Bitcoin Cash (BCH) has recently experienced a significant surge in value, with its price more than doubling over the past week. This increase in value can be attributed to its recent listing on EDX Markets, a newly launched cryptocurrency exchange supported by prominent traditional finance entities such as Citadel Securities, Fidelity, and Charles Schwab. EDX Markets initially offered only four cryptocurrencies: Bitcoin, Ether, Bitcoin Cash, and Litecoin.
The price of BCH has been relatively stable around the $100 range since mid-2022. However, since its listing on EDX Markets, its price has skyrocketed to around $232 as of press time. Within the last 24 hours alone, the coin’s price increased by nearly 3%.
Exclusion from SEC “black list” and EDX Debut Sparked Bitcoin Cash Price Surge
Bitcoin Cash also received a boost when it was excluded as a security in the recent Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase. This decision by EDX to list the token has instilled greater confidence among investors that regulators may not be focusing on it.
In fact, during a 2018 video from a cryptocurrency event hosted by Bloomberg and Fidelity, the current SEC Chairman, Gary Gensler, stated that Bitcoin Cash, along with Litecoin and Ether (the other cryptocurrencies listed on EDX), were not considered securities.
BCH emerged as a result of a disagreement between Bitcoin’s users and developers regarding differing visions for the future of the blockchain. In 2017, a group advocating for Bitcoin’s increased focus on consumer payments initiated a split or forked the blockchain, leading to the creation of Bitcoin Cash. Despite its significantly lower value compared to its namesake (with Bitcoin trading near $30,700 on Tuesday morning), BCH remains one of the top 20 cryptocurrencies, boasting a market capitalization exceeding $4.5 billion.
Bitcoin Cash’s recent surge in value can be attributed to its listing on EDX Markets and its exclusion as a security in recent SEC lawsuits. Its future looks promising as it continues to gain support from investors and traditional finance entities.
