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Bitcoin Cash Prices Spikes to 4-Month High; Open Interest Rises to 77%
Bitcoin Cash was one of four assets listed on Citadel-backed exchange EDX this week.
Updated Jun 23, 2023, 3:53 p.m. Published Jun 23, 2023, 12:26 p.m.
has surged by 36.5% in the past three-days after EDX, the exchange backed by Fidelity, Schwab and Citadel, listed the token alongside bitcoin , ether and .
In the past 24-hours it has increased by more than 10% to $143, its highest level since February, according to CoinDesk data.
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Open interest, a metric used to assess the nominal value of open trades on a specific asset, has risen by 77% to a nine-month high $135 million according to Coinalyze data.
The rise in open interest suggests a shift in positive sentiment with hopes that the asset can experience institutional adoption after being listed on EDX.
Bitcoin Cash was issued in July 2017 after it forked the original Bitcoin's blockchain. It made a record high of $2,947 during the peak of the 2017 bull market. However, despite early optimism, adoption of Bitcoin Cash as a payments network has paled into insignificance compared to its sibling.
Over the past seven days, the total amount of transactions on the Bitcoin Cash network worth more than $100,000 is at $129 million. Bitcoin, meanwhile, has facilitated $75 billion in transactions during the same period, according to IntoTheBlock data.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
Bilinmesi gerekenler:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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