Saturday, May 18, 2024

Bitcoin Cash (BCH) Surges as Major Institutions Embrace Cryptocurrency

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In recent weeks, Bitcoin Cash (BCH) has emerged as the top weekly gainer among the top 300 tokens, experiencing significant gains in the market. This surge in price can be attributed to several factors, including its listing on platforms backed by major financial institutions like Charles Schwab and Fidelity Digital Assets. The market also witnessed increased trading interest in South Korea, further driving BCH’s upward movement. Let’s explore these developments and their implications for the cryptocurrency market.

Bitcoin Cash (BCH) has seen a remarkable surge in its price, making it the top weekly gainer among the top 300 tokens. This surge can be attributed to its recent listing on various platforms backed by major financial institutions such as Charles Schwab and Fidelity Digital Assets. The listing on EDX Markets, in particular, is seen as a positive indicator of BCH’s regulatory clearance, boosting investor confidence in the cryptocurrency.

Another contributing factor to BCH’s recent uptrend is the increased trading volume on exchanges like Binance and Upbit. This surge in trading activity is partly driven by a short squeeze and the growing interest in cryptocurrency within South Korea. The combination of these factors has propelled BCH’s price upward, making it an attractive investment option for traders.

While Bitcoin (BTC) and ether (ETH) have remained stable in their recent price ranges, the expiry of quarterly options and a strengthening dollar index added some volatility to the market. Billions of dollars’ worth of options contracts expired on Deribit, the leading crypto options exchange. Market makers in BTC options, known as being “long gamma,” had the potential to influence spot price movements through their hedging activities. However, Bitcoin’s price remained steady, trading between $30,000 and $31,000 and recording a 1% gain after the settlement.

With the expiry of options contracts behind us, Bitcoin and ether could resume their upward movements. It’s worth noting that the dollar index reached a two-week high and is expected to strengthen further due to positive economic data releases. This may lead to financial tightening and risk aversion in markets. However, the impact on Bitcoin’s price is expected to be moderate or short-lived due to recent spot BTC ETF filings by major institutions, which have bolstered market sentiment.

In terms of the overall cryptocurrency market, the global cryptocurrency market cap has reached an impressive $1.19 trillion, marking a 1.75% increase in the last day. The price of Bitcoin currently ranges from $30,250 to $31,282, showing a 1.20% gain. Other major cryptocurrencies, including XEC, BCH, and COMP, have experienced notable gains of 42%, 34%, and 25%, respectively.

Bitcoin Cash’s (BCH) recent surge in price is a testament to the growing acceptance and adoption of cryptocurrencies, with major financial institutions backing its listing on various platforms. While Bitcoin and ether had a stable period during the expiry of options contracts, their upward movements are expected to resume now that this event has passed. As the cryptocurrency market continues to evolve, it’s necessary to closely watch developments in regulation, market trends, and global economic factors to gain valuable insights into future price movements.

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