
(Also Read : SegWit gets’s activated on Bitcoin Blockchain network)
At the backdrop of exceptional performance of Bitcoin Cash since its launch both in the terms of trading volume and increasing customer support, Huobi has taken the final call of launching the trading pair of BCC/CNY i.e. Bitcoin Cash/Chinese Yuan.
OKCoin has also rolled forward its Bitcoin Cash trading integration since 06:00 EST (Eastern Standard Time) of 22nd August 2017. The crypto exchange has announced a mandatory levy of 0.01% trading fees in the current week which is all set to hike up to 0.05% next week onwards. OKCoin has also issued a statement regarding increased security measures guarding Bitcoin Cash deposits to avoid potential transaction malleability and 51% attack threats.
Following a great demand push in Korean exchanges, the price of Bitcoin Cash hiked up to $1000 over the weekend. Stating out with low figures of $300 on August 17, Bitcoin Cash’s value have increased by three times to over $1000 on 19th August.
These announcements of BCC integration was made just hours after the trading volumes of Bitcoin Cash reached a record high of $4.4 billion within a 24 hours’ time frame which is also the highest level ever reached by any of its digital currency alternatives. The increased profitability associated with Bitcoin mining has caused a large number of miners to move their hashrate and hike up Bitcoin Cash’s price as a result.
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