Bitcoin Cash surges 100% after Wall Street giants list

Last week, the cryptocurrency market witnessed a surprising development: Bitcoin Cash (BCH), one of the main altcoins in the market, recorded a more than 100% increase in its price, from $106 to $221.

The rally was driven by the inclusion of BCH among the cryptocurrencies traded on the new US exchange EdX Markets.

Backed by big names on Wall Street such as Charles Schwab, Citadel Securities and Fidelity Digital Assets, EDX Markets aims to comply with rules set by the US Securities and Exchange Commission, SEC.

The exchange recently completed a funding round, attracting the likes of GSR Markets and Miami International Holdings.

According to Jamil Nazarali, CEO of EDX, the goal is to “bring the best of traditional finance to the cryptocurrency markets.”

Bitcoin Cash Rise

EDX differentiates itself from other cryptocurrency platforms by limiting itself to four cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The Securities and Exchange Commission declared that these cryptocurrencies are not unregistered securities, unlike other currencies.

While the debut of EDX benefited all of the cryptocurrencies listed on the platform, BCH saw the biggest gains, while BTC, ETH, and LTC gained 15%, 10%, and 16%, respectively.

This phenomenon can be attributed in part to the intrinsic volatility of Bitcoin Cash, which has a low market cap. Smaller cryptocurrencies are more susceptible to large price fluctuations, as a smaller amount of capital can have a greater impact on prices.

BCH’s listing on EDX likely sparked interest from new investors, leading to a sudden surge of demand for its price.

Bitcoin Cash is a cryptocurrency that emerged from a hard fork of the Bitcoin network in 2017, resulting from a disagreement over how to solve network scalability issues.

While it shares some technical characteristics and transaction history with Bitcoin up until the time of the fork, BCH is a completely independent currency with its own network and consensus rules.