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According to the media platform Bitcoin.com, Bitcoin Cash (BCH) completed its second halving event on April 4, 2024, just 16 days ahead of the highly anticipated Bitcoin halving. The recent BCH halving reduced the miner rewards from 6.25 BCH to 3.125 BCH per block at block height 840,000.
While BCH experienced a bullish track ahead of the halving, the price dipped about 9% just hours before the event. According to CoinMarketCap data, BCH’s price had its rebound immediately after the halving, experiencing a surge of more than 5%. However, as of the press, BCH backtracked to $613.88, with a 24-hour decrease of 2.53%.
Over the past week, aligning with the hype of the Bitcoin Cash Halving event, BCH has seen a remarkable surge of 15.45%. Over the last month, the price surge was even higher, marking an uptick of 33%. Notably, on April 1, BCH reached a three-year high of $701 amidst anticipations of the halving event.
While Bitcoin halving is slated to happen on April 20, the crypto industry is speculating its impacts on the whole crypto industry. Despite a few bullish anticipations regarding the event, recent researches highlight that the upcoming halving would bring a different impact.
Historically, the impact of Bitcoin halving has diminished over time. For instance, after the first halving in 2012, Bitcoin exhibited an astounding hike of 5,500% in four years. Following the second halving, the surge was comparatively less with a 1,250% hike.
In the current cycle, the performance is far behind, as BTC has experienced just a 700% hike. Thus, the research stated that the potential surges in BTC price after the halving would be comparatively diminished.
In addition, the launch of the Spot Bitcoin ETF and its staggering trading volumes are expected to impact the effects of Bitcoin Halving. MicroStrategy CEO Michael Saylor previously stated, “The approval of spot ETFs is going to be a major catalyst that’s going to drive the demand shock, and then that will be followed in April with a supply shock.”
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