• Bitcoin reached the $29,000 level and Bitcoin Cash price climbed to $140 on major cryptocurrency exchanges after BlackRock and other major companies applied for spot ETFs.
  • BCH rose after Wall Street-backed crypto exchange EDX launched.
  • EDX will initially only support 4 tokens: BTC, ETH. LTC and BCH.

BCH is the biggest gainer among the top 50 cryptocurrencies by market cap as news of Bitcoin Cash supports the bulls’ path.

Bitcoin Cash price gains of over 25% in 24 hours are certainly well ahead of other notable gainers: Stack (STX), Optimism (OP) and Lender (RNDR).

BCH also surpassed Bitcoin (BTC), and Bitcoin itself recorded a remarkable rise, trading above $29,000 for the first time in over a month.

Bitcoin Cash Soars Amid Wall Street Crypto News

Most coins traded green on Wednesday, in contrast to the US stock market, where major indices closed in the red before Fed Chairman Jerome Powell’s two-day testimony.

As for cryptocurrencies, a broader rally followed last week’s rally after asset investment giant BlackRock filed for a spot bitcoin ETF. Bullish action was sparked today by news that WisdomTree and Invesco’s other top asset managers followed BlackRock in filing spot ETF proposals with the U.S. Securities and Exchange Commission (SEC).

Thus, Bitcoin Cash price rose alongside other altcoins as sentiment turned around. What’s more, BCH’s price may have entered a new upswing after Wall Street-backed cryptocurrency exchange EDX Market went live.

As reported by CoinJournal, EDX is a new cryptocurrency exchange backed by Wall Street giants Fidelity, Charles Schwab and Citadel. The price of BCH may have skyrocketed on the news that EDX will initially only support four cryptocurrencies: Bitcoin, Litecoin, Ethereum and Bitcoin Cash.

Bitcoin Cash price prediction

The upward momentum from this news is likely the reason BCH/USD has risen to near $140, its highest level since March 20th.

Bitcoin Cash BCH price chart TradingView

It remains to be seen whether the bulls will capitalize on market-wide sentiment to move higher. If that happens, BCH/USD could target the psychological $200 territory and possibly the May 2022 highs.

On the downside, the $100 zone is still a key support area that could act as a reload level for demand. BCH/USD is currently hovering around $130, up about 22% over the 24-hour range.

Article on Bitcoin Cash soaring as BCH hits 3-month high: Here’s why it first appeared on CoinJournal.

By Jules

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