Bitcoin Cash Soars 26% as CME Futures Plan Triggers Short Squeeze

Bitcoin Cash (BCH) has surged by over 26% in the past 24 hours, reaching above $340 after the CME Group announced its plan to launch regulated BCH futures on October 19. The move is seen as a catalyst for further price appreciation, with some analysts predicting that BCH could reach up to $450 if it breaks through the $388 resistance level.

The CME Group's decision to introduce two BCH contract sizes - 250 BCH and 25 BCH - will give traders more flexibility in managing their risk exposure. The move is expected to attract institutional investors, who can now gain regulated access to BCH without holding the underlying asset directly.

Grayscale Investments' plan to convert its Bitcoin Cash Trust into an exchange-traded fund (ETF) has also contributed to the positive sentiment surrounding BCH. However, it's worth noting that the SEC still needs to review and approve the proposed ETF conversion before it can become a reality.