The Bitcoin Cash (BCH) price has gone through the roof in recent days. Within the last ten days, the Bitcoin fork has risen by a staggering 168%, temporarily BCH was already up over 200% today. While Bitcoin Cash was still trading at $104 on June 20 and was stuck in a deep bull market that looked bad even compared to other altcoins, a miracle occurred 10 days ago. The price exploded out of nowhere.<\/p>\n
As NewsBTC reported, the reasons for the phenomenal rise in BCH\u2019s price have already been discussed<\/a> hotly over the past few days. It was often heard that the listing on the new crypto exchange EDX Markets, which is backed by industry giants Citadel Securities, Charles Schwab Corp. and Fidelity Digital Assets, favored BCH.<\/p>\n Furthermore, it has been argued that the price increase is also due to Bitcoin Cash\u2019s recent \u201cgame-changing\u201d upgrade. In mid-May, Bitcoin Cash underwent a hard fork that not only improved the network\u2019s security and privacy measures, but also introduced plans for CashTokens.<\/p>\n However, the real reasons for the current Bitcoin Cash pump seem to lie elsewhere: namely in South Korea.\u00a0Chinese crypto journalist Colin Wu reports<\/a> today that South Korea could be the reason for the BCH pump, looking at where much of the trading volume originates.<\/p>\n In the last 24 hours, the largest exchange in South Korea, Upbit, recorded over $350 million in trading volume for BCH\/KRW, accounting for 23.58% of the total trading volume for BCH. Moreover, it is also three times the trading volume of BTC\/KRW on Upbit \u2013 an anomaly that has extreme rarity.<\/p>\n Renowned crypto whale and trader Andrew Kang agrees, stating<\/a> that the current BCH rally reminds him of the multi-week Aptos (APT) battle between Korean retailers and \u201cprofessional traders.\u201d<\/p>\n \u201cKoreans didn\u2019t need a reason to bid, all that mattered is that it kept going up and early bears got slaughtered,\u201d Kang said. The trader is alluding to APT\u2019s 500% rally earlier this year.<\/p>\n South Koreans pumped Aptos because of a joke about housing affordability. APT\u2019s trading volume on the South Korean crypto exchange UpBit was often higher than the total trading volume on Binance at the time. It was also beneficial that the Aptos Foundation marketed the altcoin to Koreans from day one.<\/p>\n According to Alex Shin, co-founder of crypto venture capital firm Hashed, South Korean crypto investors took<\/a> Aptos\u2019 three-letter ticker \u201cAPT\u201d and turned it into a meme alluding to how absurdly expensive it is to buy an \u201capartment\u201d in South Korea. Asia expert Wu said at the time that \u201cpumping altcoins is a tradition in the Korean community.\u201d<\/p>\n Kang concluded: \u201cPeople are shorting more BCH than there is liquid supply of it. It\u2019s highly illiquid since most of the supply is dead. Imagine fading the original cartel\u201d and added \u201cdisbelief pump.\u201d<\/p>\n At press time, BCH changed hands for $300 per coin.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The Bitcoin Cash (BCH) price has gone through the roof in recent days. Within the last ten days, the Bitcoin fork has risen by a staggering 168%, temporarily BCH was already up over 200% today. While Bitcoin Cash was still trading at $104 on June 20 and was stuck in a deep bull market that looked bad even compared to other altcoins, a miracle occurred 10 days ago. The price exploded out of nowhere.<\/p>\n As NewsBTC reported, the reasons for the phenomenal rise in BCH\u2019s price have already been discussed<\/a> hotly over the past few days. It was often heard that the listing on the new crypto exchange EDX Markets, which is backed by industry giants Citadel Securities, Charles Schwab Corp. and Fidelity Digital Assets, favored BCH.<\/p>\n Furthermore, it has been argued that the price increase is also due to Bitcoin Cash\u2019s recent \u201cgame-changing\u201d upgrade. In mid-May, Bitcoin Cash underwent a hard fork that not only improved the network\u2019s security and privacy measures, but also introduced plans for CashTokens.<\/p>\n However, the real reasons for the current Bitcoin Cash pump seem to lie elsewhere: namely in South Korea.\u00a0Chinese crypto journalist Colin Wu reports<\/a> today that South Korea could be the reason for the BCH pump, looking at where much of the trading volume originates.<\/p>\n In the last 24 hours, the largest exchange in South Korea, Upbit, recorded over $350 million in trading volume for BCH\/KRW, accounting for 23.58% of the total trading volume for BCH. Moreover, it is also three times the trading volume of BTC\/KRW on Upbit \u2013 an anomaly that has extreme rarity.<\/p>\nNever Skip A Korea Pump?<\/h2>\n
Why Is Bitcoin Cash Experiencing A Revival?<\/h2>\n