Bitcoin Cash dropped 20 percent after halving

Bitcoin Cash dropped by 20 percent after the halving (block reward halving) that took place on April 4.

Bitcoin Cash, which was created by forking from Bitcoin in 2017 and completed its second halving in its seventh year, fell below $ 580 today. Cryptocurrency rose to $720 immediately after the halving. The following days brought a sharp decline.

In addition to the drop in price, open position size also decreased by more than 50 percent. The open position size, which was over 665 million dollars on April 5, decreased to 330 million dollars.

There was a similar picture for Bitcoin Cash in the halving in 2020. Cryptocurrency lost approximately 15 percent of its value in the week after the halving. The price of Bitcoin, which was 9 thousand 200 dollars during the halving that year, reached 9 thousand 950 dollars a week later.

There are 7 days left until Bitcoin’s 2024 halving. It is eagerly awaited to see how the number one cryptocurrency will perform after the halving, which is expected to take place on Saturday.