Crypto
BCH Price Plummets 12% Amid Hawkish Fears
Bitcoin Cash has taken a hit in the past week, dropping by 12% and down 7.7% in the last 24 hours.
The decline is attributed to hawkish fears following Federal Reserve Chair Kevin Warsh's speech at Jackson Hole, which put downward pressure on Bitcoin Cash (BCH).
The Open Interest was down 9.6% in a day, reinforcing bearish short-term pressure on the altcoin. The long-term trend was also bearish.
According to charts, BCH has traded within a range for two years, but recently broke out of it and fell back below $300. This has led some analysts to question if the August rally was just a minor reprieve.