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:
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.
News1 conducted a survey involving 5,200 participants in late December, revealing that South Korean investors have a strong preference for Bitcoin, XRP, Ethereum, Dogecoin, and Bitcoin Cash. XRP overtook Ethereum as the second favored choice among altcoins, showing a surprising shift in investor interest.
XRP’s rise in popularity is attributed to its potential for cross-border payments and recent legal victories against the US SEC. South Korean investors are drawn to its promising applications in payment solutions, making it more favored than Ethereum despite Ethereum’s strong presence in blockchain technology.
Bitcoin retains its status as the top cryptocurrency in South Korea. The approval of a spot Bitcoin ETF has further reinforced its position, maintaining strong trust among both individual and institutional investors. Meanwhile, interest in altcoins like Dogecoin and Bitcoin Cash persists due to their potential for HIGH liquidity and short-term gains.
BCH Miner simplifies cryptocurrency mining by eliminating the need for hardware investments. Users only register and download the app to start earning. This makes cloud mining accessible, appealing particularly to those without technical expertise.
After joining BCH Miner, users receive a 10 USD welcome bonus and 0.50 USD daily bonuses. This model encourages regular involvement and helps users grow income significantly over time. The platform’s emphasis on bonuses increases engagement among new and seasoned users.
BCH Miner offers flexible investment contracts that ensure daily profits. New ASIC and GPU hardware ensure efficiency, while secure cold storage protects assets. Users can opt for quick withdrawals or reinvestment, adding convenience to their mining endeavors.
Bitcoin Cash, identified by its symbol BCH, has experienced a sharp decrease in value, plummeting by 10%. This substantial drop is indicative of the broader negative trend affecting the cryptocurrency market, contributing to an overall decline in investor confidence.
According to Bloomberg, Bitcoin Cash, a cryptocurrency that split from Bitcoin in 2017, is reducing its supply of newly minted tokens by 50% today.
This move comes as a precursor to Bitcoin’s own ‘halving’ event, which is expected to occur in approximately 16 days.
Bitcoin Cash (BCH) miner reserves hit 5-year low
Between June 19 and October 9, the Miners depleted their reserves as their cumulative balances dropped from 8.37 million to 5.76 million BCH.
This is the first time Bitcoin Cash miner reserves have dropped below 6 million since 2018.
62% of BCH holders are profitable
According to IntoTheBlock, a remarkable 62% of BCH holders are profitable on their investments.
In addition, 2% of investors are breaking even and 36% are losing money from holding this coin.
Bitcoin Cash (BCH) price surged to $300
The magnanimous rally in Bitcoin Cash continues with the BCH price shooting another 25% in the last 24 hours.
The major reason behind the Bitcoin Cash (BCH) price rally has been the launch of the EDX Markets, the crypto exchange backed by some of the biggest institutional players in the market such as Fidelity and Citadel.
SEC approves first leveraged Bitcoin Futures ETF
The U.S. Securities and Exchange Commission (SEC) approved the first leveraged Bitcoin futures exchange-traded fund (ETF) on Friday.
Bitcoin Cash price spikes to a 13-month high
Bitcoin Cash (BCH) is one of the top-performing crypto assets this week after surging over 90% in the past five days to reach a 13-month high.
Trading at around $202.73, BCH is in the top 20 cryptocurrencies by market capitalization.