Bitcoin Cash (BCH) recently concluded its second halving event on April 4, 2024, just days before the highly anticipated Bitcoin halving. The halving saw the miner rewards for BCH decrease from 6.25 BCH to 3.125 BCH per block.
While the price of BCH had been on a bullish track leading up to the halving, it experienced a temporary dip of approximately 9% just hours before the event. However, the price quickly rebounded following the halving, surging by more than 5%. Currently, the price of BCH stands at $613.88, with a 24-hour decrease of 2.53%.
The anticipation surrounding the Bitcoin Cash Halving event has contributed to a remarkable surge of 15.45% in BCH’s price over the past week. Looking further back, the price has experienced an even higher uptick of 33% over the last month, reaching a three-year high of $701 on April 1.
While the crypto industry eagerly prepares for the upcoming Bitcoin halving on April 20, speculations arise regarding its impact. Although previous halving events saw significant price surges, recent research suggests that the potential surges in BTC price this time might be comparatively diminished.
Over time, the impact of Bitcoin halving has decreased. After the first halving in 2012, Bitcoin recorded a staggering 5,500% increase in value over four years. The second halving led to a less substantial surge of 1,250% over a similar timeframe. In the current cycle, Bitcoin has experienced a modest 700% hike, indicating a potential decrease in post-halving price surges.
Furthermore, the introduction of the Spot Bitcoin Exchange-Traded Fund (ETF) and its anticipated trading volumes are expected to influence the effects of the Bitcoin Halving. MicroStrategy CEO Michael Saylor believes that the approval of spot ETFs will serve as a major catalyst, driving a demand shock in the market, followed by a supply shock in April.
As the Bitcoin Cash Halving concludes and the Bitcoin Halving approaches, the crypto industry awaits the unfolding impacts and potential price movements that lie ahead.
Bitcoin Cash (BCH) recently underwent its second halving event, reducing miner rewards from 6.25 BCH to 3.125 BCH per block. Despite a temporary dip of around 9% just prior to the halving, the price quickly rebounded, surging by more than 5%. Currently, BCH is valued at $613.88, with a 24-hour decrease of 2.53%.
This halving event has fueled a notable surge in BCH’s price, with an increase of 15.45% over the past week. Looking back even further, the price has experienced a significant uptick of 33% over the last month, reaching a three-year high of $701 on April 1.
While the crypto industry eagerly awaits the upcoming Bitcoin halving on April 20, speculation has emerged regarding its potential impact. Previous halving events led to substantial price surges, but recent research suggests that the magnitude of price increases this time may be comparatively diminished.
Over time, the impact of Bitcoin halving has decreased. After the first halving in 2012, Bitcoin’s value surged by a staggering 5,500% over four years. The second halving resulted in a less substantial increase of 1,250% over a similar timeframe. In the current cycle, Bitcoin has experienced a modest 700% hike, indicating a potential decrease in post-halving price surges.
Additionally, the introduction and approval of the Spot Bitcoin Exchange-Traded Fund (ETF) is expected to play a significant role in the effects of the Bitcoin Halving. MicroStrategy CEO Michael Saylor believes that the approval of spot ETFs will serve as a major catalyst, driving a demand shock in the market, followed by a supply shock in April.
As the Bitcoin Cash Halving concludes and the Bitcoin Halving approaches, the crypto industry is eagerly awaiting the unfolding impacts and potential price movements that lie ahead. To stay updated on the latest developments in the cryptocurrency industry, visit cryptocurrencynews.com.