Bitcoin Cash ($BCH) Completes its 2nd Halving Thursday

Bitcoin Cash ( BCH ) experienced an increase of nearly 15% in its price after completing its second halving event on Thursday, which occurred approximately 16 days before Bitcoin's halving. As a result of this event, the miner reward has been reduced from 6.25 to 3.125 $BCH. Despite an initial drop before the event, the asset's price quickly rebounded and climbed nearly 15% on Thursday.

Bitcoin Cash ( BCH ), a fork of Bitcoin, was created in 2017. It completed its second halving event on Thursday, which saw the mining reward decrease from 6.25 BCH to 3.125 BCH. The peer-to-peer payment network's halving occurred 16 days before Bitcoin's halving, marking an important milestone for $BCH. The asset's open interest increased by approximately 25% in response to the halving event. On Thursday, Coinalyze reported a total open interest in BCH futures of $674 million, up from $506 million on Wednesday, prior to the halving.

The anticipation surrounding the event pushed BCH's price to a three-year high of $705 on Monday. However, the asset's price experienced a correction on Wednesday, dropping to $561.70 before recovering nearly 15% after the halving on Thursday. This swift recovery indicates that BCH remains relevant to market participants and that traders are continuing to demand it.

At the time of writing, BCH is trading at $638 on Binance. According to Coinglass, nearly $5.3 million in derivatives positions were liquidated in the past day, likely due to the sharp correction and subsequent recovery in BCH's price. Overall, Bitcoin Cash's second halving event was a significant milestone for the asset and has had a notable impact on its price and open interest.