Bitcoin Cash achieves its second halving

The second Bitcoin Cash (BCH) halving just took place on April 3 at 10:45 UTC, at a block height of 840,000 – where miner rewards are now reduced from 6.25 BCH to 3.125 BCH .

Bitcoin Cash is a blockchain network and proof-of-work cryptocurrency that has been touted as being faster and cheaper to use than Bitcoin (BTC). The first Bitcoin Cash halving event took place on April 8, 2020, with miner rewards dropping from 12.5 BCH to 6.25 BCH.

There was speculation ahead of the halving, with the price of Bitcoin Cash increasing 147.85% over the past three months and 24% over the past 30 days.

However, in the last 24 hours, it fell by 9.94%. At press time, it is currently trading at $572.21, according to data from CoinMarketCap.

The recent price drop led to liquidations totaling $3.9 million, primarily affecting long positions at $3.3 million, while short positions accounted for $569,540, according to CoinGlass data.

Long positions in Bitcoin Cash were liquidated amounting to $3.3 million following the price drop. 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 climb, reaching another $799.23 million.

This is a developing story and more will be added as they become available.