Bitcoin Cash Surges to Over 1-Year High
Bitcoin Cash (BCH) has experienced a significant increase in price and trading volume due to factors such as its introduction by EDX Markets, backed by Fidelity, Charles Schwab, and Citadel. EDX Markets only made four cryptocurrencies available for trading at the launch: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. CEO Jamil Nazarali believes these were chosen due to their perceived safety and compliance with US SEC regulations.
Analysts also believe the price rise may be due to the hard fork upgrade, which was completed in mid-May but did not start until June 20. However, the fork improved network security and privacy measures, which could increase attention to BCH.
The price of Bitcoin Cash (BCH) has risen due to an increase in trading volume in South Korea, driven by increased demand and the asset’s introduction on the EDX exchange. CoinGecko’s data shows a $658.25 million trading volume on Upbit, more than three times larger than the $166.93 million volume on the Bitcoin-Korean Won (BTC/KRW) pair.
This suggests that the significant rise in BCH’s price is a result of factors such as increased demand for Bitcoin Cash among South Korean users of Upbit and the asset’s presence on the EDX exchange.
(With inputs from Shikha Singh)
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