The second-ever halving of Bitcoin Cash (BCH) has recently occurred at block height 840,000, resulting in a reduction of miner rewards from 6.25 BCH to 3.125 BCH. Bitcoin Cash is a cryptocurrency and blockchain network that aims to provide faster and cheaper transactions compared to Bitcoin (BTC). The first halving event for Bitcoin Cash took place on April 8, 2020, when miner rewards dropped from 12.5 BCH to 6.25 BCH.
Leading up to the halving, there has been speculation, resulting in a 147.85% increase in the price of Bitcoin Cash over the past three months and a 24% increase over the past 30 days. However, in the last 24 hours, the price has decreased by 9.94%. As of now, it is being traded at $572.21 according to CoinMarketCap.
This recent decline in price has led to liquidations totaling $3.9 million, mainly affecting long positions at $3.3 million, while short positions accounted for $569,540 according to CoinGlass data.
Bitcoin Cash long positions worth $3.3 million were liquidated following the price drop.
On March 29, Cointelegraph reported that open interest in Bitcoin Cash futures perpetual contracts reached an all-time high of $708.75 million. Since then, the open interest has continued to rise and has now reached $799.23 million.
In the meantime, a user named “DavidShares” informed his 17,500 followers that many miners had already switched to mining Bitcoin ahead of the halving.
Bitcoin Cash forked from Bitcoin in 2017 due to disagreements within the community regarding scaling and transaction fees. Two years later, it split again, causing controversy among miners who had not upgraded to the new chain. This resulted in a wasteful allocation of resources. In November 2019, it was reported that miners wasted resources mining 14 empty blocks on the old chain, which the majority of the Bitcoin Cash network considered invalid and rejected.
According to Bitcoin Man, X Hall of Flame, China will intensify the Bitcoin bull run, predicting that it will reach $1 million by 2028.