Bitcoin Cash Tops $300 as South Korean Trading Volumes Surge
The bitcoin cash-Korean won (BCH/KRW) pair listed on Upbit has registered a trading volume of $557.63 million in the past 24 hours. That's nearly 3.5 times
Bitcoin cash (BCH) continues to rally at a breakneck speed in the wake of Fidelity, Charles Schwab and Citadel Securities-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 over 30% in the past 24 hours to a 14-month high of $320, taking the cumulative gain since EDX's debut on June 20 to 183%, show.
The lates t price surge is backed by a notable increase in trading activity on South Korea's most prominent digital assets exchange Upbit.
Data tracked by show, the bitcoin cash-Korean won (BCH/KRW) pair listed on Upbit has registered a trading volume of $557.63 million in the past 24 hours. That's nearly 3.5 times bigger than the volume of $160 million in Upbit's BTC/KRW pair and 5.5 times the BCH/USD volume of $87 million on the Nasdaq-listed Coinbase exchange.
The data shows the from BCH being 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 the launch because these cryptocurrencies are considered safe from the viewpoint of being complaint with the U.S. Securities and Exchange Commission, Jamil Nazarali, CEO of EDX Markets, said on CoinDesk's .
"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 substantial," Lawrence Lewitinn, The Tie Director of Content and host said 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 show the participation of traders or speculators looking to make a quick buck from the prevailing bullish sentiment in the BCH market has increased.
Per analytics firm IntoTheBlock, held by traders or wallets holding coins for less than a month has jumped by 33% in the last 30 days.
(July 4): Updates lede to mention Citadel Securities as the firm backing EDX Markets.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Analysis Company: Spot ETF Excitement May Occur in a Surprise Altcoin in 2025! – No ETF Application Has Been Made to Date!
Wintermute analysts said that in 2025, a fundamental asset manager will launch a memecoin ETF.
VIPBitget VIP Weekly Research Insights
The U.S. 10-Year Treasury yield has been rising recently, with the U.S. Dollar Index surpassing the 110 mark. The upcoming release of CPI data and the uncertainty surrounding Trump's inauguration next week could further heighten market volatility. Risk aversion is evident in the market, as global risk assets have shown sluggish performance. In this environment of tense market sentiment and impending macroeconomic data releases, we recommend that investors reduce leverage, manage risks carefully, and set aside funds for potential buying opportunities. This edition highlights some of Bitget's token launch promotions and on-chain Earn products based on USDT/USDC, BTC, and SOL, offering investors a wider range of options.
Cardano’s 22% Weekly Surge Locks in the $1 Key Zone
Cardano (ADA) has broken out of a symmetrical triangle with a 22% surge, pushing above the critical $1 resistance. Bullish indicators suggest more upside potential, but a failed retest could send prices lower.
Bitcoin price slips 3%, ignores US jobs beat as XRP sees all-time high