Bitcoin Cash (BCH) Soars 55% After BlackRock’s ETF Application and EDX Markets Launch

3:46 am
July 2, 2023
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The value of Bitcoin Cash (BCH) has seen a significant surge, increasing by 55% in the past week. This rise can be attributed to two major factors: BlackRock’s recent application for a Bitcoin spot ETF with the United States Securities and Exchange Commission (SEC), and the launch of EDX Markets.

BlackRock’s move to seek SEC approval for a Bitcoin spot ETF has sparked a wave of similar applications, creating a bullish sentiment in the cryptocurrency market. This sentiment has had a particularly positive impact on Bitcoin and its related projects, including Bitcoin Cash.

Timeline of BCH recent price surge buoyed by institutional interest: Source @bloomberg

The introduction of EDX Markets, a platform catering to institutional investors, appears to be the primary catalyst behind the recent price surge of Bitcoin Cash. Despite not being registered with the SEC, EDX Markets, with backing from industry giants Fidelity, Schwab, and Citadel Securities, carries significant weight in the market.

Jamil Nazarali, CEO of EDX Markets, has expressed confidence in the compliance of the four listed crypto tokens (Bitcoin, Ether, Bitcoin Cash, and Litecoin) with the SEC. The platform’s selective listing of cryptocurrencies, including Bitcoin Cash, is seen as a vote of confidence specifically for BCH.

The listing of Bitcoin Cash on the EDX Markets exchange indicates the token’s regulatory clearance, which holds significance as the SEC scrutinizes other blockchain projects.

Bitcoin Cash’s Uptrend Fueled By Volume Spike On Upbit

A significant factor that may have influenced the recent uptrend of Bitcoin Cash (BCH) is the short squeeze and an unexpected surge in trading volume on the South Korean exchange, Upbit. A short squeeze occurs when the price of an asset rises, leading traders who had bet against the asset’s price to cover their positions at a loss or face forced liquidation.

BCH liquidations in the past 30 days: Source @coinglass

The volatility in BCH’s price resulted in approximately $19 million in liquidations within the past 24 hours, with short orders accounting for 77% of the total amount. These liquidation levels represent the highest recorded in June 2023, according to data from Coinglass.

BCH’s price remained suppressed throughout the year, fluctuating between $100 and $150. However, its value experienced a significant vertical rise after being listed on EDX Markets. Currently, BCH is trading at $308.72, reaching levels last seen 14 months ago in May 2022.

BCH price has experienced a slight correction from its weekly high: Source @Tradingview

According to crypto research outlet The Tie, BCH trading volumes on Binance have reached levels not witnessed in two years. This indicates a resurgence of BCH’s trading interest following its listing on EDX Markets, showcasing a positive shift in the trading dynamics surrounding Bitcoin Cash.

At press time, BCH is trading at $280.7, with a 5% decline in the past 24 hours.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock and charts from Tradingview, Bloomberg, and Coinglass

FAQs

What caused the surge in Bitcoin Cash (BCH) value?

The surge in Bitcoin Cash’s value can be attributed to two main factors: BlackRock’s application for a Bitcoin spot ETF with the SEC and the launch of EDX Markets. These developments generated positive sentiment in the cryptocurrency market, particularly benefiting Bitcoin and related projects like Bitcoin Cash.

Why is the listing of BCH on EDX Markets significant?

The listing of Bitcoin Cash on EDX Markets indicates that the token has regulatory clearance, which is important as the SEC scrutinizes other blockchain projects. EDX Markets, backed by industry giants Fidelity, Schwab, and Citadel Securities, is a platform catering to institutional investors and carries significant weight in the market.

What is a short squeeze in the context of Bitcoin Cash?

A short squeeze occurs when the price of an asset, in this case, Bitcoin Cash, rises rapidly, causing traders who had bet against the asset’s price to cover their positions at a loss or face forced liquidation. This can lead to a surge in trading volume, as witnessed on the Upbit exchange.

What is the trading volume of BCH on Binance?

According to The Tie, BCH trading volumes on Binance have reached levels not witnessed in two years. This surge in trading interest signifies a renewed market interest in Bitcoin Cash following its listing on EDX Markets.

What is the current price of Bitcoin Cash (BCH)?

At the time of writing, Bitcoin Cash is trading at $280.7, with a 5% decline in the past 24 hours.


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