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Bitcoin Cash Soars 100% in a Week: Unveiling the Reasons

  • Bitcoin Cash experiences a 100% increase in value, surpassing $200.
  • SEC’s decision to exclude Proof-of-Work cryptocurrencies from investment contract classification contributes to the surge in interest.
  • Launch of EDX Markets, a cryptocurrency exchange backed by leading US financial institutions, also boosts interest in BCH.

The surge in Bitcoin Cash’s value has seen its market capitalization reach $4 billion, making it the third most traded asset in the past 24 hours, excluding stablecoins. Like Bitcoin, Bitcoin Cash is also counting down to its block reward halving, which is currently expected to occur on April 6, 2024, approximately three weeks before Bitcoin’s halving.

Countdown to Halving

Bitcoin Cash, like its predecessor Bitcoin, is also counting down to its block reward halving. Current data indicates that the halving for Bitcoin Cash is expected to occur on April 6, 2024, approximately three weeks before Bitcoin’s halving. This event is significant for both cryptocurrencies, as it reduces the block reward for miners, effectively decreasing the rate at which new coins are created.

Impact of SEC Decision

The decision by the SEC to exclude Proof-of-Work cryptocurrencies like Bitcoin and Bitcoin Cash from investment contract classification has played a significant role in the surge of interest in BCH. This decision has effectively increased the appeal of these cryptocurrencies to investors, as they are now considered to be outside the scope of investment contracts and therefore subject to less regulatory scrutiny.

EDX Markets Launch

Another factor contributing to the increased interest in Bitcoin Cash is the launch of EDX Markets, a cryptocurrency exchange backed by leading US financial institutions Citadel, Fidelity, and Charles Schwab. Bitcoin Cash is one of the four cryptocurrencies listed on the exchange, alongside Bitcoin, Ether, and Litecoin. This listing has further boosted the profile of BCH and contributed to its recent surge in value.

Conclusion

Bitcoin Cash (BCH) has emerged as the star of the cryptocurrency market this week, with a 100% increase in value, surpassing $200. The cryptocurrency, which was created through a hard fork from Bitcoin in 2017, has climbed to levels not seen since May 2022. The surge in interest in BCH can be attributed to the general upward trend in the market, as well as the SEC’s decision to exclude Proof-of-Work cryptocurrencies like Bitcoin and Bitcoin Cash from investment contract classification. Additionally, the launch of EDX Markets, a cryptocurrency exchange backed by leading US financial institutions Citadel, Fidelity, and Charles Schwab, has also contributed to the increased interest in BCH.

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Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
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