Welcome back to another edition of our master blockchain blog series, where we bring you the latest updates and insights from the exciting world of cryptocurrencies and blockchain technology. In today’s post, we’ll cover the recent surge in the price of Bitcoin Cash (BCH), BlackRock CEO Larry Fink’s newfound optimism towards cryptocurrencies, and Binance’s plans to upgrade its wallet infrastructure.
Bitcoin Cash (BCH) Hits New Yearly High, Looks for Further Growth:
The price of Bitcoin Cash (BCH) has skyrocketed, reaching a new yearly high and witnessing a staggering 260% increase without any retracement. However, according to technical analysis, a short-term drop may be on the horizon before the price continues to climb. The current wave count suggests that BCH is in wave three of a five-wave increase, typically known as the sharpest wave. Short-term indicators such as bearish readings on the RSI and a completed corrective structure signal a possible local top. Nevertheless, if the price manages to break above the yearly high, the trend remains bullish, and the rally could extend to the next resistance level.
BlackRock CEO Sees Cryptocurrency as a Potential Game-Changer:
BlackRock CEO Larry Fink, who had previously expressed skepticism towards cryptocurrencies, now believes that they have the potential to revolutionize the financial system. Fink specifically highlights Bitcoin as a transformative asset, envisioning a scenario where assets and securities are tokenized. In Fink’s view, Bitcoin could emerge as a viable alternative to gold, serving as a hedge against inflation and currency devaluation. BlackRock’s iShares unit has even filed for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC), although there is uncertainty regarding when a decision will be made. Despite Fink’s optimism, the price of Bitcoin has remained relatively unchanged.
Binance Prepares for Wallet Infrastructure Upgrade:
Cryptocurrency exchange giant Binance is set to upgrade its wallet infrastructure and is notifying users about an upcoming address migration. This upgrade will impact 40 cryptocurrencies, including popular ones like Bitcoin, Bitcoin Cash, XRP, Solana, Monero, Litecoin, Dogecoin, Cardano, and Polkadot. As part of the upgrade, Binance will be deactivating memos, which are used to identify transaction recipients. Users will receive notifications and are encouraged to obtain new addresses and memos. While old deposit addresses will expire, funds deposited into expired addresses will not be lost and can be manually credited. This is not the first time Binance has upgraded its wallet infrastructure, demonstrating their commitment to maintaining a secure and user-friendly platform.
As always, it’s essential to stay updated with the latest developments and trends in the cryptocurrency space. The surge in Bitcoin Cash, BlackRock CEO’s changing stance, and Binance’s infrastructure upgrade are all examples of the dynamic nature of the blockchain industry. We’ll continue to bring you more fascinating insights in our future blog posts. In the meantime, keep exploring the world of cryptocurrencies and blockchain technology, and until next time, happy investing!