Bitcoin Cash (BCH) – the most popular blockchain hardfork of Bitcoin (BTC) – has risen over 117% this week, outperforming Bitcoin’s still significant 15% rise. As of this writing, it is the only coin to see gains close to 2X in this time frame.
What attracts traders and investors to the network of big blockers? Let’s dive into it.
Bitcoin Cash EDX List
Bitcoin Cash’s seismic gains began on June 21, precisely when Wall Street-backed crypto exchange EDX Markets (EDXM) went live.
Announced in September 2022, the exchange – backed by Citadel Securities, Fidelity Digital Assets and Charles Schwab – promised: “a platform that can meet the needs of retail traders and institutional investors with high compliance and security standards”.
When launched, the top exchange maintained its listing count at four conservative digital assets. One of them, however, was BCH – which rose to $231 on Tuesday from just $111 on June 21.
According to crypto market information platform Santiment, BCH was the biggest beneficiary on the EDXM list compared to other coins on the platform, including BTC, Ether (ETH), and Litecoin (LTC). “Notably, $BCH hit a 3-year high in social chat rates, and volume easily eclipsed 2023 highs,” the company said. tweeted Friday.
Data from coin glass shows that liquidations for trades involving the coin also turned the moon this week and primarily impacted short traders, indicating that some kind of short compression is underway.
Bitcoin Cash Regulatory Status
The endorsement of Bitcoin Cash by an exchange backed by Wall Street incumbents can be seen as a tacit endorsement of the coin’s safe regulatory status relative to other altcoins.
The U.S. Securities and Exchange Commission (SEC) sued crypto exchange giants Binance and Coinbase earlier this month for listing numerous alleged “securities,” including large-cap coins like Cardano ( ADA), Solana (SOL) and Polygon (MATIC).
All four coins listed have already enjoyed regulatory safeguards in certain segments of the global crypto market. Canada, for example, imposed a net purchase limit on exchange users of $30,000 per year for most cryptocurrencies, but excludes BTC, ETH, LTC, and BCH from this rule.
SEC Chairman Gary Gensler explained that he considers Bitcoin a unique commodity because of its “unique history and creation.” Bitcoin Cash, however, is just a fork of Bitcoin’s blockchain code, sharing Bitcoin’s history in terms of how it was issued.
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