{"id":540460,"date":"2023-06-30T07:46:18","date_gmt":"2023-06-30T07:46:18","guid":{"rendered":"https:\/\/wncen.com\/?p=540460"},"modified":"2023-06-30T07:46:18","modified_gmt":"2023-06-30T07:46:18","slug":"never-skip-korea-pump-bitcoin-cash-soars-168-10-days","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-cash\/never-skip-korea-pump-bitcoin-cash-soars-168-10-days\/","title":{"rendered":"Never Skip A Korea Pump? Bitcoin Cash Soars 168% in 10 Days"},"content":{"rendered":"

The Bitcoin Cash (BCH) price has gone through the roof in recent days. Within the last ten days, the Bitcoin fork has risen by a staggering 168%, temporarily BCH was already up over 200% today. While Bitcoin Cash was still trading at $104 on June 20 and was stuck in a deep bull market that looked bad even compared to other altcoins, a miracle occurred 10 days ago. The price exploded out of nowhere.<\/p>\n

Why Is Bitcoin Cash Experiencing A Revival?<\/h2>\n

As NewsBTC reported, the reasons for the phenomenal rise in BCH’s price have already been discussed<\/a> hotly over the past few days. It was often heard that the listing on the new crypto exchange EDX Markets, which is backed by industry giants Citadel Securities, Charles Schwab Corp. and Fidelity Digital Assets, favored BCH.<\/p>\n

Furthermore, 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.<\/p>\n

However, the real reasons for the current Bitcoin Cash pump seem to lie elsewhere: namely in South Korea.\u00a0Chinese crypto journalist Colin Wu reports<\/a> today that South Korea could be the reason for the BCH pump, looking at where much of the trading volume originates.<\/p>\n

Related Reading: Kaching! Bitcoin Cash (BCH) Price Explodes Over 100% \u2013 What\u2019s Powering It?<\/a><\/div>\n

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. Moreover, it is also three times the trading volume of BTC\/KRW on Upbit – an anomaly that has extreme rarity.<\/p>\n

Renowned crypto whale and trader Andrew Kang agrees, stating<\/a> that the current BCH rally reminds him of the multi-week Aptos (APT) battle between Korean retailers and “professional traders.”<\/p>\n

Never Skip A Korea Pump?<\/h2>\n

“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 alluding to APT’s 500% rally earlier this year.<\/p>\n

Related Reading: Bitcoin Cash Surges 20% In One Day As Market Rebounds, What\u2019s Next?<\/a><\/div>\n

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 the time. It was also beneficial that the Aptos Foundation marketed the altcoin to Koreans from day one.<\/p>\n

According to Alex Shin, co-founder of crypto venture capital firm Hashed, South Korean crypto investors took<\/a> Aptos’ three-letter ticker “APT” and turned it into a meme alluding to how absurdly expensive it is to buy an “apartment” in South Korea. Asia expert Wu said at the time that “pumping altcoins is a tradition in the Korean community.”<\/p>\n

Kang concluded: “People are shorting more BCH than there is liquid supply of it. It\u2019s highly illiquid since most of the supply is dead. Imagine fading the original cartel” and added “disbelief pump.”<\/p>\n

At press time, BCH changed hands for $300 per coin.<\/p>\n

\"Bitcoin
BCH soars 168% in 10 days, 1-day chart | Source: BCHUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Binance Academy, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin Cash (BCH) price has gone through the roof in recent days. Within the last ten days, the Bitcoin fork has risen by a staggering 168%, temporarily BCH was already up over 200% today. While Bitcoin Cash was still trading at $104 on June 20 and was stuck in a deep bull market that looked bad even compared to other altcoins, a miracle occurred 10 days ago. The price exploded out of nowhere. Why Is Bitcoin Cash Experiencing A Revival? As NewsBTC reported, the reasons for the phenomenal rise in BCH’s price have already been discussed hotly over the past few days. It was often heard that the listing on the new crypto exchange EDX Markets, which is backed by industry giants Citadel Securities, Charles Schwab Corp. and Fidelity Digital Assets, favored BCH. Furthermore, 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, the real reasons for the current Bitcoin Cash pump seem to lie elsewhere: namely in South Korea.\u00a0Chinese crypto journalist Colin Wu reports today that South Korea could be the reason for the BCH pump, looking at where much of the trading volume originates. Related Reading: Kaching! Bitcoin Cash (BCH) Price Explodes Over 100% \u2013 What\u2019s Powering It? 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. Moreover, it is also three times the trading volume of BTC\/KRW on Upbit – an anomaly that has extreme rarity. 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 alluding to APT’s 500% rally earlier this year. Related Reading: Bitcoin Cash Surges 20% In One Day As Market Rebounds, What\u2019s Next? 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 the time. It was also beneficial 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 how absurdly expensive it is to buy 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\u2019s highly illiquid since most of the supply is dead. Imagine fading the original cartel” and added “disbelief pump.” At press time, BCH changed hands for $300 per coin. Featured image from Binance Academy, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":540463,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16895],"tags":[10765,10736,2674,15399,7668],"class_list":["post-540460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-cash","tag-bch","tag-bitcoin-cash","tag-korea","tag-pump","tag-roger-ver"],"acf":[],"yoast_head":"\nNever Skip A Korea Pump? Bitcoin Cash Soars 168% in 10 Days<\/title>\n<meta name=\"description\" content=\"The Bitcoin Cash price has gone through the roof in recent days. Within the last ten days, the Bitcoin fork has risen by 168%. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Never Skip A Korea Pump? 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