- Bitcoin Cash price surged to the highest level since February this year.
- Blackrock, Deutsche Bank have proposed to launch crypto products.
Bitcoin Cash price went vertical on Wednesday as investors cheered numerous crypto news. The BCH coin jumped to a high of $140, the highest level since February this year. At its peak, the coin was up by more than 53% from the lowest level this month.
Bitcoin Cash is not a security
The main reason why Bitcoin Cash price is soaring is the recent important news in the crypto industry. Last week, Blackrock announced that it had made a filing for the iShares Bitcoin Trust, the first spot fund in the industry.
While the ETF will focus on Bitcoin, other altcoins are benefiting because of the overall correlation of the industry. This also explains why other altcoins like Stacks, Optimism, and Kaspa are surging. Other companies like WisdomTree and VanEck have also expressed hopes of having a Bitcoin ETF.
Bitcoin Cash price also surged after the decision by Deutsche Bank to apply for a crypto custody service in Germany. This is an important fact since Deutsche Bank is a $1.4 trillion bank with the biggest market share in Germany. If granted, there is a likelihood that other European banks will move into the industry.
Read more: How to buy Bitcoin Cash.
Further, Bitcoin Cash is surging because of the recently launched EDX Markets exchange. The non-custodial exchange is backed by leading companies like Citadel Markets, Schwab, and Fidelity Markets.
Unlike other exchanges, EDX Markets has only listed four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The creators believe that these coins are not securities, meaning that it will not be targeted by the Securities and Exchange Commission.
Therefore, there is a likelihood that many investors will allocate their funds to coins like BTC and BCH, which are not classified as securities.
Bitcoin Cash price prediction
The daily chart shows that the BCH price made a bullish breakout on Wednesday. As it rose, its highest point was at $139.25, where it has struggled to move above throughout the year. The Bitcoin Cash price has moved above the 25-day and 50-day moving averages while the coin’s volume has continued rising.
Therefore, at this stage, the outlook of the Bitcoin Cash price is neutral unless it moves above the key resistance at $140. If this happens, the next level to watch will be at $153.32, the highest point on February 2021. A drop below the support at $109 will signal that there are more downside.
