Bitcoin Cash (BCH) led the top 10 major cryptos on Wednesday with a 24% gain by the end of New York session.
The surge came as Bitmain, the world’s largest cryptocurrency mining company, filed for an IPO on the Hong Kong Stock Exchange (HKEX). Bitmain is rumored to hold a massive amount of BCH. That’s why some analysts are linking the Bitcoin Cash surge and the overall upbeat day in the crypto market to Bitmain’s IPO news.
Another Bitcoin fork that surged a lot on Wednesday was Bitcoin Gold (BTG) going up by over 10%. But Bitcoin itself was mildly changed, rising only 1.8% at the end of New York session versus the US dollar.
Whether or not Bitmain’s IPO news was behind today’s surge, we got to take a look into the company’s financial situation for the very first time, and we were impressed. The document released showed the Beijing-based giant racked up $2.8 billion in revenue in the six months ending June 2018, a 10-fold increase from the same period in 2017 according to MarketWatch.
On the other hand, the application is still in draft form and pending further listing hearings from the HKEX, so we’re still not sure how much the firm will be valued at eventually.
Any further developments could impact the cryptocurrency market fluctuations, so be sure to plan your strategic investments ahead of time.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.
