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Information about Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a hard fork (community-enabled code or protocol update) of the original Bitcoin blockchain. On August 1, 2017, the Bitcoin fork took place to update the block size to 8 MB. On November 16, 2018, BCH had its second hard fork and forked into Bitcoin SV (Satoshi’s Vision) and Bitcoin ABC. Bitcoin ABC has become the dominant chain and dominates the BCH token, as it has higher hash power and the majority of nodes in the network.
Bitcoin Cash’s most recent block reward halving was on April 8, 2020, when the coin’s block reward dropped to 6.25 instead of 12.5.
Bitcoin Cash’s increased block size aims to make the technology more scalable and handle more transactions per second, supporting the use of cryptocurrency as a means of payment rather than a store of value. As a rule, the transaction fees for Bitcoin Cash are generally lower than those for Bitcoin.
Similar to BTC in Bitcoin’s network, BCH in Bitcoin Cash’s network is used for several purposes, such as:
News
Nvidia’s challenges from new US regulations resulted in a 5.5 billion USD charge, dropping its stock value significantly. With Bitcoin surpassing 85,000 USD, many investors are now shifting from US tech stocks to cryptocurrencies, promoting gains in the proof-of-work sector.
As expectations for increased local production of mining equipment in the US rise, investor sentiment toward proof-of-work assets has improved. The PoW sector now has a valuation exceeding 1.7 trillion USD, reflecting resilience against global trade tensions.
Dogecoin faced a 3% decline while Bitcoin Cash dropped 8% due to increased selling pressure from futures traders. However, spot investors remained active in DOGE, indicating conflicting sentiments in the market.
Technical indicators suggest DOGE must maintain above the critical $0.1428 support level or risk falling further. For BCH, negative funding rates reflect bearish sentiment, but the current price dip may offer potential buying opportunities.
The Assembly Bill A7788 introduced by Assemblyman Clyde Vanel proposes allowing New York state agencies to accept cryptocurrencies for payments, including taxes and fines. This legislation could mark a significant step in the integration of digital assets into public financial activities.
This proposal follows a series of recent cryptocurrency-related laws in New York, reflecting an increasing focus on the digital asset landscape. The bill also includes a provision for a service fee for cryptocurrency transactions, potentially influencing how state agencies manage such payments.
Bitcoin Cash currently trades at 430 USD, marking a 0.1% increase, though its price remains down by 6.5% over the week. The MACD indicator has issued a sell signal, implying that BCH might head towards 365 USD. Traders should watch closely for further potential fluctuations or confirmations of this signal.
Despite bearish analysis, traders on Binance seem optimistic, with 71% taking long positions on BCH. However, there is still a looming risk of liquidation if prices drop significantly. These positions come during a period of reduced funding rates, now at 0.0076%, which might encourage such Optimism among traders.
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