Bitcoin Cash

Bitcoin

April

Bitcoin Cash (<a href="https://cointelegraph.com/bitcoin-cash-price-index">BCH</a>) stumbled on Wednesday after a three-month-long rally before rebounding shortly after as the blockchain completed its second-ever halving — an event where mining <a href="https://www.nicehash.com/countdown/bch-halving-2024-04-01-12-00" target="_blank" rel="noopener nofollow">rewards</a> are slashed in half.
Bitcoin Cash is a proof-of-work blockchain network and cryptocurrency that was designed to be faster and cheaper to use than Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>). The first Bitcoin Cash halving event took place on April 8, 2020, with miner rewards dropping <a href="https://cointelegraph.com/news/bitcoin-cash-halving-results-in-miner-exodus-and-profitability-decline">from 12.5 BCH to 6.25 BCH.</a>
There has been speculation in the lead-up to the halving, with the price of Bitcoin Cash increasing 147.85% over the past three months and 24% over the past 30 days. 
However, in the day leading up to the halving, Bitcoin Cash's price dipped by 9.94%, falling to $572.21, as per CoinMarketCap <a href="https://coinmarketcap.com/currencies/bitcoin-cash/" target="_blank" rel="noopener nofollow">data</a>. However, after the halving, it quickly bounced back, reaching $604, a spike of approximately 5.5%.
The recent price decline led to liquidations totaling $3.9 million, predominantly affecting long positions at $3.3 million, while short positions accounted for $569,540, as per CoinGlass <a href="https://www.coinglass.com/currencies/BCH" target="_blank" rel="noopener nofollow">data</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-04/e5b9ca98-9d58-4a15-920c-6dde889ca832.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin Cash long positions were liquidated to the amount of $3.3 million following the price dip. Source: CoinGlass
 </figcaption>
</figure>
On March 29, Cointelegraph reported that open interest (OI) in Bitcoin Cash futures perpetual contracts reached <a href="https://cointelegraph.com/news/bitcoin-cash-open-interest-surges-bch-halving">all-time highs of $708.75 million</a>.
At the time of publication, the OI has continued its ascent, surging even further to $799.23 million.
Meanwhile, one X user "DavidShares" explained to his 17,500 followers that many miners had already switched over to mining Bitcoin ahead of the halving.&nbsp;
He also noted that hash rates have declined since the halving. The network has now validated 840,004 blocks, indicating just four blocks have been validated since the halving event, as per Bitcoin Unlimited <a href="https://explorer.bitcoinunlimited.info/" target="_blank" rel="noopener nofollow">data</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-04/c01683d5-6986-449c-8267-47181a93cbf6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/DavidShares/status/1775668714181992922?s=20" target="_blank" rel="noopener nofollow">DavidShares</a>
 </figcaption>
</figure>
In 2017, Bitcoin Cash forked off from Bitcoin due to a group of the community disagreeing over ways of scaling up and decreasing transaction fees to adjust for the growing demand.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-bull-run-weirdest-in-history-memecoin-surge">Memecoin madness is breaking the Bitcoin halving cycle</a>
Just two years later, it split again which led to controversy amongst the mining community as several had not upgraded 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 the old chain that the majority of the Bitcoin Cash network <a href="https://cointelegraph.com/news/bitcoin-cash-hard-fork-sees-miners-waste-money-on-14-invalid-blocks">already considered invalid and rejected.</a>
Meanwhile, he <a href="https://cointelegraph.com/news/bitcoin-halving-different-this-time">highly anticipated Bitcoin halving</a> is scheduled to take place on April 20, just 16 days from now.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/crypto-bull-run-china-bitcoin-herbert-sim-hall-of-flame/">China will intensify Bitcoin bull run, $1M by 2028: Bitcoin Man, X Hall of Flame</a>

Bitcoin Cash price hiccups amid second-ever halving event

Cointelegraph

Other articles published on Apr 3, 2024

Cryptocurrency Market Exhibits Modest Uptick with Bitcoin Over $66,000

Bitget Partners with Onramp Money For Seamless Fiat-to-Crypto Transactions Across 5 Local Currenc...

Goldman Sachs rejects Bitcoin!

Pushd Set to Revolutionize E-commerce with a Predicted 40X Surge, Courting Ripple and Cardano Ent...

Cathie Wood: Bitcoin a Robust Defense Against Poor Government Fiscal Policies

Amber Group Allegedly Invested in This Newly Launched Altcoin – Other Whales Also Became Active

Join our free newsletter for daily crypto updates!