Bitcoin Cash surged 108% over the last week after EDX Markets opened News ▸ Bitcoin Cash ▸ Analysis
Bitcoin Cash surged 108% over the last week after EDX Markets opened
The Bitcoin fork network's coin more than doubled in price over the last week after it became available to institutional traders on a powerhouse-backed exchange.
2 min read
Updated: Jun. 27, 2023 at 12:51 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin Cash (BCH) has seen a dramatic surge in value, rising by 108% over the past seven days, following BlackRock’s application for a Bitcoin spot ETF with the SEC and the launch of EDX Markets.
BlackRock‘s application to the SEC for a Bitcoin spot ETF has triggered a wave of similar applications, creating a bullish sentiment in the cryptocurrency market, particularly around Bitcoin and specific offshoot projects.
However, the launch of EDX Markets, a platform for institutional investors, appears to be the primary driver behind Bitcoin Cash’s recent price pump.
EDX Markets, backed by financial giants Fidelity, Schwab, and Citadel Securities, is not registered with the SEC but carries significant weight due to its high-profile backers. The platform lists only four cryptocurrencies: Bitcoin, Ether, Litecoin, and Bitcoin Cash. This exclusive listing has been interpreted by the market as a vote of confidence in Bitcoin Cash, particularly as the SEC intensifies its scrutiny of other blockchain projects.
A short primer on BCH
Bitcoin Cash was created in 2017 as a fork of the Bitcoin blockchain, a split designed to address disagreements within the Bitcoin community over scalability and transaction capacity. Two factions emerged: the big blockers and the small blockers, each proposing different solutions. The big blockers advocated for larger blocks of transactions, leading to the creation of Bitcoin Cash through a “hard fork” in August 2017. This split the Bitcoin blockchain, creating a separate ledger for Bitcoin Cash.
In 2018, Bitcoin Cash underwent a further split, resulting in the creation of Bitcoin SV (Satoshi’s Vision), led by Australian computer scientist and self-proclaimed Bitcoin creator Craig Wright.
The inclusion of Bitcoin Cash on a platform designed for institutional investors could signal a shift in market perception of the cryptocurrency. Despite its controversial origins and subsequent forks, Bitcoin Cash’s recent performance suggests that it is gaining traction among serious investors.
CryptoSlate reached out to both EDX Markets for comment but had not received replies at press time.
“We have filed a registration statement with the SEC, and due to regulatory filing restrictions, we are not able to provide further comment,” A BlackRock spokesperson told CryptoSlate.
Mentioned in this article
Author 
Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
Latest Bitcoin Cash Stories
Featured Story
Advertise Here
In this article
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
Bitcoin
$97,284.36
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitcoin SV
$70.6467
Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH).
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
EDX Markets
EDX Markets is a non-custodial cryptocurrency exchange backed by Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, Paradigm and others.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Craig Steven Wright, commonly referred to as CSW, is an Australian computer scientist and business professional who has been at the center of controversy within the cryptocurrency community.
