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- 1 Bitcoin Cash (BCH) ran even faster than Bitcoin (BTC) and Ethereum (ETH) in the past weeks.
- 2 BCH price is up by more than 150% in June.
Bitcoin Cash (BCH) is cashing out the bullish move and making higher highs. The recent uptrend in BCH price started around mid-June and continues. BCH’s price rose to over 150% within a month. Though many believe the listing in the newly launched crypto exchange EDX Markets is a potential reason, several other factors are also there. South Korean crypto exchange Upbit recently reported seeing a significant trading volume of BCH in the last 24 hours.
Crypto industry analyst Wu Blockchain reported the instance via Twitter on Friday, June 30. It noted the recent “BCH PUMP” could be due to the involvement of South Korea. The largest crypto exchange in the country, Upbit, was said to record significant trading volume worth more than $350 million for the BCH/KRW. Given the contemporary overall trading volume for BCH, it accounted for 23.58%.
South Korea may be the reason for the BCH PUMP. In the past 24h, the largest exchange in South Korea, Upbit, has recorded a trading volume of over $350 million for the BCH/KRW, contributing to 23.58% of the total trading volume for BCH. It is also the 3x the trading volume of the…
— Wu Blockchain (@WuBlockchain) June 30, 2023
CoinMarketCap data shows the BCH trading volume on Upbit for BCH/KRW rose to over $494 million at the time of writing. It accounts for up to 25% of the current total trading volume of $2 billion.
Bitcoin Cash Liquidations at High
Bitcoin Cash (BCH) has also seen tremendous changes in liquidations in the past couple of weeks, rising from hundreds of thousands to millions of dollars.
According to Coinglass data, BCH short and long position liquidations on June 20 were over $129K and $17K, respectively, when the cryptocurrency was trading at $110. At present, when the price soared up to $305, the short positions liquidations account for $9.63 million, and long liquidations are $2.66 million.
The funding rate of Bitcoin Cash (BCH) is significantly more than other cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). BTC and ETH are at the funding rate of around 0.12%, BCH at the same time standing far ahead with over 0.17%.
EDX Listing Pushed the Price
The major movement in BCH price was seen from June 21, which coincides with its listing on recently launched EDX Markets. The crypto exchange has the backing of prominent players in Wall Street, including Citadel Securities, Charles Schwab, and Fidelity Digital Assets.
EDX facilitated the trading of major cryptocurrencies listed on the platform to its institutional investors: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Though the listing should have impacted the prices of all listed crypto assets equally, BCH ran relatively faster.
Bitcoin (BTC) also saw upward movement in the last several weeks, with the trading price hitting $30K level again. The rise of momentum in the price of the biggest cryptocurrency was due to one another traditional finance firm moving ahead toward spot Bitcoin ETF filing. It included BlackRock, Invesco, WisdomTree, Valkyrie Funds, and Fidelity Investments.
However, BCH beat BTC in the run. At the press time, Bitcoin Cash (BCH) is trading at $305 after a 33% rise in a day and 116% in the last week.
KRW/USD Pair Needs a Glance
The KRW/USD pair declined specifically from June 14 and continued since then. The drop also coincides with the surge in BCH price. Still, the direct connection between both instances could not be confirmed.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
