Bitcoin Cash jumps 21% following EDX Markets listing
Bitcoin Cash breaks out of its macro downtrend following its listing on the legacy-backed institutional trading platform.
Bitcoin Cash (BCH) jumped 21% over the last 24 hours to $127.90 at press time, with analysts attributing the move to its recent listing on legacy-backed exchange EDX.
Bitcoin Cash soared as high as $142 on June 21 to mark a 16-week high. This was enough to lead the top 100, with Conflux and Flow taking second and third place.
BCH has been caught in a macro downtrend since February, peaking at a year-to-date high of $154.20.
In line with market leader Bitcoin, BCH bounced around mid-March as several U.S. banks underwent a series of crises and failures. Still, it could not recapture previous highs, with the $140 zone proving to be strong resistance.
Following rejections on March 14 and March 20 at $140, BCH slid lower to find a local bottom at $90.30 some two and a half months later on June 10.
Since then, BCH had begun trending upwards, followed by a 29% swing on the daily June 21 candle that edged just above the previous $140 resistance level before being rejected once more.
On June 20, non-custodian cryptocurrency exchange EDX Markets launched, offering institutional users Bitcoin, Ethereum, Litecoin, and Bitcoin Cash trading.
The exchange caters to institutional clients and is backed by Citadel Securities, Fidelity Investments, and Charles Schwab. Currently, it is not registered with the Securities Exchange Commission (SEC) approved.
The SEC made headlines in recent weeks for enforcement actions against Binance and Coinbase over allegations of violating securities laws.
Over the last 24 hours, Bitcoin, Ethereum, and Litecoin increased by 7.8%, 5.9%, and 9.4%, respectively, posting significantly fewer percentage gains than Bitcoin Cash.