Bitcoin Cash Halving – Will It Impact the Future of Bitcoin?
Journalist
- Bitcoin Cash mining reward per block is now 3.125
- Spot ETF approvals could lessen the impact of the BTC halving
Bitcoin Cash is expected to halve in the next few weeks. The company recently completed its halving process.
There were significant fluctuations in the BCH price prior to the halving. These movements could be a sign of what we can expect from the BTC halving.
Bitcoin Cash mining fees will be reduced
According to data from Nice Hash on April 4, Bitcoin Cash’s block height was 840,000. The mining reward dropped from 6.25 BCH per block to 3.125 BCH in this latest halving.
The last BCH halving was in 2022, and the next one is expected in 2028.
The price of Bitcoin Cash has fluctuated considerably over the past few weeks. However, in the past few days, its value has dropped.
Bitcoin Cash Trends
A price analysis of Bitcoin Cash showed that the price has increased by 147.85% in the past three months and 24% in the past thirty days.
In the days leading up to the halving, the stock experienced a series of consecutive declines. Just hours before the halving, there was a drop of over 9%.
Source: Trading View
Bitcoin Cash’s daily timeframe closed at $593 on April 3. At the time of writing, its price has risen to $666, a notable increase of 12%.
With this recent uptrend, the chart indicated that BCH was approaching the overbought territory of its Relative Strength Index (RSI). At press time, the RSI was just below 70, showing a bullish bias.
All eyes are on Bitcoin
The Bitcoin Cash halving is just 16 days away.
BTC, like BCH, has seen a price increase in recent months. The increase was largely fueled by the anticipation and approval of its spot ETF in early 2018.
The BTC price has reached new highs during this time, leading to speculation that it could reach higher levels by year-end.
Source: Trading View
BTC is currently trading at $66,290, with a slight increase of less than 1%. BTC has historically increased 5,500% in four years following the first halving in 2012.
Is your portfolio in the black? BTC profit calculator
After the second halving, the increase was smaller at 1,250%. Bitcoin’s performance lags current halving cycles. So far, a 700% increase has been observed.
The approval of the spot ETF could reduce the impact of the Bitcoin price halving.
