Bitcoin Cash Pumps 32% in 24 Hours? What's Going On?

Bitcoin Cash Pumps 32% in 24 Hours? What’s Going On?

Updated: 30 June 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Bitcoin Cash (BCH) has been experiencing an increase in price following the debut of Fidelity, Charles Schwab, and Citadel-backed EDX Markets on June 20.

It has skyrocketed by over 30% in the last 24 hours, reaching a 14-month high of $320. Moreover, since June 20, when the exchanges launched, BCH has gained a cumulative 183%.

JUST IN: Bitcoin Cash spikes 35% as South Korean Trading Volumes Surge. $BCH / $KRW pair on Upbit has seen a trading volume of $557.63 million 24 hours #crypto #bitcoin pic.twitter.com/t2UdNkcHJn

— Crypto Macro (@cryptomacro14) June 30, 2023

BCH Soars on EDX Exchange

This growth among new holders signifies a shift in market sentiment towards BCH, attributed to its inclusion on the EDX exchange. The listing validates BCH, indicating its acceptance by established financial institutions and its readiness for a wider audience of investors.

Upbit, South Korea’s leading digital asset exchange, has witnessed a significant surge in trading activity, contributing to the recent price rally of Bitcoin Cash (BCH). According to data from Coingecko, the BCH/KRW pair listed on Upbit recorded a trading volume of $557.63 million in the past 24 hours.

This volume is approximately 3.5 times larger than the trading volume of $160 million in Upbit’s BTC/KRW pair and 5.5 times larger than the BCH/USD volume of $87 million on the Coinbase exchange listed on Nasdaq.

The availability of Bitcoin Cash (BCH) on an exchange backed by prominent institutions has sparked enthusiasm even in the far east, as evidenced by the data.

Bitcoin Cash Selected by EDX Markets for Trading Launch

According to Jamil Nazarali, CEO of EDX Markets, EDX Markets chose to include BCH, BTC, ETH, and LTC for trading at launch due to their compliance with U.S. Securities and Exchange Commission regulations.

Lawrence Lewitinn, The Tie Director of Content and host, mentioned in the newsletter that Nazarali expressed confidence that Litecoin and Bitcoin Cash, as derivatives of Bitcoin, were not securities, although their interest was not substantial.

Lewitinn added that the BCH rally could be attributed to a mix of hope and greed, which are common ingredients that often drive market movements in cryptocurrency, regardless of underlying fundamentals.

Onchain data indicates increased participation by traders and speculators aiming to profit from the bullish sentiment prevailing in the BCH market. According to analytics firm IntoTheBlock, the BCH balance held by traders or wallets for less than a month has surged by 33% in the last 30 days.

BCH Indicators Confirm the BCH Bullish Momentum

BCH broke out of the consolidation zone that has lasted almost a year since July 2022. The spike is seen breaking out with a strong bullish candle at the $114 level, followed by succeeding small bullish candles, after which a further surge continued.

Furthermore, BCH’s price is trading above the 50-day and the 200-day moving averages, indicating that the bulls are currently in control. Besides, the moving average confirms the bullish momentum, with the 50 day moving average crossing the 200-day moving average at $125. At the time of writing, the 50-day moving average is trading at $209, while the 200-day is at $135.

This bullish momentum is also supported by the relative strength index of the period (14), which trades in the overbought region at 84, above the maximum buy line of 70. If this momentum persists, we should expect the price of BCH to reach the former resistance level of $388.

However, on the downside, after such a spike, a short retracement should see the price decline to $231 and $218, respectively, before the surge takes off again.

Investors who missed out on the Bitcoin cash opportunity now have the opportunity to jump on the Wall Street Memes $(WSM) token wagon with high returns on their investments at the end of its ongoing presale.

Wall Street Memes ($WSM) Presale Raises $11.5 Million – 50K Airdrop

Wall Street Memes ($WSM), a memecoin project, celebrates capitalism’s triumph by allowing regular people to accumulate wealth through memecoin investments. It has gained interest in the crypto community, resulting in the creation of the $WSM token. With a community-oriented approach, users can earn rewards while engaging in meme trading.

Inspired by Gordon Gekko’s phrase “greed is good,” WSM investors anticipate significant returns on their holdings. Amid market uncertainty, investors diversify their investments, creating opportunities for promising projects like WSM.

Each $WSM token currently holds a value of $0.0307. The presale has already raised over $11.5 million out of a potential $12 million, indicating strong belief in the token’s success. Investors can visit the token website to buy $WSM tokens or exchange them using ETH, USDT, or CARD by connecting their wallet.

Furthermore, $WSM is offering an active airdrop on its official website during the claim period, rewarding participants with $50,000 worth of $WSM tokens. Five lucky winners will each receive $10,000 worth of $WSM tokens.

To qualify for the airdrop, participants must follow WSM’s social media accounts, purchase $WSM tokens, provide proof of purchase, and complete specific tasks.