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Cryptocurrencies on Wednesday attempted to claw back the previous session’s losses, with the No. 1 digital currency regaining its footing above the $9,000 level.
The price of bitcoin was last seen at $9,123.07, up 1.2%, since Tuesday’s levels at 5 p.m. Eastern Time on the Kraken exchange.
It has been a quiet start to the week for bitcoin which has traded inside a $500 range. The crucial levels for bitcoin are the April 14-15 peak around $8,500 and the $10,000 psychological level, which is the current 200-day moving average ($9,976).
Bitcoin Cash on the march. again
After a lull, Bitcoin Cash has resumed its surge higher. The fourth largest cryptocurrency added 15% Wednesday, reaching an intraday high of $1,495.
The move is a continuation of the early April run higher, which saw the price double in the span of 10 days, beginning April 12. “It began with the integration of Bitcoin Cash as a payment mechanism,” said Charles Hayter, co-founder of CryptoCompare. “Now it’s a PR game.”
The battle pits Bitcoin Cash against core bitcoin and could be heading to the courts, market participants said. A lawsuit was filed against bitcoin.com owner Roger Ver, who promotes Bitcoin Cash. Ver is accused of misleading users into buying Bitcoin Cash by using ambiguous terminology on its website.
Although I think it's wrong for people to claim that Bitcoin Cash is Bitcoin or for Roger and https://t.co/VKB9ZGgQk8 to mislead users with stuff like "Bitcoin (BCH)" and "Bitcoin Core", I do not think it's anything illegal. So this lawsuit is stupid IMO.https://t.co/DscX56mmnF
— Charlie Lee [LTC] (@SatoshiLite) May 1, 2018
What are altcoins and futures doing?
The remaining altcoins are lagging behind Bitcoin Cash, but all still showing modest gains. Ether has added 1.7%, trading at $675.3, Litecoin is up 3.5% at $149.19 and Ripple’s XRP is at 85 cents, up 2.2%.
Futures finished the day in the green. The Cboe’s May contract finished up 1.5% at $9,115 and the CME Group Inc. May contract closed up 1.9% at $9,150.