Bitcoin Cash Completes Its Second-Ever Halving

Ahead of the halving event, there has been considerable speculation surrounding Bitcoin Cash, reflected in its price surge of 147.85% over the past three months. However, in the last 24 hours, the price has experienced a slight dip, prompting heightened anticipation and scrutiny within the cryptocurrency community.

Bitcoin Cash Completes Its Second-Ever Halving

The second Bitcoin Cash halving occurred at 10:45 pm UTC on April 3, marking a significant reduction in miner rewards from 6.25 BCH to 3.125 BCH at block height 840,000.

Bitcoin Cash, a proof-of-work blockchain network and cryptocurrency, aims to provide faster and cheaper transactions compared to Bitcoin. Its first halving event transpired on April 8, 2020, reducing miner rewards from 12.5 BCH to 6.25 BCH.

Leading up to the halving, there was widespread speculation, contributing to Bitcoin Cash’s price surge of 147.85% over the past three months and 24% over the last 30 days. However, in the past 24 hours, the price experienced a 9.94% drop, currently trading at $572.21, as reported by CoinMarketCap.

During the recent decline, liquidations totaling $3.9 million occurred, predominantly impacting long positions at $3.3 million, with short positions accounting for $569,540, according to CoinGlass data.

On March 29, Open interest (OI) in Bitcoin Cash futures perpetual contracts reached all-time highs of $708.75 million. At the time of publication, the OI has continued its ascent, surging even further to $799.23 million.

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