Bitcoin Cash (BCH) has seen a dramatic increase in value, rising 108% in the past seven days, following BlackRock’s filing for a Bitcoin spot ETF with the SEC and the launch of EDX Markets.
BlackRock’s filing with the SEC for a Bitcoin spot ETF has sparked a wave of similar filings, sparking upbeat sentiment in the cryptocurrency market, particularly around Bitcoin and specific side projects.
However, the launch of EDX Markets, a platform for institutional investors, appears to be the main driver behind Bitcoin Cash’s recent price pump.
EDX Markets, backed by financial giants Fidelity, Schwab and Citadel Securities, is not registered with the SEC but carries significant weight due to its high-profile lenders. The platform only lists four cryptocurrencies: Bitcoin, Ether, Litecoin, and Bitcoin Cash. This exclusive listing has been interpreted by the market as a vote of confidence in Bitcoin Cash, especially as the SEC intensifies its investigation into other blockchain projects.
A brief introduction to BCH
Bitcoin Cash was created in 2017 as a fork of the Bitcoin blockchain, a fork designed to address disagreements within the Bitcoin community over scalability and transaction capacity. Two factions emerged: the big blockers and the small blockers, each proposing different solutions. The big blockers advocated for larger transaction blocks, leading to the creation of Bitcoin Cash via a “hard fork” in August 2017. This split the Bitcoin blockchain, creating a separate ledger for Bitcoin Cash.
In 2018, Bitcoin Cash underwent a further split, resulting in the creation of Bitcoin SV (Satoshi’s Vision), led by Australian computer scientist and self-proclaimed Bitcoin creator Craig Wright.
The inclusion of Bitcoin Cash on a platform designed for institutional investors could signal a shift in market perception of the cryptocurrency. Despite its controversial origins and subsequent forks, Bitcoin Cash’s recent performance suggests it is gaining popularity among serious investors.
CryptoSlate reached out to both EDX markets for comment, but had not received any replies at the time of writing.
“We have filed a registration statement with the SEC and due to regulatory registration restrictions we are unable to comment further,” a BlackRock spokesperson said. CryptoSlate.
The post Bitcoin Cash rallied 108% last week after EDX Markets opened appeared first on CryptoSlate.
