Bitcoin Cash surges to over 1-year high in South Korea due to increased trading volume.

Bitcoin Cash (BCH) is currently experiencing a significant increase in price and trading volume due to various reasons. One of the key factors believed to affect its price is the inclusion of BCH as a tradable asset on the platforms of Fidelity, Charles Schwab, and Citadel-backed EDX Markets, which was launched on June 20.

When EDX Markets launched, they initially made four cryptocurrencies available for trading: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. According to Jamil Nazarali, CEO of EDX Markets, as reported by blockchain, these cryptocurrencies were chosen because they are considered safe and compliant with US Securities and Exchange Commission (SEC) regulations.

Lawrence Lewitinn, The Tie’s Director of Content, stated:

“Nazarali explained that they felt confident that Litecoin and Bitcoin Cash, as derivatives of bitcoin, were not securities. While there is some interest, it is not substantial.”

Some speculate that the recent price increase could be attributed to the hard fork upgrade that Bitcoin Cash underwent. However, since the hard fork was completed in mid-May and the significant price rise didn’t start until June 20, it cannot be considered the main cause. Nevertheless, the hard fork did improve the network security and privacy measures of Bitcoin Cash, which may have garnered more attention.

Since becoming one of the four cryptocurrencies traded on EDX, the price of BCH has continued to rise. In the last 24 hours, the crypto has surged more than 30%, reaching $325 for the first time since April 2022. Overall, BCH’s price has increased by 150% from $106 on June 20 to $325 today.

Rise in Bitcoin Cash Trading Volume among South Korean Users of Upbit

Another factor contributing to the price increase is the growing trading volume in South Korea. As more people trade BCH, its demand increases, which drives the price up.

The trading volume of BCH in South Korea is substantial, as evidenced by the data from CoinGecko on BCH trading volume on Upbit, one of the popular exchanges in the country. CoinGecko revealed that the Bitcoin Cash-Korean Won (BCH/KRW) pair on Upbit had a trading volume of $658.25 million in the last 24 hours, which is more than three times larger than the $166.93 million volume of the Bitcoin-Korean won (BTC/KRW) pair on the exchange.

Taking all these factors into account, we can conclude that the significant price rise of BCH is a result of various factors, such as its inclusion on the EDX exchange, which increased its trading volume, and the growing demand for Bitcoin Cash among South Korean users of Upbit.

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