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- Learn how BCH saw a notable increase in value following its listing on a new exchange.
- Get a glimpse into the impressive rise of Bitcoin Cash’s price after its addition to EDX Markets.
- Uncover the substantial uplift BCH experienced and the heightened confidence it generated among investors.
Bitcoin Cash has witnessed a considerable increase in value after being added to a new cryptocurrency exchange backed by prominent traditional finance firms such as Citadel Securities, Fidelity, and Charles Schwab.
The recently launched exchange, EDX Markets, initially offered four crypto assets: Bitcoin, Ether, Litecoin, and Bitcoin Cash. Following the announcement, Bitcoin Cash’s price has more than doubled in the past week, reaching around $235 as of Tuesday morning. In the last 24 hours, the coin’s price has experienced an increase of nearly 20%.
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SEC did not classify Bitcoin Cash as a security
Bitcoin Cash gained momentum when it was excluded from being classified as a security in recent Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase. The listing of Bitcoin Cash on EDX Markets has instilled greater confidence in investors, indicating possible regulatory leniency.
During a cryptocurrency event organized by Bloomberg and Fidelity in 2018, Gary Gensler, the current SEC Chairman, remarked that BCH, along with Litecoin and Ether, the other cryptocurrencies available on EDX, should not be regarded as securities. This statement contrasts with the chairman’s usual position, where he has often labeled nearly all cryptocurrencies, except Bitcoin, as securities.
BCH was created as a result of a disagreement among Bitcoin users and developers regarding differing visions for the blockchain’s future. In 2017, a faction advocating for Bitcoin’s focus on consumer payments initiated a split, or forked, the blockchain, resulting in the formation of Bitcoin Cash.
Although it has a significantly lower value compared to Bitcoin, which was trading near $30,700 on Tuesday morning, BCH continues to rank among the top 20 cryptocurrencies, with a market capitalization surpassing $4.5 billion.
