April seasonal patterns weren’t supposed to work, but somehow they did. Even a strong fundamental issue such as the global recession amid the coronavirus couldn’t overwhelm it. That’s why May seasonal patterns may work as well.
Bitcoin Cash hits a 10-week peak
On Monday, the Bitcoin Cash (BCH), created as an outcome of the hard currency in August last year, managed to surge above $1,300, thus hitting the marks on which it last traded in the first decade of February.
Only for the last 24 hours the price of this crypto asset has grown by more than 15%, hitting $1322 with a capitalization of approximately $22.3 billion.
The current growth of Bitcoin Cash occurs on the eve of the network upgrade scheduled for May 15, after which the block size is going to be ramped up to 32 MB. In addition, an extra catalyst for surge was the news that payment processing BitPay added support for BCH in its PoS application. It means that stores that make use of BitPay processing to get payments in crypto assets can currently generate payment codes for receiving BCH directly on the spot with mobile devices.
In general, Bitcoin Cash became the absolute leader among the top twenty of cryptocurrenices in the Coinmarketcap rating for the last 7 days, edging up 70% over the week.
Nevertheless, the centralized nature of the development of the BCH protocol as well as the new controversial statements of the chief ideologist of the Roger Vera project kept being heavily criticized by the wider cryptocurrency community.
As for the other leading cryptocurrencies, one should mention Monero (XMR). It has also attracted attention for the last 24 hours with an surge of 10%.
Bitcoin is currently trading around $8,850. At the same time the number two digital currency in terms of capitalization accounts for $630.
At the end of the previous week, Antpool, which appears to be a subsidiary of the Chinese giant Bitmain, started burning 12% of the transaction fees that it obtains in the Bitcoin Cash mining process. Thus, it hopes to back the surge of the coin’s price in the long term.
It’s a tough time for the Turkish lira. The USD/TRY is moving up strongly and aggressively.
We could gain from buying emerging-market currencies such as South African rand, Mexican peso and Brazilian real.
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 14:45 MT time.