South Korea’s leading cryptocurrency exchange – Upbit – has recorded over $350 million in trading volume for the Bitcoin Cash (BCH) / Korean Won (KRW) pair in the past 24 hours. In comparison, deals involving Bitcoin (BTC) were three times less.
BCH has been among the top performers in the cryptocurrency market lately, with its USD valuation up more than 180% over the past two weeks.
BCH is getting attention from Koreans
As revealed by Wu Blockchain, BCH/KRW trading on South Korea’s largest cryptocurrency exchange accounted for nearly 24% of the total trading volume in the past day.
South Korea may be the reason for the BCH PUMP. In the past 24 hours, South Korea’s largest exchange, Upbit, recorded a trading volume of over $350 million for BCH/KRW, contributing to 23.58% of the total trading volume for BCH. It also accounts for 3 times the turnover of…
WuBlockchain June 30, 2023
according to CoinGecko DataThe latest figures are even more impressive, with over $560 million in BCH/KRW trading volume over the past 24 hours. Trading with Solana (SOL) came in second with an 8.4% share, while Bitcoin (BTC) was in third place, contributing 7.8% of the total volume.
Bitcoin Cash is very popular on other Korean crypto platforms as well. BCH/KRW trading volume on Bithumb on a daily basis rose to $39 million. Deals involving BTC are the first, with a difference of just $300,000.
Bitcoin Cash’s Recent Rise
The asset recently crossed the $300 mark, a price last seen in April 2022. Even more impressive is that its USD valuation was hovering around $100 just two weeks ago.
One possible reason behind the increase could be the launch of the Wall Street-backed cryptocurrency exchange EDX Markets, which live gone On June 21, the platform, backed by finance giants such as Fidelity Digital Assets, Citadel Securities, and Charles Schwab, will offer services in four cryptocurrencies, including BCH.
Bitcoin Cash was also not included in the SEC’s list of alleged unregistered securities when lawsuits were filed against Binance and Coinbase earlier this month.
Another factor could be the overall revival of the cryptocurrency market. The industry was boosted by upbeat news, such as BlackRock’s submission to launch a spot foreign exchange fund (ETF) in the US and the Federal Reserve’s decision stood up Interest increase for the first time since March 2022.
As mentioned earlier, journalist Colin Wu believes that another factor that could be behind the massive boom in BCH is
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