From the start of the Bitcoin conference through the weekend and into Monday, Bitcoin Cash price increased significantly. The recent conference, at which presidential contenders Donald Trump and Robert F. Kennedy Jr. gave enormous assurances to the Bitcoin and cryptocurrency communities, is probably the reason for the gains.
Why Is BCH Moving Higher?
The recently concluded Bitcoin conference increased the value of Bitcoin and BCH, breaking significant price limitations over the weekend. At the final close of business on July 26, the U.S. Bitcoin Spot ETF had a net gain of $56 million, according to SoSo Value, an on-chain research platform. After six months of trading, the ETF has more than $17 billion.
The fact that Bitstamp approved the BCH and BTC that Mt. Gox had deposited for creditors' access might have contributed to the resurgence of interest in the cryptocurrency asset.
Furthermore, there have only been three days of gross negative inflow this month, and the daily gross inflow has stayed positive.
The bitcoin price has risen above the resistance level of $68,000 and is moving closer to its all-time high. If the markets remain bullish, the BCH might surpass this level in the coming days.
