Gemini users to trade ABC Network Bitcoin Cash

Gemini users to trade ABC Network Bitcoin Cash

Winklevoss brothers cryptocurrency exchange Gemini will offer custody and trading for Bitcoin Cash to all its costumer starting now, according to a press release published in its Medium official account.

Gemini informed all its clients that they are allowed to deposit bitcoin cash into their Gemini account since Saturday, December 8 at 9:30 am ET. Then, BCH trading will begin on Monday, December 10 at 1 pm ET.

“At this time, we will only be providing support for the Bitcoin ABC network, and we will be referring to it as Bitcoin Cash with ticker: BCH,” said the post. “We have added replay protection to all BCH withdrawals from the Gemini platform to ensure transactions are only valid on the Bitcoin ABC blockchain.”

This announcement was possible as the New York State Department of Financial Services approved Gemini’s project on Bitcoin Cash as it says the announcement.

“We have worked closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Bitcoin Cash trading and custody services for our customers, and we are excited to add this cryptocurrency to the Gemini platform — the world’s most regulated cryptocurrency exchange and custodian.”

The post published in the name of Eric Winer, Gemini VP of Engineering, highlights that they are “proud to provide our customers with a safe, secure, and compliant method to buy, sell, and store cryptocurrency as we build the future of money.”

Bitcoin Cash is the fifth digital currency available in the Gemini platform. Before, the company added Bitcoin, Ether, Litecoin, and Zcash.

With the new asset, the cryptocurrency exchange will add BCH/USD, BCH/BTC, BCH/ETH, LTC/BCH, and ZAC/BCH. With continuous trading, block trading and daily auction at 4 pm ET services.

Bitcoin cash trading at historically low levels

As a matter of reference, Bitcoin Cash is trading around $107.01 in the Coinbase exchange, near to its all-time low of $94.20 reached the past December 7, 2018.

BCH/USD is trading under pressure since mid-November when the hard fork sent the pair 15% down from $400 to $200 in a matter of hours. In 2018, BCH/USD is trading 95% down, while Bitcoin Cash has lost 97% of its value since its opening price in December 2017.

Technical indicators for the BCH/USD are weak as moving averages are aligned to the downside and studies are well below its midlines. However, the introduction made by Gemini will attract more customers to BCH/USD and then more traders and money into the cryptocurrency.

We can expect a rebound from lows.

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