The newly launched exchange, EDX Markets, initially offered only four cryptocurrencies, namely Bitcoin, Ether, Bitcoin Cash, and Litecoin.
Since the announcement, the price of BCH has more than doubled over the past week, reaching around $232 as of press time. Within the last 24 hours, the coin’s price increased by nearly 3%.
Bitcoin Cash received a boost after the SEC lawsuit
Bitcoin Cash received a boost when it was excluded as a security in the recent Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase. EDX’s decision to list the token has instilled greater confidence among investors that regulators may not be focusing on it.
During a 2018 video from a cryptocurrency event hosted by Bloomberg and Fidelity, the current SEC Chairman, Gary Gensler, stated that Bitcoin Cash, along with Litecoin and Ether, the other cryptocurrencies listed on EDX, were not considered securities.
This viewpoint deviated from the chairman’s commonly expressed belief that all cryptocurrencies, except for Bitcoin, should be classified as securities.
BCH emerged as a result of a disagreement between Bitcoin’s users and developers regarding differing visions for the future of the blockchain. In 2017, a group advocating for Bitcoin’s increased focus on consumer payments initiated a split, or forked, the blockchain, leading to the creation of Bitcoin Cash.
Despite its significantly lower value compared to its namesake, with Bitcoin trading near $30,700 on Tuesday morning, BCH remains one of the top 20 cryptocurrencies, boasting a market capitalization exceeding $4.5 billion.