The Surge in Bitcoin Cash Price: A Result of Recent Developments
The value of Bitcoin Cash ($BCH) has experienced a significant surge in recent weeks, with a growth of over 160% in the last 30 days. This increase in price can be attributed to several factors:
- The launch of EDX Markets, backed by Fidelity, Charles Schwab, and Citadel, which started trading BCH earlier this month.
- BCH being one of the few cryptocurrencies available for trading on the nascent exchange of EDX Markets.
- The fervor surrounding BCH on South Korea’s digital assets exchange Upbit, where trading volume against the Koean Won (BCH/KRW) has reached over $550 million in the past 24 hours.
- The growing enthusiasm for Bitcoin Cash in South Korea, evident in the significantly higher trading volume compared to BTC/KRW and BCH/USD pairs.
- Analytics firm IntoTheBlock’s data showing a surge in BCH balance held by swing traders on the cryptocurrency’s order books.
EDX Markets: Confident in Compliance with SEC
EDX Markets, in their quest to comply with the U.S. Securities and Exchange Commission (SEC), made a strategic decision to offer Bitcoin Cash alongside BTC, ETH, and LTC at its launch. CEO Jamil Nazarali believes that these cryptocurrencies are considered safe by the SEC because they are derivatives of the flagship cryptocurrency, created through forks of the Bitcoin blockchain. Lawrence Lewitinn, Director of Content at The Tie, describes the BCH rally as a combination of hope and greed, two driving forces behind market movements in the cryptocurrency space.
Overall, the recent surge in Bitcoin Cash’s price can be attributed to a combination of new trading opportunities, growing popularity in South Korea, and swing traders actively participating in the cryptocurrency’s market. The future of BCH remains uncertain, but its recent performance is indicative of the potential growth and opportunities in the cryptocurrency market.
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