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What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency created in 2017 from a split or a hard fork of Bitcoin. Bitcoin Cash has its own blockchain and specifications and differs from Bitcoin in one key aspect – it has an increased block size to make the verification process faster. At its inception, it had a block size of 8 MB which increased by 4 times in 2018 to reach 32 MB, but the actual block sizes still utilize a small fraction of the 32MB limit. Bitcoin Cash is able to process more transactions per second faster than the Bitcoin network. This makes wait times shorter and transaction fees usually lower.
Changes in Bitcoin Cash Prices
Bitcoin Cash is one of the altcoins that appeared most recently and investors compare the performance of Bitcoin cash to that of Bitcoin. However, the price of Bitcoin Cash has never reached the prices of Bitcoin and some investors believe that is not possible. The altcoin was created to facilitate everyday transactions and if the price climbs too high, it won’t be practical to use for every day online payments.
Which Factors Move the Price of Bitcoin Cash?
The top factors that can possibly affect the price of BCH include:
Supply and Demand
The price of Bitcoin Cash will increase if the demand for it exceeds its supply. The idea behind creating Bitcoin Cash was to address Bitcoin’s inefficiency and lack of scalability. Therefore, concerns over Bitcoin’s efficiency and future could result in demand for BCH rising, driving the price higher.
Growing awareness for Bitcoin Cash could cause the demand for the altcoin to rise. According to a 2020 survey by FCA (Financial Conduct Authority) in the U.K., 20% of participants had heard of Bitcoin Cash which shows that the digital asset is among the most well-known altcoins. High levels of public awareness over BCH could signal that investors are more likely to trade it.
The term “crypto whales” refers to individuals or entities that hold big amounts of cryptocurrencies. These holders can cause artificial volatility and push prices to increase or decrease in order to profit from the asset movement.
If Bitcoin Cash becomes a more established and widely accepted form of payment, its real-life applications will increase. Therefore, the demand for it will go up driving the price higher as well.
Availability on Crypto Exchange Platforms
An increase in popularity for Bitcoin Cash may result in the altcoin appearing in more major cryptocurrency exchange platforms. The greater the number of platforms the digital coin appears on, the greater the availability of the coin and the highest the probability that investors trade it.
The Japanese yen is the official currency of Japan – the third largest national economy in terms of nominal GDP. It is one of the most traded currencies in the foreign exchange market trailing behind the United States Dollar and the Euro. It is also a reserve currency alongside other currencies including the U.S. Dollar, the Euro, and the British pound. The economy of Japan is largely based on the manufacture and export of large quantities of automobiles and electronic goods while it recently started focusing on high-tech and precision goods.
Due to its high popularity, the Japanese Yen typically has high liquidity which translates to lower spreads and faster execution.
What Moves the Price of the JPY?
The price of the yen is moved by the same set of factors that move most currencies across the forex market. These factors include economic data releases, central bank announcements, natural disasters, geopolitical events, and government policies. However, there is also a specific set of factors that investors should be aware of when trading the currency:
The Tankan Survey
The Tankan Survey is an economic report issued by the Central Bank of Japan which covers thousands of Japanese companies that are either considered to be highly influential or have a specified minimum amount of capital. The companies take part in a survey and are asked about the current trends and conditions in the business place and their industries. They are also asked to present their expected business activities for the next quarter and year. The Tankan survey is released before Japan’s gross domestic product (GDP) data and is considered a key indicator for the report.
The low interest rates of the Bank of Japan, make the yen an attractive currency for investors to borrow in order to buy currencies from other countries which pay a higher interest rate on their bonds. The pressure of low towards negative global interest rates combined with low interest rates in Japan weaken the yen, motivating investors to liquidate their yen positions in favor of other assets.
Bank of Japan (BoJ) Interventions
The Bank of Japan has been selling the yen to keep the currency value low and maintain a competitive edge in exports globally.