Bitcoin Cash (BCH) rose to $574.84 as it approached its second halving event. This increase is associated with investors maintaining their positions considering the halving expectations on April 4.
Investor Interest and the Impact of Futures
On March 28, the futures market experienced sharp liquidations of both short and long positions. Open interest (OI) in Bitcoin Cash futures contracts reached a record high, exceeding $708.75 million. A similar rise in May 2021 marked Bitcoin Cash's historical peak of $1,399.
Change in Miner Rewards and Hash Rate
In the first halving event of 2020, miner rewards were reduced from 12.5 BCH to 6.25 BCH. Ahead of the upcoming halving, some miners appear to be increasing their activity; Bitcoin Cash's hash rate has doubled in the last week.
While hash rate represents the total computing power of the blockchain network, as we head towards Bitcoin's fourth halving, the value of Bitcoin Cash is still well below its peak in December 2017.
The Bitcoin Cash halving event occurs slightly earlier than Bitcoin because Bitcoin Cash used a different algorithm in 2017 that adjusts the mining difficulty. This accelerated block creation times and caused the halving event to occur earlier.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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Enter the Futures Section from your application,
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WHEN WILL THE AWARD COME?
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