May 22, 2024

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Bitcoin Cash (BCH) tops $300 amid a surge in trading volumes in South Korea

Bitcoin Cash (BCH) tops $300 amid a surge in trading volumes in South Korea

Bitcoin cash (BCH) continues to skyrocket in the wake of Fidelity, Charles Schwab and Citadel-backed EDX Markets’ decision to debut on June 20, with BCH being one of the only four coins available for trading on the exchange.

The cryptocurrency has jumped more than 30% in the past 24 hours to a 14-month high of $320, bringing the cumulative gain since EDX’s debut on June 20 to 183%, CoinDesk data shows.

The recent rally in prices has been fueled by a significant increase in trading activity on Appbit, South Korea’s most prominent digital asset exchange.

Data tracked by Koenjiko View, the Korean Bitcoin Cash-Won (BCH/KRW) pair listed on Upbit recorded a trading volume of $557.63 million in the past 24 hours. This is approximately 3.5 times the volume of $160 million in the BTC/KRW pair of Upbit and 5.5 times the volume of $87 million in BCH/USD of the Nasdaq-listed Coinbase.

The data shows that the enthusiasm generated by the BCH offered by the exchange backed by high-profile institutions has reached 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 a complaint with the US Securities and Exchange Commission, Jamil Nazarali, CEO of EDX Markets, said on CoinDesk’s “First Mover” on June 20.

“Nazarali explained that they felt confident that Litecoin and Bitcoin Cash, as derivatives of Bitcoin, are not securities. While there is some interest, it is not material,” said Lawrence Leutin, content director and host of the Wednesday edition of the newsletter.

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“Therefore, the BCH rally can be seen as a combination of hope and a touch of greed, two ingredients that often fuel market movements in the cryptocurrency space, regardless of the underlying fundamentals,” Leutin added.

Onchain data shows the participation of traders or speculators looking to make a quick profit from the prevailing bullish trend in the BCH market.

Per IntoTheBlock analytics company, BCH credit Merchants who hold theirs or wallets that hold coins for less than a month have jumped 33% in the last 30 days.