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
Nasdaq’s Move Toward Tokens Challenges the SEC’s Regulatory Stance
- Nasdaq submitted a proposal to tokenize stocks via digital tokens, aiming to streamline settlement and expand market access while navigating SEC regulatory scrutiny. - The World Federation of Exchanges warned tokenized equities could bypass safeguards, urging the SEC to enforce parity with traditional trading rules to protect market integrity. - Industry reactions are split: proponents highlight democratization and liquidity gains, while critics caution layer-2 tokenization risks diverting value from cor
Vitalik Buterin Supports ZKSync: Evaluating the Long-Term Investment Potential and Future Prospects of Ethereum Layer 2 Solutions
- Vitalik Buterin's endorsement of ZKSync's Atlas upgrade validates its 15,000 TPS scalability, signaling a shift in Ethereum's scaling priorities. - ZKSync's ZK Stack framework enhances cross-chain efficiency, attracting $15B in 2025 and a 50% ZK token surge post-endorsement. - ZKSync competes with Arbitrum ($16.63B TVL) and Optimism ($6B TVL) via cost efficiency and EVM compatibility, aiming to capture institutional capital. - Ethereum's post-Merge roadmap, including Proto-Danksharding, aligns with ZKSyn
Nasdaq's initiative to introduce tokenized stocks encounters regulatory resistance from the WFE
- Nasdaq submitted a tokenized stock proposal to the SEC, seeking regulatory approval while collaborating with agencies to ensure compliance. - The WFE warned that tokenized assets could weaken investor protections and create regulatory imbalances by bypassing traditional market rules. - Nasdaq partnered with Revolut to strengthen regtech capabilities, emphasizing innovation balanced with compliance frameworks during SEC review. - The SEC's "Innovation Exemption" framework aims to accelerate blockchain ado
The Xerox Campus located in Webster, NY: An Example of How Infrastructure Enhances Real Estate Value
- Webster , NY transformed the Xerox brownfield into a high-value industrial hub via infrastructure grants and public-private partnerships. - $9.8M FAST NY funding enabled shovel-ready upgrades, attracting advanced manufacturing and logistics firms to the 300-acre site. - Strategic anchors like the $650M fairlife dairy facility and NY Forward programs validate the model, boosting property values by 10.1% annually. - The success demonstrates how infrastructure-led redevelopment in post-industrial markets ca
Trending news
MoreCrypto prices
More
