Bitcoin Cash (BCH) Large Transactions on the Rise – Can Price Reclaim $250?

This week, a 1,500% spike in large transactions has sent the BCH price into the recovery zone according to the daily RSI signal. Can larger investors drive the BCH price toward reclaiming $250 in the coming weeks?

Timeline of Bitcoin-cash

The company behind the most valuable stablecoin in terms of market capitalization, Tether, has formally stopped supporting three separate blockchains. The stablecoin issuer halted minting USDT on Kusama (KSM), the Simple Ledger Protocol of Bitcoin Cash (BCH), and Omni Layer (OMNI) on Thursday.

Tether, the firm behind the largest stablecoin by market cap, has officially ended support for three different blockchains. On Thursday, the stablecoin issuer stopped minting USDT on Kusama (KSM), Bitcoin Cash's (BCH) Simple Ledger Protocol (SLP), and Omni Layer (OMNI).

Tether, a prominent stablecoin issuer, has announced its decision to discontinue USDT blockchain support for Bitcoin, Kusama, and Bitcoin Cash, citing a meticulous evaluation of factors encompassing security, compliance, and customer support.

Tether, the stablecoin issuer, is set to halt its support for USDT on the Bitcoin, Kusama, and Bitcoin Cash platforms following a strategic evaluation of blockchain usage and efficiency

Tether (CRYPTO: USDT) Thursday announced that it will discontinue its support for USDT on the Bitcoin (CRYPTO: BTC), Kusama (CRYPTO: KSM), and Bitcoin Cash (CRYPTO: BCH) blockchains. What Happened: The stablecoin issuer evaluated the current transport layers and determined their relevance in the blockchain ecosystem.

With the Bitcoin Cash network's May 15 Cashtokens upgrade now three months behind us, bustling development in non-custodial wallets, marketplaces, non-fungible tokens (NFTs), games, and other applications continues unabated.

Bitcoin Cash (BCH) bulls have prevented a significant price drop below the $230 support level over the past week. On-chain data provides insights into potential price movements to anticipate if the BCH bears eventually seize control.

Following its peak at $328 for the year, the Bitcoin Cash (BCH) price has experienced a decline. This decline led the price to dip below the significant horizontal resistance level of $280.

Local authorities in the Indian state of Odisha took down a $120 million crypto Ponzi scheme on Tuesday. Local media revealed that the Economic Offences Wing (EOW) of the state police arrested two central figures behind the fraud that was operating pan-India.

After a bearish start to August 2023, Bitcoin Cash (BCH) price is finally flashing on-chain signals of a potential purple patch. With BCH short sellers suffering their highest liquidations since July 13, a market momentum swing could trigger another Bitcoin Cash price rally.