Bitcoin Cash (BCH) briefly fell on Wednesday following a three-month rally, but quickly rebounded as the blockchain experienced its second-ever halving. reward It is cut in half.
Bitcoin Cash is a proof-of-work blockchain network and a cryptocurrency designed to be faster and cheaper to use than Bitcoin (BTC). The first Bitcoin Cash halving event took place on April 8, 2020, when miners’ rewards decreased from 12.5 BCH to 6.25 BCH.
Bitcoin Cash price has increased 147.85% in the past three months and 24% in the past 30 days amid speculation surrounding a halving.
However, the day before the halving, the price of Bitcoin Cash fell by 9.94% to $572.21, according to CoinMarketCap. data. However, the stock quickly rebounded after the halving, jumping about 5.5% to $604.
According to CoinGlass, the recent price drop resulted in a total of $3.9 million in liquidations, primarily affecting long positions of $3.3 million, while short positions accounted for $569,540. data.
On March 29, Cointelegraph reported that open interest (OI) in Bitcoin Cash futures perpetual contracts reached a record high of $708.75 million.
As of this article’s publication, OI continues to rise, rising further to $799.23 million.
Meanwhile, one X user, DavidShares, explained to his 17,500 followers that many miners have already switched to mining Bitcoin ahead of the halving.
He also noted that hashrate has been declining since the halving. The network has now verified 840,004 blocks. This indicates that according to Bitcoin Unlimited, only four blocks have been validated since the halving. data.
In 2017, Bitcoin Cash was separated from Bitcoin after community groups disagreed over how to scale and reduce transaction fees to meet growing demand.
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Just two years later, it split again, sparking controversy among the mining community as some mines did not upgrade to the new chain, resulting in a wasteful allocation of resources.
In November 2019, Cointelegraph reported that miners spent resources mining 14 empty blocks on an old chain that the majority of the Bitcoin Cash network had already deemed invalid and rejected.
Meanwhile, he had high hopes that Bitcoin’s halving is scheduled for April 20, just 16 days from now.
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