The continued rise of Bitcoin Cash (BCH) may be linked to South Korea, according to a report by an Asian media outlet, Wu Blockchain. The report noted that in the past 24 hours, South Korea’s largest exchange had recorded a trading volume of over $350 million for the BCH/KRW trading pair.
South Korea has also contributed 23.58% of the total trading volume for BCH, tripling the trading volume of BTC/KRW on Upbit. Since the massive influx, BCH has pumped over 30% and is trading at $301 at press time.
The Fine Form Continues
Bitcoin Cash, a cryptocurrency created by a Bitcoin fork, has been showing promising signs recently, as it has more than doubled since June 20. BCH is currently the 14th largest coin in the crypto market, with a market cap of $6 billion.
It all began with the debut of Citadel-backed crypto exchange EDX Markets on June 20. Bitcoin Cash was among the four crypto assets—with Bitcoin, Litecoin, and Ethereum—listed on the exchange after the debut.
EDX Markets handpicked the four crypto assets, noting that they are widely regarded as commodities. The choice showed the exchange’s move to avoid legal action by regulators, as they have cracked down on Binance and Coinbase on related issues.
BCH was particularly the biggest gainer from the listing, as it recorded hefty returns far higher than what Bitcoin, Ethereum, and Litecoin have seen.
The South Korean Masterclass
South Korea remains one of the biggest market players in the crypto industry. The Asian country’s investors have remained bullish on BCH following the recent outbreak after a long period of obscurity for the token.
The all-but-confirmed classification of Bitcoin Cash as a commodity might be the driving factor behind the interest of the South Koreans in the token.
