{"id":538982,"date":"2023-06-21T17:00:07","date_gmt":"2023-06-21T17:00:07","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=538982"},"modified":"2023-06-21T13:37:30","modified_gmt":"2023-06-21T13:37:30","slug":"bitcoin-cash-surges-20-in-one-day-as-market-rebounds-whats-next","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin-cash\/bitcoin-cash-surges-20-in-one-day-as-market-rebounds-whats-next\/","title":{"rendered":"Bitcoin Cash Surges 20% In One Day As Market Rebounds, What’s Next?\u00a0"},"content":{"rendered":"

The crypto market entered an upward trajectory in the past 24 hours, with most coins, including Bitcoin Cash (BCH), making notable price moves. <\/span>Speculations and anticipation around BlackRock\u2019s spot BTC application, and the recent WisdomTree and Invesco filing, could be driving the surge.<\/span><\/p>\n

Also, the just-launched Wall Street-backed crypto exchange EDX must have contributed, to a large extent, to the improved market sentiment. <\/span><\/p>\n

The total crypto <\/span>market cap<\/span><\/a> has already increased 5.74% in the last 24 hours as <\/span>Bitcoin<\/span><\/a> tallies a 7.94% gain over the same time frame, propelling its weekly gain to 11.73%.\u00a0<\/span><\/p>\n

BCH Price Outlook<\/b><\/h2>\n

Following the brief consolidation and sporadic price action triggered by heightened regulatory uncertainty, the bulls are leading the market.\u00a0<\/span>Assets prices ticked positive in the last 24 hours. As Bitcoin fights to break the $29,000 mark, its close relative, Bitcoin Cash, has put on an incredible performance in the background.<\/span><\/p>\n

Related Reading: Nansen Forecast For Bitcoin Bull Run: Regulatory Clarity And Lower Inflation<\/a><\/p>\n

Bitcoin Cash\u2019s (BCH) <\/span>price<\/span> has surged over 21.20% in the last day with the recent bullish momentum. The asset’s remarkable performance pushed it atop the <\/span>charts<\/span><\/a>and it is now the top-gaining coin of the day, June 21, with a 22.10% price gain in the last seven days.<\/span><\/p>\n

Bitcoin Cash’s appearance on the EDX exchange boosted social sentiment, massively pushing network activity.\u00a0<\/span>The token trading volume has increased massively from $76.86 million, recorded yesterday, June 20, to $382 million today. The increase represents over 493% in 24 hours. <\/span>Also, BCH trades at $129.21, with a 21.20% price increase over the past 24 hours.<\/span><\/p>\n

\"BCHUSD
TradingView.com<\/figcaption><\/figure>\n

What’s Behind The Price Rally?<\/b><\/h2>\n

One of the reasons for BCH’s performance is the newly launched crypto exchange, EDX, backed by Fidelity Investments, Charles Schwab, and other Wall Street market leaders.\u00a0<\/span>The crypto exchange went live today, June 21, and currently, it supports only Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH).<\/span><\/p>\n

A crypto exchange supported by top Wall Street participants suggests more institutional investors and mainstream crypto adoption is underway. Now, i<\/span>nvestor sentiment has turned bullish following spot BTC ETF applications by three leading asset managers.\u00a0<\/span><\/p>\n

According to <\/span>reports<\/span><\/a>, BlackRock\u2019s Bitcoin ETF application encouraged two others (WisdomTree Investment and Invesco) to step forward. <\/span>The world’s largest asset manager filed for a spot Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) on June 15.\u00a0<\/span><\/p>\n

Related Reading: Why Are Bitcoin And Crypto Up Today? You Need To Know This<\/a><\/div>\n

The SEC had previously denied the approval of other firms’ BTC ETF applications. However, many believe BlackRock would succeed due to its reputation and connections. <\/span>This is also because BlackRock has a high success rate in previous ETF applications, hence the market\u2019s optimism.\u00a0<\/span><\/p>\n

An approved BTC spot ETF would boost Bitcoin\u2019s legitimacy and encourage institutional investment, improving the asset market outlook.\u00a0<\/span>As such, the market sentiment rapidly shifted. <\/span><\/p>\n

On June 20, the Fear & Greed <\/span>Index<\/span><\/a> pointed towards “Neutral” but now flags Greed after today’s market rebound.<\/span><\/p>\n

Featured image from Pixabay and chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The crypto market entered an upward trajectory in the past 24 hours, with most coins, including Bitcoin Cash (BCH), making notable price moves. Speculations and anticipation around BlackRock\u2019s spot BTC application, and the recent WisdomTree and Invesco filing, could be driving the surge. Also, the just-launched Wall Street-backed crypto exchange EDX must have contributed, to a large extent, to the improved market sentiment. The total crypto market cap has already increased 5.74% in the last 24 hours as Bitcoin tallies a 7.94% gain over the same time frame, propelling its weekly gain to 11.73%.\u00a0 BCH Price Outlook Following the brief consolidation and sporadic price action triggered by heightened regulatory uncertainty, the bulls are leading the market.\u00a0Assets prices ticked positive in the last 24 hours. As Bitcoin fights to break the $29,000 mark, its close relative, Bitcoin Cash, has put on an incredible performance in the background. Related Reading: Nansen Forecast For Bitcoin Bull Run: Regulatory Clarity And Lower Inflation Bitcoin Cash\u2019s (BCH) price has surged over 21.20% in the last day with the recent bullish momentum. The asset’s remarkable performance pushed it atop the chartsand it is now the top-gaining coin of the day, June 21, with a 22.10% price gain in the last seven days. Bitcoin Cash’s appearance on the EDX exchange boosted social sentiment, massively pushing network activity.\u00a0The token trading volume has increased massively from $76.86 million, recorded yesterday, June 20, to $382 million today. The increase represents over 493% in 24 hours. Also, BCH trades at $129.21, with a 21.20% price increase over the past 24 hours. What’s Behind The Price Rally? One of the reasons for BCH’s performance is the newly launched crypto exchange, EDX, backed by Fidelity Investments, Charles Schwab, and other Wall Street market leaders.\u00a0The crypto exchange went live today, June 21, and currently, it supports only Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH). A crypto exchange supported by top Wall Street participants suggests more institutional investors and mainstream crypto adoption is underway. Now, investor sentiment has turned bullish following spot BTC ETF applications by three leading asset managers.\u00a0 According to reports, BlackRock\u2019s Bitcoin ETF application encouraged two others (WisdomTree Investment and Invesco) to step forward. The world’s largest asset manager filed for a spot Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) on June 15.\u00a0 Related Reading: Why Are Bitcoin And Crypto Up Today? You Need To Know This The SEC had previously denied the approval of other firms’ BTC ETF applications. However, many believe BlackRock would succeed due to its reputation and connections. This is also because BlackRock has a high success rate in previous ETF applications, hence the market\u2019s optimism.\u00a0 An approved BTC spot ETF would boost Bitcoin\u2019s legitimacy and encourage institutional investment, improving the asset market outlook.\u00a0As such, the market sentiment rapidly shifted. On June 20, the Fear & Greed Index pointed towards “Neutral” but now flags Greed after today’s market rebound. Featured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"author":568,"featured_media":538990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16895],"tags":[87886,16806,10777,15751],"class_list":["post-538982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-cash","tag-bch-analysis","tag-bch-price","tag-bchusd","tag-bitcoin-cash-bch"],"acf":[],"yoast_head":"\nBitcoin Cash (BCH) Surges 20% In One Day As Market Rebounds<\/title>\n<meta name=\"description\" content=\"As Bitcoin fights to break the 29K mark, its close relative, Bitcoin Cash, has added incredible performance in the background.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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