Bitmain’s Bitcoin(BTC) and Bitcoin Cash(BCH) Holdings Gain Over $10 Million Amid 2-Day Crypto Rally
Cryptocurrency mining hardware manufacturer Bitmain has emerged as one of the biggest winners during the 2019’s first major crypto market recovery as the company saw a whopping $14.2 million gains in its Bitcoin (BTC) and Bitcoin Cash (BCH) holdings over the 2-day rally since April 2, according to a report from Caijing OnChain.
Bitcoin soared as much as nearly 20 percent on Tuesday, topping $5,000 for the first time since mid-November. The original cryptocurrency’s swift ascent after months of muted price moves has been reportedly attributable to an anonymous buyer purchasing more than $100 million worth of bitcoin over a short period of time, according to Reuters.
The sudden spike on Bitcoin pulls the entire cryptocurrency market up with other smaller cryptocurrency experiencing price jumps. Notably, Bitcoin Cash(BCH), Bitcoin’s most successful offshoot, skyrocketed to a five-month high of $342.87 today on April 3, up roughly 105% from its Monday low of $167.09, coinmarketcap data reveals. An increase in Bitcoin Cash futures trading on Kraken subsidiary Crypto Facilities and the launch of its Simple Ledger Protocol are said to behind BCH’s outsized price moves that outperform other Top 10 cryptocurrencies.
The dramatic jump in the value of BTC and BCH helps Bitmain, one of the ‘whales’ behind these two popular digital currencies, recover from their losses in the prolonged crypto winter.
Twitter user btcking555 said on February 19 that the Beijing-headquartered crypto mining giant held 6,000 BTC and 750,000 BCH, citing the insider source. Those holdings were worth nearly $130 million in value at the time which was down over 90% from the same period last year.
It is unclear how many BTC and BCH coins Bitmain is holding now, but based on the above-mentioned holdings, the company witnessed an increase of nearly $8.993 million in its BTC holding from Tuesday to Wednesday , and $5.24 million was pulled back into its BCH holding. It means Bitmain sees nearly $14.2 million gain on its two major digital assets in the 2-day price rally.
As of the time of this writing ,the largest crypto by market cap is trading at $5025, up 1.46% over the past 24 hours, while BCH, the fourth largest crypto stands at $301.96,with a 24 hour gain of 18.33%, according to coinmarketcap.