There is Reduction in The Use of Bitcoin Cash in Everyday Transactions - Bitcoin Cash News, BCH Price Chart. Wednesday, August 22
Important Bitcoin Cash News
There is Reduction in The Use of Bitcoin Cash in Everyday Transactions
Bitcoin Cash the third digital currency according to market capitalization has seen drop in usage says a report by Chainalysis.
Bloomberg which broke the news August 20 wrote that a group of analysts from the research firm Chainalysis stated that Bitcoin Cash use dropped to $3.7 million in May from $10.5 million in March. Tim Grauer, the Chainalysis senior economist concluded that BCH has fewer users and holders than it used to.
Bitcoin Cash has seen three-quarter drop in value since this year, however Grauer said that the root cause of the reduction in the use of the coin is concentrated ownership, more than half of all Bitcoin Cash is held in 67 wallets that are not located in exchanges.
Bitmain Holds More Bitcoin Cash Than Bitcoin
The ASIC manufacturer has been said to be a holder of more Bitcoin Cash despite making most of its income through Bitcoin. The Blockstream CEO Samson Mow made the assertion recently eliciting the ire of some BCH supporters such as Roger Ver. It became obvious that Bitmain sold most of its BTC for BCH from reports the company filed prior to an IPO that generated $18.
In an apparent response to the Blockstream chiefs comment, Ver wrote on Twitter that Bitmain makes more money in a month than Blockstream ever did since it started business, adding that the smart money is backing BCH.
Smason Mow of Blockstream replied, ““Bitmain invested $869M in #Bcash. Today that’s worth $527M. The dumb money invests in $BCH.”
Bitcoin Cash Join Other Altcoins in Losses
Bitcoin has been relatively stable in the past 48 hours hovering around $6,500 its stability has affected the altcoins which are currently going through losses. Bitcoin Cash is currently trading at $534.13 down 2.57 percent against the USD.
BCH/USD Price Chart, Wednesday August 22nd:
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