Bitcoin Cash (BCH) Surges 33.9% in 24 Hours on EDX Listing, S. Korean Surge - Decrypt

Decrypt
Decrypt

30 Jun 2023 11:15 AM

After its listing on EDX, the digital asset exchange backed by Wall Street giants, the trading activity around the token has surged significantly....

  • Bitcoin Cash (BCH) has been experiencing an uptrend since its listing on Fidelity, Charles Schwab, and EDX Markets.
  • BCH has gained 114.3% in the past week, making it the highest weekly gainer among the top 300 tokens.
  • In comparison, Bitcoin (BTC) recorded 2.4% gains, while Ethereum (ETH) remained at the same price.
  • The recent 33.9% price increase in BCH appears to be driven by negative bets in the derivatives market and increased trading interest on a South Korean exchange.
  • The listing on EDX Markets is seen as a positive sign for BCH's regulatory clearance.
  • BCH's price has risen significantly since its listing, reaching levels last seen 14 months ago.
  • Trading volumes for BCH on Binance have reached levels not seen in two years after the EDX Markets listing.
  • The uptrend in BCH is partly driven by a short squeeze and a volume spike on the South Korean exchange Upbit.
  • $19 million in liquidations occurred in the last 24 hours, with short orders accounting for 77% of the total amount.
  • The trading volume of the BCH/KRW pair on Upbit is twice that of BCH trading volumes on Binance.
  • Upbit's BCH/KRW trading volume is comparable to the BTC/USD trading volume on Coinbase.

The article highlights the positive performance of Bitcoin Cash (BCH) and its recent uptrend. It also mentions the factors driving this uptrend, such as the listing on EDX Markets and increased trading interest. However, it also mentions the involvement of a short squeeze and liquidations, indicating some volatility in the market.

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You May Ask

What has been the recent performance of Bitcoin Cash (BCH)?Which exchanges listed BCH and contributed to its uptrend?What factors are driving the recent price increase in BCH?How does the trading volume of BCH on Upbit compare to other exchanges?What is a short squeeze and how does it impact the price of an asset?

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