Key Points
- The second Bitcoin Cash (BCH) halving has occurred, reducing miner rewards from 6.25 BCH to 3.125 BCH.
- Bitcoin Cash’s price has seen significant fluctuations leading up to the halving.
Bitcoin Cash Halving Event
The second halving of Bitcoin Cash (BCH), a proof-of-work blockchain network and cryptocurrency, occurred at block height 840,000 on April 3 at 10:45 pm UTC.
The miner rewards were cut down from 6.25 BCH to 3.125 BCH.
Bitcoin Cash was engineered to be more efficient and cost-effective than Bitcoin (BTC).
Its first halving took place on April 8, 2020, during which miner rewards were halved from 12.5 BCH to 6.25 BCH.
Price Fluctuations and Speculations
In the months leading up to the halving, the price of Bitcoin Cash saw significant changes.
Over the past three months, the price increased by 147.85%, and in the last 30 days, it rose by 24%.
However, the price dropped by 9.94% in the last 24 hours.
At the time of reporting, the cryptocurrency was trading at $572.21 according to CoinMarketCap data.
This price drop led to liquidations worth $3.9 million, mainly impacting long positions at $3.3 million.
Short positions accounted for $569,540 according to CoinGlass data.
On March 29, it was reported that the open interest (OI) in Bitcoin Cash futures perpetual contracts hit an all-time high of $708.75 million.
As of now, the OI has climbed even higher, reaching $799.23 million.
More updates on this development will be provided as they become available.
