Binance Expands Trading Pairs for Bitcoin Cash (BCH), Bitcoin SV (BSV)
Newer stablecoins will increase liquidity for the two assets established after the November 2018 hard fork.
Binance will expand the markets for Bitcoin Cash (BCH) and Bitcoin SV (BSV) with the newer stablecoins fully backed by fiat while also preserving the BCHABC ticker for now. The pairs include BCHABC/TUSD, BCHABC/PAX, BCHABC/USDC, BCHSV/TUSD, BCHSV/PAX, and BCHSV/USDC.
Live trading will start on January 22 at 10:00 UTC. News of the listings arrives just days after Circle-backed USDC asset published one of its first attestations that it is underpinned by a dollar amount matching the coins in circulation.
TrueUSD (TUSD), Paxos (PAX), and USDC are seen as some of the more reliable, growing stablecoins backed by US dollars. Binance has been among the exchanges supporting the assets and expanding their influence.
PAX has a 1.82% market share, based on StablecoinsWar data. TUSD is right behind it with 1.2%, while USDC currently has only a 0.35% market share.
Both BCH and BSV saw subdued trading in January as the hype around the hard fork subsided and volatility decreased. BCH traded at around $122.55 after the latest market downturn, while BSV settled at $75.06.
Of the two coins, BSV has a higher component of Tether (USDT) trading as per Binance activity, and the new pairs may change that ratio. The BSV/USDT pair makes up more than 51% of total volumes.
BCH, on the other hand, demonstrates a huge anomaly in its trading profile, according to data by CryptoCompare. A new exchange, P2PB2B, has taken up a significant portion of trading, and the pairing with ETH has become influential, expanding to 42% of BCH volumes. The USDT share has fallen to 27% from levels above 60% lately. This new profile may change the trading risk and the potential for manipulation for BCH.
The new exchange, which is already in the top 20 of CoinMarketCap, and LBank make up more than 70% of BCH trading.
Both assets are witnessing increased skepticism as prices start sinking again and Bitcoin (BTC) struggles to stay above $3,600.