Bitcoin Cash completes second-ever halving
The second ever Bitcoin Cash (BCH) halving occurred just at 10:45 UTC on April 3 at block height 840,000, where the miner reward was now reduced from 6.25 BCH to 3.125 BCH.
Bitcoin Cash is a blockchain network and proof-of-work cryptocurrency that is touted as being faster and cheaper to use than Bitcoin (BTC). The first Bitcoin Cash halving event took place on April 8, 2020, when miner rewards dropped from 12.5 BCH to 6.25 BCH.
In the lead-up to the halving, there were rumors that Bitcoin Cash's price had risen 147.85% in the last three months and 24% in the last 30 days.
However, it has decreased by 9.94% in the last 24 hours. At the time of publication, it is trading at $572.21, according to data from CoinMarketCap.
The recent price decline resulted in liquidations totaling $3.9 million, predominantly affecting long positions worth $3.3 million, while short positions totaled $569,540, according to CoinGlass data.
Long Bitcoin Cash positions were liquidated to the tune of $3.3 million after the price crashed. Source: CoinGlass
On March 29, Cointelegraph reported that open interest (OI) in Bitcoin Cash perpetual futures contracts reached an all-time high of $708.75 million.
At the time of publication, OI continued its growth, increasing further to $799.23 million.
This is a developing story and more will be added as it becomes available.
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