Bitcoin Cash [BCH] shoots up 7% after Binance announces support for BCH hardfork

On November 2, the bull blessed the fourth-largest cryptocurrency, Bitcoin Cash [BCH], causing it to see an unprecedented increase in its prices.

At the time of writing, Bitcoin Cash was rising by 6.87% and was trading for $453.14. The cryptocurrency held a market cap of $7.9 billion with a 24-hour market volume of $311.605 million. After a bearish lull for the past couple of days, fans of the cryptocurrency have started flooding social media platforms with messages. CryptoSanTwitter user stated:

“This is the market pump we have all been waiting for. Go BCH!”

Bitcoin Cash’s 24-hour chart | Source: CoinMarketCap

A majority of the cryptocurrency’s market volume was held by Coinbit, with a total grasp of $81.132 million. Coinbit was closely followed by Bithumb, which held a total trade volume of $63.834 million.

Recently, Binance, the largest cryptocurrency in terms of market volume, had announced its support for the upcoming Bitcoin Cash [BCH] hardfork. Binance had stated:

“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).”

The cryptocurrency exchange had also stated that it will make a separate announcement after the snapshot so that users are notified of the transactions being resumed.

Binance was also in the news recently when the exchange had stopped the occurrence of a scam.  The cryptocurrency exchange effectively took control of the situation and ensured the red-flagged accounts were taken down. CZ, the CEO of Binance, stated:

“The identified accounts are frozen, please report to law enforcement and have a case number. We will work with LE. This is part of centralization we hate too, dealing with other exchange’s mess (we don’t even know the details). But we will do what we can.”

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