Bitcoin Cash
Early Bitcoin Adopter Roger Ver Asks President Trump To Save Him From Extradition After Tax Evasion Charges
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4 weeks agoon
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Bitcoin Cash (BCH) pioneer and early crypto adopter Roger Ver is pleading with President Donald Trump for a pardon.
Ver posted a video on the social media platform X claiming to be the victim of “lawfare.”
“As I’m filming this, this might be my very final moments of freedom. By later tonight in Spain I could very well be in a Spanish prison on my way back to the United States to face life in prison, up to 109 years. Not because I’ve done anything wrong, but because of my activism within cryptocurrency.
But there are some people who hate America. They’ve used lawfare against people who are spreading American ideals. And if there’s anybody who knows what it’s like to be the victim of lawfare for spreading American ideals, it’s Donald Trump. They’re doing the exact same thing to me that they’ve done to you.”
Ver, an early Bitcoin (BTC) investor who later decided to support the BCH fork, was arrested in Spain in late April at the direction of the U.S. Department of Justice (DOJ). He faces multiple charges, including mail fraud, tax evasion and filing false tax returns.
Despite renouncing his United States citizenship in 2014 after obtaining citizenship in Saint Kitts and Nevis, authorities say Ver should have filed tax returns that reported capital gains from the sale of his worldwide assets, including his Bitcoin, and reported the fair market value of his assets.
It remains unclear whether Trump will be receptive to Ver’s plea: Elon Musk, the president’s highest-profile supporter, argues that the BCH pioneer shouldn’t receive a pardon.
“Roger Ver gave up his US citizenship. No pardon for Ver. Membership has its privileges.”
Ver was a vocal “big-blocker” in the Bitcoin Blocksize War who wanted to increase BTC block sizes to enable cheaper, faster transactions. “Small blockers” like Blockstream chief executive Adam Back argued that Bitcoin’s original 1MB-sized blocks kept the network decentralized.
Ver claims that propaganda, possibly from US intelligence agencies, was spread to trick people into believing it was important to keep the BTC block sizes small.
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Bitcoin Cash (BCH) added nearly 35% to its value in the past month and rallied 12% on Nov. 21. Bitcoin’s (BTC) observed a rally to $98,384 early on Nov. 21, with BCH and other top cryptocurrencies tagging along for the ride.
An analysis of on-chain and technical indicators and data from the derivatives market shows that BCH could extend gains and retest its mid-April 2024 peak of $569.10.
Bitcoin hits all-time high, fork from 2017 ignites hope for traders
Bitcoin hit a record high of $98,384 on Nov. 21, a key milestone as the cryptocurrency eyes a run to the $100,000 target. BTC was forked in 2017, creating a spin-off or alternative, Bitcoin Cash.
BCH hit a peak of $1,650 in May 2021. Since April 2024, BCH has been consolidating with no clear trend formation.
BCH price rallied nearly 30% since Nov. 15, on-chain indicators show that further rally is likely in the Bitcoin spin-off token.
Bitcoin Cash’s active addresses have climbed consistently since August 2024. Santiment data shows an uptrend in active addresses, meaning BCH traders have sustained demand for the token, supporting a bullish thesis for the cryptocurrency.
The ratio of daily on-chain transaction volume in profit to loss exceeds 2, is 2.141 on Thursday. BCH traded on-chain noted twice as many profitable transactions on the day, as the ones where losses were incurred. This is another key metric that paints a bullish picture for the token forked from Bitcoin.
Binance funding rate is positive since Nov. 10. In the past eleven days, traders have been optimistic about gains in BCH price, according to Santiment data.
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The network realized profit/loss metric identifies the net gain or loss of all traders who traded the token within a 24 hour period. NPL metric for Bitcoin Cash shows traders have been taking profits on their holdings, small positive spikes on the daily price chart represent NPL.
Investors need to keep their eyes peeled for significant movements in NPL, large positive spikes imply heavy profit-taking activities that could increase selling pressure across exchange platforms.
84.48% of Bitcoin Cash’s supply is currently profitable, as of Nov. 21. This metric helps traders consider the likelihood of high profit-taking or exits from existing BCH holders, to time an entry/ exit in spot market trades.
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Derivatives traders are bullish on BCH
Derivatives market data from Coinglass shows a 33% increase in open interest in Bitcoin Cash. Open interest represents the total number of active contracts that haven’t been settled, representing demand for the BCH token among derivatives traders.
Derivatives trade volume climbed 613% in the same timeframe, to $2.35 billion. Across exchanges, Binance and OKX, the long/short ratio is above 1, closer to 2, meaning traders remain bullish on BCH and expect prices to rally.
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BCH futures open interest chart shows a steady increase in the metric, alongside BCH price gain since November 5, 2024. Open interest climbed from $190.74 million to $254.87 million between November 5 and 21.
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Technical indicators show BCH could gain 18%
The BCH/USDT daily price chart on Tradingview.com shows that the token remains within the consolidation. The token is stuck within a range from $272.70 to $568.20. BCH could attempt to break past the upper boundary of the range, a daily candlestick close above $568.20 could confirm the bullish breakout.
The April 2024 high of $719.50 is the next major resistance for BCH and the second key level is at $805.80, a key level from May 2021.
The relative strength index reads 64, well below the “overvalued” zone above 70. RSI supports a bullish thesis for BCH. Another key momentum indicator, moving average convergence divergence flashes green histogram bars above the neutral line. This means BCH price trend has an underlying positive momentum.
The awesome oscillator is in agreement with the findings of RSI and MACD, all three technical indicators point at likelihood of gains.
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A failure to close above the upper boundary of the range could invalidate the bullish thesis. BCH could find support at the midpoint of the range at $419.90 and the 50-day exponential moving average at $388.50.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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