BCH: Short sellers of Bitcoin Cash lose millions when the price suddenly goes up

Last week, short sellers and people who bet against Bitcoin Cash lost a lot of money because the Bitcoin fork, Bitcoin Cash, had an unexpected recovery that sent the cryptocurrency up 54%. The price of BCH had already gone up by 84% the week before, and it is now worth about $292. The community's loses of over $25 million (mostly from BCH-backed futures) are the worst in over two years.

So, you might ask, what's so exciting about Bitcoin Cash? BCH was added to EDX markets in June. EDX markets is a new market for digital assets backed by big institutions like Charles Schwab and Fidelity Digital Assets. Last week, its price hit a one-year high because it was listed, and there are no signs that the excitement will die down soon.

Bitcoin Cash (About)

Cash in Bitcoin

Bitcoin Cash (BCH) is a decentralised digital currency that came out of the original Bitcoin blockchain in August 2017 when it split in two. It was made to fix some of the problems people thought Bitcoin had, especially with how big it could get and how much it cost to send money. Bitcoin Cash wants to make transactions faster and cheaper by letting more transactions be handled in each block. This will allow the block size limit to be raised. BCH can handle more transactions per second than Bitcoin because its blocks are bigger. At first, they are 32MB, but they could get even bigger in the future.