Bitcoin Cash BCH/USD is trading lower by 5.21% to $133.01 Thursday morning. The altcoin is trading lower, pulling back after recent strength in the price of Bitcoin following BlackRock's Bitcoin ETF application.
What Happened?
The cryptocurrency market is experiencing a notable upswing driven by several favorable developments, including the introduction of EDX Markets, a newly established exchange supported by prominent financial entities such as Charles Schwab, Fidelity and Citadel Securities.
These influential players from the finance industry are lending their backing to EDX Markets, contributing to the positive momentum within the market...Read More
See Also: Why IGM Biosciences (IGMS) Stock Is Trading Higher
What Else?
Bitcoin Cash has its roots in Bitcoin and shares some similarities in terms of technology and infrastructure. As Bitcoin gains more adoption and mainstream recognition due to a rising price, it can contribute to a positive network effect that benefits altcoins like Bitcoin Cash.
Some investors who are interested in Bitcoin but seek alternatives may consider Bitcoin Cash as a viable option, potentially increasing its demand and price.
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