The launch of EDX Markets has positively impacted Bitcoin Cash prices.
The recent inclusion of Bitcoin Cash (BCH) in the trading portfolio of the newly launched exchange EDX Markets, which enjoys the backing of industry giants such as Fidelity, Charles Schwab, and Citadel, has seen the cryptocurrency racing up at a remarkable speed.
A notable uptick in trade activity, particularly from the South Korean digital assets exchange, Upbit, supports this sudden rise in BCH value.
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Bitcoin Cash has seen a dramatic 27% hike in value over the past day, reaching a 12-month high of $313. However, at the time of writing, Bitcoin Cash (BCH) retails for $308.72.
BitDegree data revealed that since the launch of EDX Markets on June 20th, the price of BCH has grown by a staggering 186%. According to data from BitDegree, the Bitcoin Cash-Korean won (BCH/KRW) pair listed on Upbit has shown a trading volume of $602 million over the past 24 hours.
These figures imply that the excitement surrounding BCH's inclusion on a crypto exchange supported by renowned institutions has made waves as far as the Far East.
According to EDX Markets CEO Jamil Nazarali, EDX Markets chose to feature Bitcoin Cash (BCH), Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) at its launch as these cryptocurrencies align with the US Securities and Exchange Commission's compliance requirements.
Lawrence Lewitinn, The Tie Director of Content, commented on the BCH price increase by noting:
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.
Data from analytics firm IntoTheBlock indicates that the number of traders or speculators hoping to capitalize on the prevailing bullish sentiment in the BCH market has increased. The BCH balance held by wallets or traders retaining coins for less than a month has seen a considerable jump of 33% in the last 30 days.
The significant surge in Bitcoin Cash value, driven by increased trading activity, especially from South Korea, signals an intriguing development in the crypto ecosystem. It embodies the blend of optimism and opportunism that often stirs market movements in this space.
