Bitcoin Cash (BCH) Price Skyrockets To $325, Driven By Upbit Exchange

Key Points:

• Bitcoin Cash (BCH) experiences a significant surge in price and trading volume, reaching its highest levels since May 2021.
• South Korea’s Upbit exchange plays a pivotal role in driving BCH’s momentum, with a notable trading volume three times higher than that of BTC/KRW on the same platform.

Bitcoin Cash (BCH) surges in price and trading volume, reaching highest levels since May 2021. South Korea’s Upbit exchange drives momentum with impressive trading volume, contributing to BCH’s surge.

Bitcoin Cash (BCH) has recently experienced a significant surge in both trading volume and price, reaching its highest levels since May 12, 2021. BCH’s contract open interest has surged to an impressive $562 million, reflecting the growing interest and confidence in this digital asset. Over the past week, BCH’s price has skyrocketed by nearly 100%, capturing the attention of investors and traders alike. This surge in interest can be attributed to various factors, with South Korea emerging as a key player in the BCH market.

The trading volume of BCH contracts has surged by more than 10 times since June 22, with a staggering 24-hour trading volume peaking at 4.427 billion. At the time of writing, BCH is trading at $ 297 after reaching $325, which is up by nearly 30% over the last 24 hours.

According to Wu, South Korea’s largest exchange, Upbit, has played a pivotal role in driving this momentum. In the past 24 hours alone, Upbit recorded a BCH/KRW trading volume of over $350 million, contributing to 23.58% of BCH’s total trading volume. Notably, this trading volume is three times higher than that of BTC/KRW on the same platform.

The recent repayment of debt by Coinflex, a UK-based cryptocurrency exchange, has also impacted BCH’s upward trajectory. Coinflex had been responsible for the BCH to sBCH cross-chain bridge until its discontinuation following bankruptcy. This development has influenced BCH’s increased adoption and boosted investor confidence.

South Korea’s active participation in the BCH market, combined with the repayment of debts and increased interest from traders, has fueled the recent pump in BCH’s trading volume and price. This surge not only highlights the growing significance of BCH in the cryptocurrency market but also demonstrates the resilience and potential of digital currencies in general.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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