Bitcoin Slips Under $86K as Money Flows into BCH and ZEC
The cryptocurrency market is experiencing a shift in speculative capital from Bitcoin to altcoins. BCH has surged by 28% after CME Group announced that it will list Bitcoin Cash and Uniswap futures from October 19th.
This news has propelled Bitcoin Cash to nearly $349, making it the largest mover among significant tokens over the past 24 hours.
Futures on a regulated U.S. exchange like CME give funds a way to take a position without holding the coin directly, which is important for institutions that are barred from custodying crypto due to their mandates.
Bitcoin itself has dropped under 1% in the past 24 hours after reaching an intraday high near $87,300 on Monday and selling off into it. ZEC rose by 9% to just above $1,646 and XRP increased by 3% to nearly $1.59.