Bitcoin (BTC) has seen an uptrend this Thursday, July 6th. It rebounded almost 3% from its listing the day before, returning to $31,000. This comes after Larry Fink, the CEO of BlackRock, the world’s largest wealth manager, said positive things about BTC.
Accordingly graphic offered by the CoinMarketCap server, Bitcoins is being negotiated at the time of this publication for the order of $31,100. It recouped losses from yesterday, Wednesday, July 5, when the cryptocurrency fell an average of $30,200.
However, forks of Bitcoin, the cryptocurrencies Ecash (XEC), Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV), They are the ones leading the rise this Thursday.
XEC went up 22% compared to the price displayed yesterday. The trading price is over $0.000038. This way is the altcoin It broke the resistance it found at $0.000031.
In the case of BCH, the Bitcoin fork created in 2017, the increase over the past 24 hours was 11.2%. At the bottom of this note was this cryptocurrency negotiate in the order of $295. After July 5, it was around $250.
And in the case of BSV, the Bitcoin fork created by the self-proclaimed Satoshi Nakamoto, Craig Wright, the bullish situation is similar. CoinMarketCap reveals that this cryptocurrency is up 9.44% in a few hours, are trading at $45 on averageat the end of this issue.
With the surge, BSV is recovering from an average price of $40 over the past two days. However, the cryptocurrency does not exceed the mark of early Julywhen 1 BSV traded in the range of $52 on average.
Bitcoin forks are vulnerable to SEC decisions.
It must be remembered that bitcoin forks have proven vulnerable to the statements of the US Securities and Exchange Commission (SEC) regarding their price..
On June 30, this media reported that the price of eCash increased after speculation about this cryptocurrency became known could be considered as a commodity (goods or basic product).
This possibility has been brought to the present after recalling that SEC Chairman Gary Gensler publicly stated in 2018 that Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin are cash they were not securities. That is, they would be considered commodities.
So considering that Bitcoin fork BCH is a commodity in the eyes of the SEC; The other hard forks of the first cryptocurrency fall into this category. The foregoing affects the rise in their prices.
Because altcoins have a much smaller market cap than bitcoin, it’s easier to influence their price through buying and selling. Because of this, they are more volatile than BTC and typically see a significantly higher price rise (or fall, as the case may be).
In the specific case of Bitcoin Cash, the recent rise in this asset is also due to its inclusion in the new cryptocurrency exchange EDX Markets.
Launched on June 21, this platform is backed by the New York Stock Exchange’s major players, including Charles Schwab, Citadel Securities and Fidelity Digital Assets.
However, after the surge, BCH outperformed Bitcoin’s growth. Fork is now likely to underperform BTC. This is the case for the analysis house Matrixport possible Trade for value relative to risk or reward considering BCH issuers have “closed at a discount”.
BlackRock and its positive effect
It was initially said that the bullish reaction from BTC and its forks is in response to statements made by BlackRock’s CEO yesterday Wednesday.
As reported by CriptoNoticias, Larry Fink asserted that Bitcoin is an “international asset” and that it could “revolutionize your finances.” He noticed that too The role of cryptocurrencies ‘could be the digitization of gold’. This was stated in an interview with Fox Business.
BlackRock is waiting for the US Securities and Exchange Commission (SEC) to approve its application to issue an exchange-traded fund (ETF) based on the spot price of Bitcoin.
Fink is optimistic that the SEC will approve his filing. And while that wouldn’t mean more people would buy Bitcoin, as Argentine lawyer Víctor Atila Castillejo pointed out, it could lead to more mutual funds joining BTC.