Bitcoin Cash Soars After False News Involving The Currency


Bitcoin Cash: This Friday (5), Bitcoin Cash (BCH) faced a sudden high after the release of a false news. Published on the press release site PR Newswire, the article claimed that the famous North American supermarket chain Kroger would adopt cryptocurrency as payment in the next holiday season in the United States, a period that usually marks a significant increase in sales in the country. The content gained even more credibility after appearing on an official company page.

Following the publication, the price of Bitcoin Cash rose from $602.63 to $630.70 in less than 15 minutes — recording around 5% appreciation in the period. Then, the news was denied by Kroger itself, in a statement to the CoinDesk website, causing the cryptocurrency to “return” all the excitement received, returning to the level of US$ 600, or R$ 3,300 in direct conversion.

The case is curiously similar to the appreciation of Litecoin, even in September of this year, in the face of false news about its adoption as a form of payment in the Walmart network. At the time, the price of cryptocurrency also dropped to its initial level a few minutes after clarifications from the company.

Important differences

In this context, it is noteworthy that Bitcoin Cash (BCH) is not the same digital asset as the so-called Bitcoin (BTC). More specifically, this cryptocurrency is the result of a fork in the original Bitcoin network, proposed by Satoshi Nakamoto in 2009.

This effect, also known as “hardfork” in the English term, occurs when there is no definitive consensus among the participants in the Bitcoin network — called the Blockchain. As a result, a new cryptocurrency can be “born”, keeping some of the original features, but with its own goals.