BCH Jumps 10% to $660 After Halving, Eyes on BTC

Quick Look:

• Bitcoin Cash (BCH) surged 10% post-halving, hitting $660.
• The BCH halving reduced mining rewards from 6.25 to 3.125 BCH.
• Bitcoin (BTC) is anticipated to have its halving on April 20, sparking bull market speculations.
• Mixed performances noted across major cryptocurrencies; Ether, BNB, and Solana up by 1%.
• BCH futures’ open interest soared from below $200 million to $700 million post-halving.

Bitcoin Cash (BCH) has experienced a remarkable surge, posting a 10% increase following its recent halving event. The cryptocurrency is pushing its current price to $660. This movement marks the highest price level for BCH since December 2021, despite an 80% decrease from its peak of $3,700 in December 2017. Over the past week and month, BCH has gained 23% and 43%, respectively, with a 13% price change post-halving.

The halving event, recently at block number 840,000, reduced the reward for mining Bitcoin Cash from 6.25 BCH to 3.125 BCH, mirroring the network’s commitment to reducing inflation. This second-ever halving has led to the highest mining difficulty since 2019. Moreover, a noticeable decrease in average miner rewards alongside a network slowdown.

BTC Halving Ahead: Previous Triggered 1000% Run

Simultaneously, the broader cryptocurrency market is eyeing the upcoming Bitcoin (BTC) halving on April 20, historically a precursor to bull markets. Bitcoin currently trades at $66,300, with a slight 24-hour increase of 0.3%. The anticipation builds upon the previous halving in 2020, which preceded a monumental 1,000% price run, peaking at $69,000.

Other major cryptocurrencies have shown mixed performance in the past 24 hours, with Ether, BNB, and Solana each marking a 1% increase, while Dogecoin, Polkadot, XRP, and Cardano experienced a 1.2% decline.

BCH Halving Spurs $700M Futures, Volatility Spike

The impact of the BCH halving extends beyond price fluctuations, with open interest in BCH futures soaring from below $200 million in March to $700 million, indicating a heightened expectation of price volatility. This optimism was momentarily shaken on Wednesday, following a 9.94% price drop post-halving, leading to $4 million in liquidations. Nevertheless, a swift recovery to $614 from a low of $572.21 underscores the cryptocurrency markets’ volatile yet resilient nature.

Crypto’s Future: All Eyes on Bitcoin’s Halving

As the crypto market navigates through these tumultuous times, all eyes remain on Bitcoin’s forthcoming halving. Such events historically catalyze significant bull runs, and Bitcoin Cash’s strong post-halving performance sets the stage for an intriguing period in the crypto landscape. Amidst this backdrop, the CoinDesk 20 index reported a minor 0.7% decline over the past 24 hours. This reflects the market’s cautious optimism and the unpredictable nature of cryptocurrency investments.