Bitmain just filed its IPO, and within an hour, the BCH price jumped from around $440 to $520. What gives? No one knows for sure what moves the market, but in my opinion it is the resolution of uncertainty over Bitmain's BCH holdings.
When Bitmain announced plans for their IPO, they revealed their balance sheets as part of the regulatory process. Shockingly, Bitmain holds or held one million BCH! The massive 'bag holding' was perceived as not good for BCH. Some rumors were circulating that Bitmain needed the IPO to get out of financial trouble. That seems unlikely because of consistent and large quarterly earning reports. But regardless of true or not, the fact that the IPO is proceeding resolves the uncertainty (markets hate uncertainty).
Bitmain can continue its hoarding strategy of BCH which means investors feel better about buying and will jump on low prices now. That is why price jumped 20% very quickly.
Hopefully, for BCH investors, this marks an end to an uncertain time, and the beginning of a fresh bull market.
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