Why is Bitcoin Cash moving today?

Bitcoin Cash is essentially flat, up 0.4% over 24 hours to $277.35 on $199M of volume. There's no Bitcoin Cash-specific news driving the move: BCH is tracking a broader market that is steadying after a weak week, with Bitcoin up 1.2% to $82,597. The underperformance shows up on the longer view — BCH is down 11.0% over seven days against Bitcoin's 2.4% decline, a typical pattern for large-cap altcoins when liquidity thins out.

The market-wide backdrop remains risk-off. Ledger users were reportedly drained of more than $86 million in a suspected exploit, renewing questions about self-custody security, while Tether blacklisted four THORChain vaults holding 1.45 million USDT, halting the protocol's Tron swaps and liquidity-provider operations.

Enforcement headlines added to the caution. The DOJ is scrutinizing Binance's compliance with its 2023 settlement, New York AG Letitia James secured up to $35 million and a trading ban from former Celsius CEO Alex Mashinsky, and the US moved to seize $1 billion in crypto tied to Iran.