Bitcoin Perks Up as Gemini Backs Bitcoin Cash

The prices of major cryptocurrencies increased on Monday morning in Asia, as a Winklevoss-backed crypto exchange in New York is set to start trading Bitcoin Cash, and Venezuela announced it would be trading oil via its cryptocurrency.

Bitcoin gained 2.65 percent to $3,559 and Ethereum edged up 0.52 percent to $92.18 on the major indexes.

XRP also gained 0.78 percent HK$3.0754 on the Poloniex exchange, while Litecoin increased 0.24 percent to $24.993 on the Bitfinex exchange.

Bitcoin Cash swelled 4.03 percent to $106.63 on major indexes.

Gemini, which is founded in 2015 by the Winklevoss brothers, announced last Friday that the exchange would support the trading of Bitcoin Cash’s fork, Bitcoin ABC, after acquiring approval from the New York State Department of Financial Services.

“Bitcoin Cash seeks to build on the goal of the original Bitcoin and become an electronic cash system, similar to other payment methods such as debit and credit cards,” said Eric Winer, who is the vice president of engineering at Gemini, on the company’s blog. “Their roadmap includes changes such as adjustable blocksize caps, canonical transaction ordering, and new operating codes, which lay the groundwork for further transaction throughout enhancements.”

Gemini said that it would evaluate Bitcoin SV, another fork of Bitcoin Cash, over the coming months. On the other hand, it has yet to come up with a decision on whether to support the withdrawal or trading of the token.

Elsewhere, Venezuela will use the country’s digital token, Petro, in selling oil next year, according to reports citing President Nicholas Maduro in the state-run TV TeleSUR on Thursday. The decision aims to lower the country’s dependence on the US dollar.

“In 2019, we have a schedule for [oil] to be sold in Petros and in this ways continue to free us from a currency that the elite of Washington uses,” Maduro has been quoted as saying.

Maduro’s speech came after his meeting with his Russian counterpart Vladimir Putin in Moscow, who was said to have begun trading oil with the Chinese yuan.