Following BlackRock’s filing of a Bitcoin spot ETF with the SEC and the launch of the EDX market, the value of Bitcoin Cash (BCH) has risen dramatically, rising 108% over the past seven days.
BlackRock’s filing of a Bitcoin spot ETF with the SEC sparked a wave of similar filings, creating bullish sentiment in the cryptocurrency market, especially around Bitcoin and certain derivative projects.
However, the launch of EDX Markets, a platform for institutional investors, appears to be the main driver behind Bitcoin Cash’s recent price surge.
Backed by financial giants Fidelity, Schwab and Citadel Securities, EDX Markets is not registered with the SEC, but is played a key role by prominent backers. The platform only lists his four cryptocurrencies: Bitcoin, Ether, Litecoin and Bitcoin Cash. This exclusive listing has been interpreted by the market as a vote of confidence for Bitcoin Cash, especially as the SEC has stepped up its scrutiny of other blockchain projects.
A short introduction to BCH
Bitcoin Cash was created in 2017 as a fork of the Bitcoin blockchain. A split designed to address disagreements within the Bitcoin community over scalability and transaction capacity. Two factions of him, big blockers and small blockers, emerged, each proposing a different solution. Major blockers claimed larger transaction blocks, leading to the creation of Bitcoin Cash via a “hard fork” in August 2017. This split the Bitcoin blockchain and created a separate ledger for Bitcoin Cash.
In 2018, Bitcoin Cash was further split, resulting in the creation of Bitcoin SV (Satoshi’s Vision), led by Australian computer scientist and self-proclaimed creator of Bitcoin, Craig Wright.
The inclusion of Bitcoin Cash in a platform designed for institutional investors could signal a shift in market perception of cryptocurrencies. Despite its controversial origins and subsequent fork, Bitcoin Cash’s recent performance suggests that it is gaining traction among serious investors.
crypto slate We reached out to both EDX markets for comment, but did not receive a response at the time of writing.
A BlackRock spokesperson said, “We have filed a registration statement with the SEC, but are unable to comment further due to regulatory filing restrictions.” crypto slate.
After the EDX market opened, a story first appeared on CryptoSlate about Bitcoin Cash jumping 108% last week.