This past week finally saw Korean exchange Upbit complete rebranding. The announcement led to a lot of excitement on XEC markets. We also saw an AMA with ABC’s lead developer Amaury Séchet, Jihan Wu stating he holds eCash (XEC), a new listing on a swap exchange, a new Nasdaq.com article and overall crypto markets relieved by US government announcing to not have any plans to ban crypto and happy to leave the month of september behind. Although the week in eCash started and ended calmly, in the middle of the week did see a lot of excitement. Let's take a closer look at what happened this Week in eCash.
AMA with Lead Developer Amaury Séchet
After a mostly quiet Sunday the week started with an AMA (Ask Me Anything) with lead developer Amaury Séchet. Organized by the Official Korean eCash Telegram group, the organizers narrowed in down to a total of 13 questions from members of the group. Those were translated into English and subsequent answers were translated into Korean for the attending group members. The event took place early in the morning (UTC).
eCash AMA Reported
Later that day saw the publication of a summary of the event as well as a more elaborate article by eCash News Today describing the event, detailing the questions and answers and providing some additional background information. The event did not result in any groundbreaking revelations. However it was noteworthy that the details about future staking rewards are apparently not yet decided. Multiple questions about what is planned after the implementation of avalanche pre and post consensus, were also answered.
Upbit Announces Start of BCHA to XEC Rebranding
Tuesday September 28 was filled with action starting with the long awaited announcement by Upbit Korea that it would finally start the BCHA to eCash (XEC) rebranding. The process started with the closing of deposits and withdrawals so customers' holdings could be correctly redenominated to the smaller eCash XEC unit. Closing of the BCHA / KRW and BCHA/BTC markets was scheduled to take place a day later on the 29th.
eCash top gainer in the top 100 on CoinMarketCap
The announcement by Upbit was received with great enthusiasm which led to a short but intense price rally. As a result eCash showed up on the top of the rating lists for daily gains. The official eCash Twitter account reported that it was seen to be top gainer in the top 100 on the CoinMarketCap.com site. CryptoBubbles.net also showed it as the top gainer of the day.
Why eCash Is Soaring Today
A new eCash article was published by Nasdaq.com on September 28th. The article reports on the price gains of that day and looks at the differences between the Bitcoin network and the eCash network and recommends people to put it on their watch list.
SwapSpace Adds eCash (XEC) Support
Instant cryptocurrency exchange SwapSpace.co announced this Tuesday that their service now also supports eCash (XEC). With over 700 supported coins and tokens this is a convenient option for people to explore and use. It is always important to check the requirements and all details of any service before using it, but looking at their TrustPilot reviews their customer support is above average and the service they deliver is reported to mostly be good to very good. Looks to be a good addition to the list of exchange services available for eCash investors and traders.
eCash Shows Positive Trend — XEC May Hit a Breakout Soon
Coin Quora also noticed the price action on September 28 and published an article that takes a closer look at the eCash project. Not only market and supply numbers were given but the writer takes a deeper dive into the fundamentals of the project and the future technical plans and goals. It concludes that XEC is a “promising investment and will have its breakout someday.”
Jihan Wu Holds eCash - MatrixPort Applies Rebranding
On September 29th an article by eCash NEWS Today reported about an interview with Jihan Wu. One of the legendary co-founders of Bitmain, the leading ASIC manufacturer, came to discuss his current businesses MatrixPort and BitDeer. In the interview it was revealed that he holds eCash. As he has been very quiet about the fork of Bitcoin Cash before, it was seen as a very positive sign that he made explicit mention of his eCash holdings. With MatrixPort announcing completion of BCHA to eCash (XEC) rebranding only last week it may signal inclusion of the coin in more MatrixPort products in the near future.
eCash Content Contest Reaches Halfway Mark
On wednesday September 29 the eCash Content Contest organised by CainBCHA on Twitter saw its 50th prize winner and with that it reached its halfway mark. The Competition/Giveaway has seen some great contributions and it is a joy to search for #eCash and $XEC on the social media platform as it immediately bombards the searcher with a fantastic collection of creative content. Well done to all those that time and creativity in creating content and congratulations to CainBCHA for creating such a very successful competition resulting in enormous amounts of positive energy.
Upbit Completes Rebranding
Early on Thursday September 30, Korean exchange Upbit announced the completion of BCHA to eCash (XEC) rebranding and redenomination. BCHA/KRW trading engine was redenominated into XEC / KRW market and trading resumed. Deposits and Withdrawals also were opened again with the exchange urging users to use the newly generated deposit addresses as using old addresses would lead to costly recovery processes. The price rally upon opening of XEC trading that was expected by some did not materialize and instead the price retraced to earlier levels in the days that followed.
Upbit Indonesia Completes Rebranding
A day after its parent company, Upbit Indonesia fully completed the rebranding on Friday October 1. While it had made the completion announcement a day before and deposits and withdrawals of XEC were also enabled again on September 30, it took the Indonesian subsidiary a day longer to rebrand and redenominate their trading engine resulting in the XEC/IDR opening on Friday. Again traders were urged to use new deposit addresses.
eCash Contest / Giveaway Update
Another week means another 7 winners of the daily 1,000,000 XEC prize that is part of the eCash content contest organised by CainBCHA. 7 more contenders for the 3 grand prizes totalling 50,000,000 XEC that will be awarded at the end of the contest to the best of those 100 daily winners. Let’s see who this week's winners are.
First winner of the week is @Mdickysetiawan5 for an informative eCash video that already has 4k views. Almost at the halfway mark of the competition CainBCH decided to focus on those that have not won yet but stand out because of the full body of content that they have created over the 9 weeks that have already gone by. Monday’s winner @Drian831 indeed has created great graphics, gifs and videos, Tuesday saw @TOTHEMO55650482 praised for his passion and energy reflecting in his photos and videos. Wednesday, at the halfway mark of the competition the 1 million XEC prize went to @prsyt88 for all his amazing images.
Monday’s winner @Drian831
On Thursday @crmcleod87 was rewarded for his tweet demonstrating the reality about supply numbers. Another long overdue winner saw his work rewarded on Friday. @HafidStail won 1 Million XEC for his great gifs, pictures and videos. Last winner of the week is @harxr for his image that Cain also used in his latest article. That concludes the weekly contest with yet again 7 very deserving winners. We are looking forward to reporting on 7 more winners next week.
Total prize money: 150 million XEC
Awarded to date: 53 million XEC
Still to be awarded:
47 million XEC in daily prizes and 50 million XEC in grand prizes
This Weeks Market Action
XEC price ended the week up 14.4% from $0.00021879 to $0.00025032 due largely to South Korea exchange Upbit announcing on 2021-09-28 the formal conversion of the rebranded and redenominated BCHA to the XEC (1 BCHA = 1M XEC). Upbit deposits and withdrawals were suspended on that date and resumed trading under the new ticker on 2021-09-30. XEC price peaked at $0.00027283 around the day of the announcement with trading volume also shooting up.
Upbit volume had been reported by Coingecko under the BCHA ticker until the suspension, and CoinMarketCap has now included Upbit in its daily volume figures for XEC. Average trading volume as reported by Coingecko for the combined BCHA+XEC during the week was $502M, above last week’s level due to the Upbit announcement.
Although XEC moved up the CoinMarketCap ranks during the week, it ended where it started at #37.
With most of the exchange related rebranding news in the rearview mirror, the market is taking a breather as it waits for the formal integration of Avalanche post consensus into the eCash protocol. Avalanche post-consensus purports to improve the chain’s ability to rebuff 51% attacks. The improved security feature has eCash crypto twitter abuzz with the adoption of the new hashtag #BlueGold.