The Open Interest and price of Bitcoin Cash (BCH) have significantly dropped during the past week following its halving on April 4. This decline came after a short-lived surge in momentum that had built up prior to the event.
According to CoinGlass, the Bitcoin Cash Open Interest was $378.3 million on April 12th, marking a significant decrease of approximately 47% from its previous peak of $708.5 million prior to the BCH halving event.
The decline in OI coincided with a 13% drop in the price of BCH.
On April 10, around 7.51% of its total price decrease happened in just a three-hour span, according to CoinMarketCap’s data. The price had been relatively stable for four days, fluctuating between $676 and $691.
After the historic 2020 Bitcoin Cash halving event, there was a significant change in behavior. Contrary to expectations, Bitcoin Cash experienced a surge, with its value increasing by 4.7%. Additionally, Open Interest (OI) followed suit, recording a substantial growth of 10%, reaching a total of $73.86 million.
Around three years ago, Bitcoin Cash was a relatively new player in the cryptocurrency scene. There were ongoing discussions about the role of Bitcoin Cash, with proponents emphasizing its advantages such as cheaper transaction fees and less energy consumption when validating new blocks.
The Bitcoin (BTC) and Bitcoin Cash communities have been seen clashing again.
Adam Back called for Roger Ver’s return to the Bitcoin fold on March 18, after he had left for Bitcoin Cash some years ago.)
“Join the f*cking party @rogerkver it’s just warming up. you know you want to. you don’t have to go it alone, be the prodigal son and return.”
Roger Ver, also called “Bitcoin Jesus,” is a fervent supporter of Bitcoin Cash. According to him, Bitcoin Cash better adheres to Satoshi Nakamoto’s initial concept of what Bitcoin should be.
Arguing for Bitcoin Cash’s superiority, Ver suggests it offers a more appealing combination of being an effective store of value and a functional currency, thanks to its relatively lower transaction fees.
Simultaneously, numerous investors are making moves to buy Bitcoin, hoping for price increases before the upcoming halving event next week.
As of its release, Bitcoin’s Open Interest amounts to $34.89 billion – a figure that’s around fifteen times greater than what it was just eight days prior to the May 2020 halving event.
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2024-04-12 09:46