Bitcoin cash [BCC] currently trades above $621, which is the 50% Fib retracement level of the rally from $292 to $950.
The currency pair clocked a low of $560 in the overnight trade before recovering to $650 levels. As per coinmarketcap.com, the currency has shed 13.9% over the last 24 hours. Volume on Bithumb has jumped 41.38%.
Reports are doing the rounds that BCC is attracting mining power. As per CoinDesk, “Bitcoin Cash has now attracted nearly 30% of the mining power of the Bitcoin network, a figure that is up from just 5% two days earlier.”
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The founder of WhyLose.com is a Technical Advisor at Digitex Futures.