4 Days Ahead of Halving: Bitcoin Cash Price Soars Alongside BCH Open Interest

Four days ahead of the halving of the Bitcoin Cash network, the cryptocurrency has recorded significant gains, and open interest in the asset’s derivatives products has more than tripled, placing it on the radar of crypto community members.BCH has rallied over 15% in 24 hours and 33% in the past week. Bitcoin Cash open interest, per data on CoinGlass, hasfrom $213 million recorded last week to $706 million presently, indicating growing bullish sentiment among traders prior to the halving event.

The upcoming halving is Bitcoin Cash’s second, with the first in 2020, and there is a lot of speculation about the event’s effect on its network and token. Halving is a mechanism built into the blockchain code that slashes the reward for mining blocks by 50%. Like Bitcoin, Bitcoin Cash’s halving occurs every four years or after 210,000 blocks, lowering the rate at which BCH is produced and the amount of new supply. With a capped total supply of 21 million, BCH combats inflation through the halving.. By the time the event is over on April 4, block rewards for the network will be reduced from 6.25 BCH to 3.125 BCH.

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