Bitcoin Cash soars 168% in 10 days, don’t skip a Korea pump.
The price of Bitcoin Cash (BCH) has skyrocketed in recent days. In the past ten days alone, the Bitcoin fork has seen an incredible increase of 168%, temporarily even reaching a 200% increase today. While Bitcoin Cash was only trading at $104 on June 20 and seemed to be struggling compared to other altcoins, a miracle happened ten days ago when the price suddenly exploded.
Why Is Bitcoin Cash Experiencing A Revival?
As reported by blockchain, the reasons behind the phenomenal rise in BCH’s price have been widely discussed in recent days. It has been suggested that the listing of BCH on the new crypto exchange EDX Markets, which is backed by industry giants Citadel Securities, Charles Schwab Corp., and Fidelity Digital Assets, has favored BCH.
In addition, it has been argued that the price increase is also due to Bitcoin Cash’s recent “game-changing” upgrade. In mid-May, Bitcoin Cash underwent a hard fork that not only improved the network’s security and privacy measures but also introduced plans for CashTokens.
However, it appears that the real reasons for the current Bitcoin Cash pump lie elsewhere, specifically in South Korea. Chinese crypto journalist Colin Wu reported today that South Korea could be the driving force behind the BCH pump, based on the origin of a significant portion of the trading volume.
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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. Furthermore, this trading volume is three times that of BTC/KRW on Upbit, which is extremely rare.
Renowned crypto whale and trader Andrew Kang agrees, stating that the current BCH rally reminds him of the multi-week Aptos (APT) battle between Korean retailers and “professional traders.”
Never Skip A Korea Pump?
“Koreans didn’t need a reason to bid, all that mattered is that it kept going up and early bears got slaughtered,” Kang said. The trader is referring to APT’s 500% rally earlier this year.
South Koreans pumped Aptos because of a joke about housing affordability. APT’s trading volume on the South Korean crypto exchange UpBit was often higher than the total trading volume on Binance at that time. It was also advantageous that the Aptos Foundation marketed the altcoin to Koreans from day one.
According to Alex Shin, co-founder of crypto venture capital firm Hashed, South Korean crypto investors took Aptos’ three-letter ticker “APT” and turned it into a meme alluding to the exorbitant cost of buying an “apartment” in South Korea. Asia expert Wu said at the time that “pumping altcoins is a tradition in the Korean community.”
Kang concluded: “People are shorting more BCH than there is liquid supply of it. It’s highly illiquid since most of the supply is dead. Imagine fading the original cartel” and added “disbelief pump.”
At the time of writing, BCH is trading at $300 per coin.
