Bitcoin Cash completes second-ever halving

The second ever Bitcoin Cash (BCH) halving has just taken place as of 10:45 pm UTC on April 3 at block height 840,000 — where miner rewards will now be chopped from 6.25 BCH to 3.125 BCH.

Bitcoin Cash is a proof-of-work blockchain network and cryptocurrency that was designed to be 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 has been speculation in the lead-up to the halving, with the price of Bitcoin Cash increasing 147.85% over the past three months and 24% over the past 30 days.

However, over the past 24 hours, it has dropped 9.94%. At the time of publication, it is currently trading at $572.21, as per CoinMarketCap data.

The recent price decline led to liquidations totaling $3.9 million, predominantly affecting long positions at $3.3 million, while short positions accounted for $569,540, as per CoinGlass data.

Bitcoin Cash long positions were liquidated to the amount of $3.3 million following the price dip. Source: CoinGlass

On March 29, Cointelegraph reported that open interest (OI) in Bitcoin Cash futures perpetual contracts reached all-time highs of $708.75 million.

At the time of publication, the OI has continued its ascent, surging even further to $799.23 million.

This is a developing story and more will be added as it becomes available.

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