Bitcoin Cash Surges by Nearly 5% in 15 Minutes but Immediately Dips Again

Bitcoin Cash’s price spiked by more than 5% earlier today but immediately dropped again following a fake press release.

BCH’s Price Experiences Sharp Movements

Bitcoin Cash experienced a sharp but short-lived surge in price earlier today fueled by a fake press release. The cryptocurrency’s price rallied by more than 5% after a press release that United States supermarket giant Kroger would be accepting the Bitcoin Cash as payment this holiday season.

However, the news turned out to be fake, and BCH’s price immediately dropped again. Following the fraudulent news, BCH’s price spiked by more than 5%, from $602.63 at the time of the press release to reach a daily high of $630.70.

The price movement occurred in less than 15% as investors looked to take advantage of the adoption to gain reasonable entry into the BCH ecosystem. However, BCH gave back all the gains it had acquired after the press release was said to be fake and the news was retracted.

BCH fell back towards the $601 level and risks dropping below $600 over the coming hours if the selling spree continues. According to the press release issued by PRNewswire, Kroger would be accepting Bitcoin Cash for all in-store and online purchases starting December 1.

However, a company spokesperson said the news was fraudulent, adding that further information would be provided soon. At the time of this report, PRNewswire has removed the press release from its website.

BCH Risks Dropping Below $600

The recent spike and dip in BCH could affect its price negatively in the coming hours. The market took only 15 minutes to dump the cryptocurrency and cause its price to fall back to its previous level.

As more investors and traders gain knowledge of the encounter, BCH could face further sell-off over the coming hours, ultimately leading to the cryptocurrency dropping below the $600 level. Kroger also coming out with a statement to debunk its BCH acceptance news could do further damages to the cryptocurrency’s price.