Bitcoin Cash (BCH) tops $300 amid surge in South Korean trading volumes
Bitcoin cash (BCH) continues to rally at a furious pace in the wake of Fidelity, Charles Schwab and Citadel-backed EDX Markets’ decision to debut on June 20, with BCH as one of the only four coins available for trading on the exchange.
The cryptocurrency has jumped 30% in the past 24 hours to a 14-month high of $320, taking its cumulative gain since EDX’s June 20 debut to 183%, CoinDesk data shows.
The latest price increase is supported by a noticeable increase in trading activity on South Korea’s most prominent digital asset exchange Upbit.
Data tracked by Coingecko shows that the bitcoin-cash-Korean won (BCH/KRW) pair listed on Upbit has recorded a trading volume of $557.63 million in the past 24 hours. That̵[ads1]7;s nearly 3.5 times the $160 million volume of Upbit’s BTC/KRW pair and 5.5 times the $87 million BCH/USD volume on the Nasdaq-listed Coinbase exchange.
The data shows that the enthusiasm generated from BCH offered by an exchange backed by prominent institutions has reached the Far East.
EDX Markets decided to offer BCH, BTC, ETH and LTC for trading at launch because these cryptocurrencies are considered safe from the point of view of being complained to the US Securities and Exchange Commission, Jamil Nazarali, CEO of EDX Markets, said on CoinDesk’s ” First Mover” program on 20 June.
“Nazarali explained that they felt confident that litecoin and bitcoin cash, as derivatives of bitcoin, were not securities. While there is some interest, it is not significant,” said Lawrence Lewitinn, The Tie Director of Content and host in Wednesday’s edition of the newsletter.
“Therefore, the BCH rally can be seen as a combination of hope and a touch of greed, two of the ingredients that often fuel market movements in the cryptocurrency space, regardless of underlying fundamentals,” Lewitinn added.
Onchain data shows that the participation of traders or speculators looking to cash in on the prevailing bullish sentiment in the BCH market has increased.
According to research firm IntoTheBlock, The BCH balance held by traders or wallets holding coins for less than a month has risen by 33% in the last 30 days.
