Bitcoin Cash continues rising, now thanks to interest from Asia

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Last Updated on 6 November 2023 by CryptoTips.eu

We already talked about Bitcoin Cash once this week, the Bitcoin-related currency (forked from the original via a hard fork) that had started an impressive bullrun thanks to a new crypto platform initiated by Wall Street companies called EDX. Bitcoin Cash continued its impressive run in recent days, and is now even attracting investors from Asia. Will it be a 2017-2018 redux run for them?

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Asia’s crypto rally

Exactly 11 days ago, on June 20, three Wall Street financial giants (Fidelity, Charles Schwab and Citadel) decided to start their own crypto platform, called EDX Markets. They only offer 4 digital coins for trading: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. In other words cryptocurrencies with a reasonably long history.

Bitcoin Cash in particular has benefited greatly from this. By yesterday, is was once again trading above $300 and thus had a 180% gain in those 11 days. This morning it is quoted at $286 on Coinmarketcap.

According to well-known Chinese crypto journalist Colin Wu, part of the explanation lies in Asia, where the coin is particularly popular in South Korea.

Colin said:

South Korea may be the reason for the BCH PUMP. In the past 24h, the largest exchange in South Korea, Upbit, has recorded a trading volume of over $350 million for the BCH/KRW, contributing to 23.58% of the total trading volume for BCH. It is also the 3x the trading volume of the BTC/KRW on Upbit.

It is well known that Asian investors are able to pump crypto coins. The first big Bitcoin pump, the one from 2017-2018, when the coin went to $20,000 for the first time, was mainly driven by investors from Taiwan, Japan and… South Korea.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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