Before its upcoming halving event scheduled for April 4, Bitcoin Cash (BCH) pleased its investors with a 13% surge in price.
Is Bitcoin Cash (BCH) anticipating its halving event?
The current block reward for BCH stands at 6.25 BCH, but it will be halved to 3,125 BCH after the event. This reduction in the rate of new coin issuance is anticipated to decrease the available supply, potentially leading to an increase in prices.
The surge in open interest in BCH futures suggests a growing interest in leveraged bets on anticipated price fluctuations. This indicates that investors are gearing up for potential significant market shifts in the coming days. Similar to Bitcoin, Bitcoin Cash undergoes a halving process due to its origin from a fork of Bitcoin. This halving event typically drives an increase in BCH prices.
With approximately 24 days remaining until Bitcoin's halving event, anticipated to take place around April 24, the broader cryptocurrency market has witnessed a period of relative stability.
Bitcoin's price has remained around $70,000 over the past 24 hours, following a week of volatility. However, some investors caution of a potential market-wide downturn if Bitcoin struggles to maintain the $69,000 level in the upcoming days.
March 2024, Cryptoniteuae