Bitcoin Cash open interest surges past $700M ahead of BCH halving

Bitcoin Cash hasn’t seen open interest at this level since May 2021, when its price was nearly 2.5 times higher.) is currently trading at $574.84, having jumped 9.06% over the past 24 hours as the second-ever BCH halving event is set to take place next week.

Traders appear to be heavily securing their positions in anticipation of the BCH halving, which is scheduled for April 4,On the same day, open interest in Bitcoin Cash futures perpetual contracts reached all-time highs of $708.75 million, spiking 18.26% in 24 hours and 165% over the past 7 days, as per CoinGlassThe last instance nearing this level was in May 2021, with OI reaching $684.12 million, coinciding with BCH reaching its highest price in the past five years at $1,399.

This is in contrast to the same date in 2020, where futures open interest stood at $63.29, just before the first-ever BCH halving on April 8, 2020. At the time, miner rewards halved from 12.5 BCH to 6.25 BCH. However, miners seem to be taking this as a cue to increase their mining efforts ahead of the upcoming halving. A user on X, “DavidShares,”Hash rate is the measure of the total computational power used for mining and processing transactions on a proof-of-work blockchain, measured by the number of hashes generated.

BCH halving occurs slightly earlier than Bitcoin halving due to Bitcoin Cash temporarily using a different algorithm to adjust its mining difficulty back in 2017, therefore speeding up the block creation time.SBF memecoins pump and dump as FTX founder gets 25-year prison sentenceTrading Bitcoin’s halving: 3 traders share their thoughts

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