Cryptocurrency exchange OKEx created the first bitcoin cash market, enabling users to trade tokens directly against BCH without using BTC or ETH as an intermediary.
The Hong Kong-based exchange made the announcement on Monday, revealing that users now have access to more than a dozen BCH trading pairs.
The news is significant, because OKEx currently ranks sixth among cryptocurrency exchanges in total trading volume, according to data from CoinMarketCap. Over the past 24 hours, OKEx has processed more than $1.3 billion in trades, and it is likely that the new trading pairs will further increase bitcoin cash’s daily trading volume, which often exceeds $1 billion.
In addition to increased liquidity, the creation of a BCH market also further cements bitcoin cash’s status as a top-tier cryptocurrency and separates it from other altcoins that were created through bitcoin forks.
The bitcoin cash price traded up on the news, although it is difficult to gauge the exact impact of the BCH markets since there are several other factors at play. First, bitcoin cash proponent Roger Ver made a high-profile appearance on CNBC yesterday, where he promoted bitcoin cash to many viewers who had likely never heard of it. Second, the cryptocurrency markets made a general upswing on Tuesday, and bitcoin cash’s increase is roughly in line with that trend.
Nevertheless, the announcement is likely bullish for bitcoin cash moving forward, especially if other exchanges create BCH markets as well.
The creation of the first bitcoin cash market was just one of a flurry of developments that OKEx announced this week. The company also launched a fiat-to-token trading platform. Finally, the exchange announced that it will support “all major Bitcoin technical development roadmaps,” including the up to seven hard forks that have been scheduled for the month of December alone.
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Last modified: March 4, 2021 5:02 PM