The Reason Bitcoin Cash (BCH) Surged Over 100% in 7 Days

Bitcoin Cash (BCH) – the most popular hardfork of the bitcoin (BTC) blockchain – is up more than 117% this week, outperforming bitcoin’s still-large 15% increase. At the time of this writing, it is the only coin to see gains close to 2X within that time frame.

What is Attracting Traders and Investors to Large-Blockchain Networks? Let’s dive in.

EDX Listing of Bitcoin Cash

Bitcoin Cash’s seismic gains began on June 21, right around the time 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 both retail traders and institutional investors with high compliance and security standards.”

Upon launch, the high-profile exchange limited its listing numbers to a conservative four digital assets. However, one of them was BCH – which surged from just $111 on June 21st to $231 on Tuesday.

According to crypto market intelligence platform Sentiment, BCH was the biggest gainer of the EDXM listing compared to other coins on the platform, including BTC, Ether (ETH), and Litecoin (LTC). “Notably, $BCH has seen a 3-year high in social discussion rates, and volumes have easily surpassed 2023 highs,” the company said. Tweeted on Friday.

data from coinglass This suggests that liquidation of coin-related trades has also picked up this week and is mostly impacting smaller traders, indicating that some short cuts are underway.

regulatory status of bitcoin cash

The approval of Bitcoin Cash by an exchange backed by Wall Street executives could be seen as a tacit acknowledgment of the coin’s secure regulatory status compared to other altcoins.

The US Securities and Exchange Commission (SEC) earlier this month asked crypto exchange giants Binance and Coinbase to list several alleged “securities” including large cap coins such as Cardano (ADA), Solana (SOL), and Polygon (MATIC). A lawsuit was filed.

The four coins listed have already been granted regulatory safeguards in some areas of the global crypto market. For example, Canada, puts Exchange users have a net purchase limit of $30,000 per year for most cryptocurrencies, but BTC, ETH, LTC, and BCH are excluded from that rule.

SEC Chairman Gary Gensler has stated that he considers bitcoin a unique commodity due to its “unique history and creation story”. However, bitcoin cash is only a fork of bitcoin’s blockchain code that shares bitcoin’s history in terms of how it was issued.