Crypto
Bitcoin Cash Futures Launch and Grayscale Filing Spark BCH Price Surge
Bitcoin Cash (BCH) witnessed a significant surge in price and trading volume on Wednesday morning, reaching a one-month high. The token's price jumped over 30% in 24 hours and gained around 58% over the past seven days.
The rally was triggered by CME Group's announcement that it plans to launch Bitcoin Cash futures next month, if approved, as well as Grayscale's amended registration statement for its Bitcoin Cash Trust. The filing added another regulated route for investors to gain BCH exposure.
Open interest in the derivatives market also increased significantly, reaching around $600 million from approximately $350 million a few days prior. This indicates an influx of fresh bets in the market, rather than traders closing out old positions.