Bitcoin Cash experiences a significant surge, propelled by the involvement of Charles Schwab, Fidelity, and Citadel.
Bitcoin Cash (BCH) is experiencing an impressive surge, outperforming other top altcoins with a 121% increase in the past week. Unlike Bitcoin (BTC), BCH is a hard fork of the original bitcoin blockchain network. In 2017, anonymous developers aimed to restore bitcoin's decentralized payment system roots and made adjustments to the source code, resulting in a significantly faster and cheaper alternative. However, BCH's value had plummeted by over 96% prior to this recent surge.
The surge in BCH's price and trading volumes can be attributed to the launch of the EDX cryptocurrency exchange, backed by major players like Charles Schwab, Fidelity, and Citadel Securities. EDX, targeting institutional clients, offers trading in only four cryptocurrencies, including BCH. While sentiment and hype may be driving BCH's current rally, low trading volumes and skepticism remain.
One potential benefit of BCH is that, as a hard fork of bitcoin, it could go under the radar of hawkish US regulators. However, with the Securities and Exchange Commission's anti-crypto stance becoming more aggressive this year, nothing is certain. The future of BCH and its ability to evade strict regulations remains uncertain despite its recent price surge and institutional backing.
