According to Bloomberg, Bitcoin Cash, a cryptocurrency that split from Bitcoin in 2017, is reducing its supply of newly minted tokens by 50% today. This move comes as a precursor to Bitcoin's own 'halving' event, which is expected to occur in approximately 16 days. Bitcoin Cash was a significant player in the 'forking' trend, where multiple software development teams attempted to create new forms of currency by modifying the original Bitcoin computer code and releasing coins with 'Bitcoin' in their names.
Bitcoin Cash's supporters include Bitcoin, which is also set to undergo a reduction in the supply of its newly minted coins. These coins are awarded to the computers, known as miners, that support its network. Historically, Bitcoin halvings, which limit the coin supply, have been known to trigger market booms. The anticipation of these events often leads to increased market activity and speculation.