Bitcoin Cash (BCH) surged on the recent debut of Fidelity, Charles Schwab, and Citadel-backed EDX Markets on June 20.
With BCH being one of the only four coins available for trading on the exchange, its price has soared over 30% in the past 24 hours, reaching a 14-month high of $320.
This surge is accompanied by a significant increase in trading volume on South Korea’s prominent digital assets exchange, Upbit.
The enthusiasm generated from BCH being offered on an exchange backed by renowned institutions has spread to the Far East. Let’s delve into the details.
Optimisus data reveals that the price of Bitcoin Cash has surged by 35% in the past 24 hours, marking a 14-month high of $320. Since the debut of EDX Markets on June 20, BCH has witnessed a cumulative gain of 183%. This rally is driven by the recent listing of BCH on Upbit, which has sparked a surge in trading activity.
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.
This trading volume is nearly 3.5 times larger than the volume of $160 million for the BTC/KRW pair on Upbit and 5.5 times the volume of $87 million for the BCH/USD pair on the Nasdaq-listed Coinbase exchange. The substantial trading activity on Upbit signifies the growing interest and participation in BCH within the South Korean market.
EDX Markets’ decision to offer BCH, along with BTC, ETH, and LTC, for trading at its launch is based on the cryptocurrencies’ compliance with the U.S. Securities and Exchange Commission (SEC).
According to Jamil Nazarali, CEO of EDX Markets, BCH and LTC, as derivatives of Bitcoin, are considered safe from a securities standpoint. This confidence in BCH’s regulatory compliance further contributes to its current rally.