Benzinga - Bitcoin Cash (CRYPTO: BCH) surged more than leading cryptocurrencies Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) did last month, with a staggering 156% gain over the past 30 days.
What Happened: Over the past week alone, Bitcoin Cash has experienced a 55% increase in value. At the time of writing, BCH was trading at $293.80.
Two significant developments have played a crucial role in this surge: BlackRock Inc‘s (NYSE:BLK) application for a Bitcoin spot ETF with the Securities and Exchange Commission (SEC), and the launch of EDX Markets.
BlackRock’s recent move to seek SEC approval for a Bitcoin spot ETF has not only generated a bullish sentiment in the cryptocurrency market but has also triggered a wave of similar applications. This overall positive sentiment has had a notable impact on Bitcoin and its related projects, including Bitcoin Cash.
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Why It Matters: While a surge in trading volume following a positive catalyst is a sign of strong market participation and interest in the asset, it is worth noting that the upward trend was partly fueled by a short squeeze and an unexpected volume spike on the South Korean exchange, Upbit.
A short squeeze occurs when an asset’s price rises, causing traders who had bet against its price to be forced to buy at a loss or experience forced liquidation.
In comparison, Bitcoin’s value increased by 13% and Ethereum’s by 3% over the past 30 days.
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