Bitcoin Cash Surged by 21% after being Listed on EDX Markets

After being listed on the institutional trading platform supported by Bitcoin‘s legacy network, Bitcoin Cash reverses its macro downturn.

The price of Bitcoin Cash (BCH) has increased by 21% in the past 24 hours, reaching $127.90 at press time. This surge has been attributed by analysts to BCH’s listing on legacy-backed exchange EDX.

Bitcoin Cash

On June 21, Bitcoin Cash reached a 16-week high of $142. This put us in first place among the top 100, ahead of both Conflux and Flow.

Since its all-time high of $154.20 in February, BCH has been mired in a broad slump.

In sync with the market leader Bitcoin, BCH rose in the middle of March when a string of crises and collapses hit numerous U.S. banks. The $140 area proved to be formidable barrier, and the stock was unable to reclaim its earlier highs.

After getting turned down on March 14 and March 20 at $140, BCH dropped to a local low of $90.30 on June 10. This followed two rejections on March 14 and March 20 at $140.

Since then, BCH has been on an upward trend, with the most recent 29% surge being seen on the daily candle of June 21. This candle briefly broke above the prior $140 barrier level before being rejected again.

EDX Markets

EDX Markets, a non-custodian cryptocurrency exchange, became live on June 20 and now facilitates trading in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for institutional clients.

Citadel Securities, Fidelity Investments, and Charles Schwab are behind the exchange, which focuses on institutional investors. It has not yet been approved by the Securities and Exchange Commission (SEC).

Enforcement actions taken by the SEC against Binance and Coinbase for alleged violations of securities laws have garnered news in recent weeks.

Bitcoin, Ethereum, and Litecoin all grew by 7.8%, 5.9%, and 9.4% during the past 24 hours, but these increases pale in comparison to Bitcoin Cash’s.