Bitcoin Cash (BCH) will trade on June 20 at EDX Markets, backed by major financial institutions including Fidelity Digital Assets, Charles Schwab and Citadel Securities. has continued to rise at a furious speed. BCH is one of four coins that can be traded on the exchange.
According to CoinDesk data, the cryptocurrency surged more than 30% in the past 24 hours, hitting a 14-month high of $320, the highest cumulative gain since its debut on EDX on June 20. reached 183%.
The latest price spike is backed by a notable increase in trading activity on South Korea’s most prominent cryptocurrency exchange, Upbit.
The Upbit-listed Bitcoin Cash/Korean Won (BCH/KRW) pair has recorded a trading volume of $557.63 million in the past 24 hours, according to Coingecko data. . This is about 3.5 times the value of Upbit’s bitcoin-won pair (BTC/KRW) of $160 million (approximately ¥23.148 billion), and the Nasdaq-listed exchange Coinbase’s BCH/USD of 8,700. It is 5.5 times that of 10,000 dollars (about 12,587 million yen).
The data shows that the enthusiasm generated by BCH being offered by exchanges backed by prominent financial institutions has reached the Far East.
EDX Markets CEO Jamil Nazarali has decided to offer BCH, BTC, Ethereum (ETH) and Litecoin (LTC) at the start of trading on CoinDesk’s “First Mover” on June 20. This is because these cryptocurrencies are considered safe from regulation by the U.S. Securities and Exchange Commission (SEC).
“Nazarali explained that he believes Bitcoin derivatives Litecoin and Bitcoin Cash are not securities. The Tie’s content director and host, Lawrence Lewitinn, said in Wednesday’s newsletter.
“Therefore, regardless of fundamentals, the rise in BCH can be attributed to a combination of hope and a touch of greed, two of the factors that often drive market movements in the crypto space.” added Lewitin.
On-chain data shows an increase in the participation of traders and speculators looking to make quick money from the bullish sentiment prevailing in the BCH market.
BCH balances held by traders and wallets who have owned the coin for less than a month have surged 33% over the past 30 days, according to analytics firm IntoTheBlock.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Bitcoin Cash Tops $300 as South Korean Trading Volumes Surge