Bitcoin Cash Halving: Reward Reduction Sparks BCH Price Resurgence

The most awaited event of the year is here! The fourth ever Bitcoin halving is expected to occur this month, on April 2024. 

However, Bitcoin Cash (BCH) completed its second-ever halving early this morning before Bitcoin halving, marking a significant milestone in its blockchain’s history. This event comes just ahead of Bitcoin’s highly anticipated halving, signifying a period of adjustment for the cryptocurrency market.

Bitcoin Cash Halving on April 4, 2024

Bitcoin Cash underwent its second halving in the early morning of April 4, reducing miner rewards from 6.25 BCH to 3.125 BCH per block at block height 840,000. 

While Bitcoin had its first halving on November 18, 2012, Bitcoin Cash had its first halving occurred on April 8, 2020, halving rewards from 12.5 BCH to 6.25 BCH.

Before the halving, BCH’s price experienced a slight dip, dropping by 9.94% to $572.21. However, post-halving, it bounced back to $635.61, showcasing great market resilience. 

Over the past week, BCH has surged by 17.45%, while in the past month, it recorded an impressive 41% increase, while Bitcoin has dropped to below $66K in the first few days of April. 

Also Read : BNB Chain Q1 2024 Report: Users, Transactions, and Financials Soar

When is Bitcoin halving?

Bitcoin Cash’s halving has preceded Bitcoin’s anticipated fourth halving. While BCH rallied following its halving, Bitcoin is also expected to surge to a new ATH or closer to its previous ATH before its halving.

The crypto market has now turned its attention to Bitcoin’s mid-May upgrade, which promises enhanced efficiency and scalability in the Bitcoin network. One thing to note in particular is introducing an adaptive block size limit to optimize network security and reduce transaction fees. 

Plans are underway to scale the 32 MB block size limit according to actual transaction volumes, enhancing the efficiency of the Bitcoin Cash network.

Also Check Out The : SEC Seeks Public Feedback for Grayscale, Fidelity, Bitwise Ethereum ETFs

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