Bitcoin Cash (BCH) open interest (OI) and price have fallen sharply in the seven days since the price halved, reversing the short-term momentum that preceded the April 4 event.
According to CoinGlass data, #binance Cash's OI was $378.3 million on April 12, down 47% from the peak of $708.5 million reached before BCH's price halving.
The decline in OI coincided with a 13 percent drop in the price of #BCH .
According to CoinMarketCap data, the main drop in the price occurred on April 10, when it fell 7.51 percent in less than three hours after four days of sharp swings between $676 and $BTC This behavior completely reversed a week after the first ever halving event - the 2020 halving event. At that time, #binance Cash showed upward momentum, rising 4.7% and OI rose 10% to US$73.86 million.
At the time, Bitcoin Cash was less than three years old. However, there is still debate about the potential uses of Bitcoin Cash, mainly the low cost of transaction processing and low power consumption when validating new blocks.
The bitcoin (BTC) and Bitcoin Cash communities have once again clashed.
On March 18, in a post on Site X, Adam Buck, CEO of Blockstream, called on Roger Ver, one of bitcoin's earliest adopters who left for the Bitcoin Cash community a few years ago, to return to the bitcoin community.
"Join the party @rogerkver. You want to do this. You don't have to go alone, come back as the prodigal son.
Roger Ver, known as "Bitcoin Jesus," is a staunch supporter of Bitcoin Cash, arguing that it is more in line with Satoshi Nakamoto's original vision for bitcoin.
Ver argues that Bitcoin Cash is better suited for storing valuables and being used as a currency due to its low transaction fees.
Meanwhile, many investors have taken positions in bitcoin and expect it to rise ahead of the half-life approaching next week.
As of the publication of this article, bitcoin's OI stands at $34.89 billion, about 15 times its value eight days before it halves in May 2020.
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