Bitcoin Cash surges as BCH hits 3-month high: Here’s why
- Bitcoin Cash price rose to $140 on major crypto exchanges as Bitcoin touched the $29k level after major companies, led by BlackRock, filed for spot ETFs.
- BCH traded higher after Wall Street-backed cryptocurrency exchange EDX went live.
- EDX will initially support only 4 tokens – BTC, ETH. LTC and BCH.
BCH is the biggest gainer among the top 50 cryptocurrencies by market cap as Bitcoin Cash news aid bulls’ course.
Bitcoin Cash price’s 24-hour gains of over 25% indeed put it well above other notable gainers Stacks (STX), Optimism (OP) and Render (RNDR).
BCH was also outperforming Bitcoin (BTC), which itself notched 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
Wednesday saw most coins trade in green, in contrast to the US stock market that had seen major indices close in the red ahead of Fed Chair Jerome Powell’s two-day testimony.
For crypto, the widespread gains followed on last week’s bounce after asset investment behemoth BlackRock filed for a spot Bitcoin ETF. Today, news of other top asset managers in WisdomTree and Invesco following BlackRock into submitting spot ETF proposals to the US Securities and Exchange Commission (SEC) catapulted bulls into action.
Bitcoin Cash price therefore rose alongside those of other altcoins as sentiment flipped positive. Moreso, the price of BCH could have found a new leg after the Wall Street-backed cryptocurrency exchange EDX Markets went live.
As CoinJournal reported, EDX is a new crypto exchange backed by Wall Street giants Fidelity, Charles Schwab, and Citadel. BCH price might have surged on 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.
It remains to be seen if bulls exploit the broader market sentiment to trade higher. If it happens, then BCH/USD could target the psychological $200 area and possibly May 2022 highs.
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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