Before the Second BCH Halving Comes, Bitcoin Cash Rises to $584

Crypto News – With the second-ever BCH halving event scheduled for next week, Bitcoin Cash (BCH) is presently trading at $584.35, up 3.61% in the last 24 hours.

Before the Second BCH Halving Comes, Bitcoin Cash Rises to $584

NiceHash data indicates that traders seem to be significantly safeguarding their holdings ahead of the April 4 BCH halving. $211,870 in long holdings and $190,140 in short positions were liquidated on March 28.

According to CoinGlass data, open interest (OI) in Bitcoin Cash futures perpetual contracts hit all-time highs of $708.75 million on the same day, rising 18.26% in a single day and 165% in the previous seven days.

Hash Rate Nearly Doubled Last Week

The last time OI came close to this level was in May 2021, when it hit $684.12 million, the same month that BCH hit its highest price in the previous five years at $1,399. In contrast, on April 8, 2020—just before the first-ever BCH halving—the futures open interest on that date in 2020 stood at $63.29.

Miner payouts were cut in half at the time, from 12.5 BCH to 6.25 BCH. In light of the impending halving, miners appear to be seeing this as a signal to step up their mining operations. According to a user on X, DavidShares, the hash rate for Bitcoin Cash has doubled during the last week.