Soaring stocks in June are Bitcoin Cash, FTX Token, Compound | CoinDesk JAPAN | Coin Desk Japan

The crypto asset (virtual currency) with the highest rate of increase in June was Bitcoin Cash (BCH). The rise is due to four cryptocurrency exchanges tradeable on EDX Markets, backed by major financial institutions such as Fidelity Digital Assets, Charles Schwab and Citadel Securities. With the stock’s inclusion, most of the gains occurred in the week and a half after it went public on June 20.

Bitcoin Cash rises 171% month-on-month

According to CoinDesk data, Bitcoin Cash is up 171% over the month, outpacing Bitcoin (BTC) by 14%. On June 30, the stock surged 30% in 24 hours, hitting a 14-month high of $320.

The surge is backed by a notable increase in trading activity on South Korea’s most prominent cryptocurrency exchange, Upbit. According to data from market data aggregator CoinGecko, the Upbit-listed Bitcoin Cash/Korean Won (BCH/KRW) pair has sold $558 million (roughly 80.91 billion dollars) in the past 24 hours. Yen, converted to 145 yen to the dollar) record trading volume. Upbit’s Bitcoin and Won pair (BTC/KRW) of $ 160 million (about 23.2 billion yen) is about 3.5 times, Nasdaq-listed exchange Coinbase’s BCH/USD of $ 87 million (about 12,615 million yen).

Matt Kunke, a research analyst at GSR, a cryptocurrency trading firm and liquidity provider, said Bitcoin Cash’s outstanding performance in June suggests that the Bitcoin blockchain fork poses regulatory risks. He pointed out that this may be due to the perception that it could reduce

“Liquids have also been a key component of Bitcoin Cash’s strength, especially on the last day, when about $15 million of shorts were liquidated, the largest of any coin other than BTC/ETH,” Kunke said. rice field.

Entry of major institutional investors boosts sentiment

In June, two major cryptocurrency exchanges, Binance and Coinbase, were sued by the U.S. Securities and Exchange Commission (SEC). This led to a drop in altcoins, but sentiment turned positive towards the end of the month as many large institutional investors were found to be making further inroads into crypto. Bitcoin rose after this. Just days after BlackRock, the world’s largest asset manager, filed for a Bitcoin exchange-traded fund (ETF) on June 15, it surpassed a one-year high of $31,000.

“Every year the cryptocurrency industry says, ‘Institutional investors are coming,’ and that slogan drives market trends,” said Michael Safai, managing partner of cryptocurrency trading firm Dexterity. It often happens,” he said. “We’ve seen institutional investors of all sizes participate, but none of the trillion-dollar companies like BlackRock, which was clearly the driving force behind Bitcoin’s rally last month,” he said. ‘ said.

FTX Tokens and Compounds Also Rise

FTT, the token of bankrupt crypto exchange FTX, also rose 124% in June. The Wall Street Journal (WSJ) reported on the 29th that FTX is in talks with investors about pushing forward with its turnaround plan.

COMP, the native token of decentralized finance (DeFi) protocol Compound, is also up 50% in four days following a surge in trading volume and withdrawals on Binance. The increase in June was 58%.

The CoinDesk Market Index (CMI), an index that measures market capitalization-weighted performance, rose 2.7% in June.

｜Translation: CoinDeskJAPAN
｜Editing: Rinan Hayashi
｜Image: Shutterstock
｜Original: Bitcoin Cash, FTX’s FTT Token and COMP Led Crypto Market Gains in June