Bitcoin Cash (BCH) has experienced an astonishing surge, skyrocketing by an impressive 108% in just seven days. This extraordinary rally comes on the heels of financial giant BlackRock‘s bold move to apply for a Bitcoin spot ETF with the Securities and Exchange Commission (SEC). The ripple effect of BlackRock’s action has triggered a wave of similar applications, creating an overwhelmingly bullish sentiment in the cryptocurrency market. Notably, this wave of enthusiasm has extended to Bitcoin and its various offshoot projects.
BlackRock’s ETF Application Sparks the Frenzy
It all started with BlackRock, that big player in the financial world, applying for a Bitcoin spot ETF with the SEC. And you know what happened next? A bunch of other jumped on the bandwagon and started hurling their own ETF applications at the SEC, like it’s some kind of ETF application party. This flurry of activity injected a hefty dose of bullishness into the crypto market, particularly for Bitcoin and its funky offshoots.
Read more: Bitcoin Surges, ETH Correction, Fed vs SEC, and Pepe Whale Frenzy!
Enter EDX Markets, the Catalyst for Chaos
EDX Markets, the new kid on the block, sauntered into the scene and stole everyone’s thunder. This platform is specifically tailored for institutional investors, and it carries quite the weight with heavy hitters like Fidelity, Schwab, and Citadel Securities backing it up. Now, here’s the kicker: EDX Markets decided to list just four cryptocurrencies—Bitcoin, Ether, Litecoin, and, you guessed it, Bitcoin Cash. Talk about a select club!
Bitcoin Cash: A Tale of Splits and Drama
Okay, let’s take a breather and delve into the fascinating backstory of Bitcoin Cash. So, back in 2017, the Bitcoin community had a squabble over scalability and transaction capacity. They split into two factions: the big blockers and the small blockers. One group was all about those chunky transaction blocks, while the other preferred them small and dainty. And voila! Bitcoin Cash was born through a dramatic “hard fork” in August 2017, creating its own separate blockchain. Drama, thy name is crypto!
But wait, it doesn’t end there. In 2018, Bitcoin Cash decided it wasn’t enough to have one split; it needed a double whammy. Enter Bitcoin SV (Satoshi’s Vision), spearheaded by the one and only Craig Wright, who claims to be the real deal behind Bitcoin’s creation. You can’t make this stuff up, folks!
What About Institutional Investors?
Now, where were we? Ah, yes, Bitcoin Cash and its popularity. With the likes of Fidelity and friends backing EDX Markets, it seems like institutional investors are finally giving Bitcoin Cash the nod of approval. Despite its turbulent past and the whole family feud with its own forks, this little rascal seems to be winning over the serious money folks.
So, we reached out to EDX Markets and BlackRock for some juicy comments, but apparently, they were too busy making waves to respond. Classic move, guys!
In the end, a BlackRock spokesperson had this to say: “We’ve filed our paperwork with the SEC, and sorry, folks, but we can’t spill the beans any further.” Ah, the old “regulatory filing restrictions” excuse. We see you, BlackRock!
Read more: Power Drama at the SEC, Bank of China’s Crypto Leap, Bitcoin Football, and CPI Volatility
So, there you have it, holders! Bitcoin Cash has taken the crypto world by storm, thanks to the antics of EDX Markets and the ETF frenzy triggered by BlackRock. Hang on tight, because who knows what twists and turns this crazy ride will take next!
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