EDX Markets Integration Propels Bitcoin Cash (BCH) to Huge Surge

Updated: 30 June 2023

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Bitcoin Cash (BCH), a lesser-known digital asset that emerged as a spin-off from the original Bitcoin, has experienced a remarkable surge in the market recently. Unlike its struggles since its launch in 2017, BCH has gained significant traction this month, skyrocketing by 98% from $113 to $224.

Bitcoin Cash Surges Amidst Market Momentum and EDX Integration

Amidst a period of positive market momentum, Bitcoin Cash (BCH) has emerged as a standout performer, surpassing other cryptocurrencies.

The remarkable surge in BCH’s value can be linked to its recent integration into EDX Markets, a newly established cryptocurrency exchange backed by notable Wall Street participants such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets.

As the result of EDX exclusively including four crypto assets, which includes Bitcoin Cash, BCH has experienced major tailwinds in the current market.

EDX enables trading exclusively for four cryptocurrencies: Bitcoin, Ether, Litecoin, and Bitcoin Cash. https://t.co/27sL42OVig

— Cointelegraph (@Cointelegraph) June 20, 2023

Thanks to this decision, the value of Bitcoin Cash has gone up by more than 108% since last week.

Regulatory bodies have commonly classified them as commodities, which helps reduce the likelihood of encountering legal hurdles.

According to Jeff Feng, co-founder of Sei Labs, this regulatory clarity contributes to their selection as they are widely regarded as digital commodities.

Additionally, Youwei Yang, Chief Economist at BTCM, emphasized their relative safety from the U.S. Securities and Exchange Commission due to being created through the consumption of electricity, which is itself considered a commodity.

EDX Markets Adopts Different Approach To Dodge SEC Scutinity

In recent times, the SEC has intensified its regulatory crackdown on major crypto brands, alleging the sale of unregistered securities.

Notably, Coinbase faced scrutiny for allegedly offering and selling unregistered securities through its staking service, while Binance, the largest global exchange, was hit with a substantial lawsuit for allegedly operating as an unlicensed securities exchange in the U.S.

Kraken, another prominent exchange, also faced the consequences, receiving a $30 million fine for allegedly failing to register the offer and sale of its crypto asset staking-as-a-service program. These actions by the SEC underline the chairman’s long-held belief that most cryptocurrencies are unregistered securities.

However, Bitcoin has consistently been recognized as a commodity, while Ethereum has received mixed clarity, with the Commodities and Futures Trading Commission (CTFC) categorizing it as such.

Given that Bitcoin Cash and Litecoin are both derived from the original Bitcoin’s code, it is likely that they will be viewed similarly by regulators.

Greg Moritz, Co-Founder of crypto hedge fund AltTab Capital, pointed out that none of these assets have been classified by the SEC as unregistered securities. Additionally, their established nature and historical presence played a crucial role in EDX’s decision-making process.

EDX Markets’ CEO, Jamil Nazarali, expressed a strong belief in the non-securities classification of the four assets offered by the exchange.

However, considering the dynamic nature of regulations and the increasing comprehension of various cryptocurrencies, there is a possibility that EDX and similar exchanges might broaden their range of offerings in the coming days, as highlighted by Jeff Feng’s observations.

As the crypto market continues to evolve, these “old school” cryptocurrencies offer traditional investors an entry point into the crypto world. However, the landscape could change, and exchanges may diversify their offerings in response to evolving regulations and market demands.

Bitcoin Cash Alternatives

While EDX’s decision has helped Bitcoin Cash gain ground in the market, it doesn’t mean that BCH can keep up the momentum for a long time. The market is still volatile, which makes it important to look for other alternatives.

The best crypto presale active right now is Wall Street Memes. Community-centric and backed by a large social media following, this memecoin has raised more than $11 million in its presale round.

These factors have led many experts to beg it as the next big crypto.

Currently, WSM is priced at $0.0307. With the hard cap set at $30.7 million, investing now would be a good way to make gains through the token’s price appreciation in upcoming presale stages.

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