Bitcoin Cash (BCH) hits 3-month high, reasons explained.

  • The price of Bitcoin Cash increased to $140 on major cryptocurrency exchanges while Bitcoin reached the $29k level, following spot ETF filings by major companies led by BlackRock.
  • Bitcoin Cash traded higher after the launch of EDX, a cryptocurrency exchange backed by Wall Street.
  • Initially, EDX will only support four tokens – BTC, ETH, LTC and BCH.

Bitcoin Cash is the biggest gainer among the top 50 cryptocurrencies by market cap, due to positive news surrounding Bitcoin Cash.

With 24-hour gains of over 25%, Bitcoin Cash is outperforming other notable gainers such as Stacks (STX), Optimism (OP) and Render (RNDR).

BCH is also outperforming Bitcoin (BTC), which itself saw impressive gains as it traded to the $29k mark for the first time in over a month.

Bitcoin Cash spikes amid Wall Street crypto news

On Wednesday, most coins were trading in the green, in contrast to the US stock market, which had major indices close in the red ahead of Fed Chair Jerome Powell’s two-day testimony.

Last week’s bounce after asset investment giant BlackRock filed for a spot Bitcoin ETF led to widespread gains in crypto. Today, news of other top asset managers, including WisdomTree and Invesco, following BlackRock in submitting spot ETF proposals to the US Securities and Exchange Commission (SEC) has spurred positive sentiment and led to price increases in altcoins, including Bitcoin Cash.

The price of BCH could have found a new boost after the launch of EDX Markets, a new cryptocurrency exchange backed by Wall Street giants Fidelity, Charles Schwab, and Citadel. BCH price might have surged on the news that EDX will initially only support four cryptocurrencies – Bitcoin, Litecoin, Ethereum and Bitcoin Cash.

Bitcoin Cash price prediction

The upside momentum from this news is likely why BCH/USD rose to near $140, its highest price level since March 20.

On the downside, the $100 zone remains a key support area that could act as a demand reload level. Currently, BCH/USD is hovering near $130, about 22% up in the 24-hour range.

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