Bitcoin Cash Price Spikes After London-Based LBX Exchange Added BCH to Its Offerings

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by Sofiko Abeslamidze · 3 min read
Bitcoin Cash Price Spikes After London-Based LBX Exchange Added BCH to Its Offerings
Photo: LBX

As soon as London Block Exchange had added a powerful Bitcoin derivative coin to its terminals, the price of Bitcoin Cash bounced up more than 11% and it continues to go upwards while outpacing other major cryptocurrencies.

After a painful first quarter, the world of cryptocurrency is finally showing signs of relief along with an anticipated awakening of the overall market participants. The price of Bitcoin and a slew of other cryptocurrencies have started to exhibit upwards movement encouraging investors’ fortitude for further battle.

Bitcoin Cash (BCH) climbed sharply today, pushing higher as the broader cryptocurrency market continued to recover from its recent weakness. Following the announcement of LBX’s listing, the digital currency surged to as much as $ 1,447.87, CoinMarketCap data showed, while a large number of analysts observing currently bullish market scope forecast it to achieve more prospects than any cryptocurrency in the market.

In the recent announcement, the London Block Exchange also noted the support for Ethereum Classic (ETC), currently the 15th largest cryptocurrency, which split from the flagship Ethereum back in July 2015. At the press time, the cryptocurrency is up 0.8% trading for $ 21.50.

According to the exchange’s statement, users will be allowed to trade both Bitcoin Cash (BCH) and Ethereum Classic (ETC) against the British pound. Notably that London Block Exchange claims to be the only UK crypto platform currently offering GBP pairing with BCH and ETC. It also provides its clients with on-shore banking services and access to the Faster Payments system.

Commenting on the addition of Ethereum Classic (ETC) and Bitcoin Cash (BCH), Benjamin Dives, CEO of the exchange, said in a press release:

“As we open our doors to UK crypto enthusiasts, we’re listening and acting on what the community wants – and that’s an array of good quality coin options to trade; all backed by a reliable, comprehensive and user-friendly service that they can trust.”

He also noted that the multi-coin exchange is going to expand a range of additional cryptoassets as the platform will grow. By now dedicated to the UK market the London Block Exchange has listed six cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). A couple of weeks ago, the exchange enriched its blossoming selection of cryptocurrencies with the centralized Ripple (XRP).

The LBX’s offering of Bitcoin Cash (BCH) was accompanied by several news. At first, there is an upcoming “hard-fork” planned for the cryptocurrency on May 15. The developers said that the software upgrade will result in Bitcoin ABC, an acronym for Adjustable Blocksize Cap, and will increase the size of one block on Bitcoin cash’s blockchain to 32MB, a fourfold increase from the original 8MB and well above Bitcoin’s 1MB block size. The fork will also remove the Segwit protocol, short for segregated witness, the process by which the number of transactions in a block can be increased by moving certain signature data from transactions to the end of the block.

Moreover, after a heated discussion and some legal threats, has updated its block explorer page to remove any language suggesting that Bitcoin Cash (BCH) is the real Bitcoin (BTC). This bug has sparked a lot of fear and anxiety within the crypto community while many blockchain insiders have blamed Bitcoin .com founder Roger Ver for his illegal attempts to rebrand Bitcoin Cash (BCH) as the real Bitcoin (BTC) that might be resulted into financial losses for people new to crypto. Hopefully, Bitcoin. com decision to drop a misleading language from its website will smooth out raised confusion and contribute to the cryptocurrency adoptation.

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