Just a day after Bitcoin Cash was living it on its own, BCH’s daughter cryptocurrency Bitcoin SV has gone through its first Halving. Halving the reward of the miners of their Blockchain and serving as a mirror for the effects that could be experienced in the Bitcoin chain after the Halving expected in May.
Halvings season in the crypto world
The Halving are going to be the protagonists of the crypto world during the months of April and May. And this is so, due to the importance of the cryptocurrencies that are going through this event. What generates consequences that affect the entire crypto market.
Just over a day ago, it was Bitcoin Cash, the top cryptocurrency born out of a division of the Bitcoin blockchain, that suffered its own Halving. Leading to a slight drop in its price, but to a significant reduction in the profitability of mining this cryptocurrency.
This resulted in a true collapse in the mining power of the BCH Blockchain. All thanks to the miners who shut down the machines or migrated to other more profitable cryptocurrencies, such as Bitcoin.
And now, following in the footsteps of its mother currency, BCH-born cryptocurrency Bitcoin SV would have gone through its first Halving earlier today. Serving as a true prelude to what could happen in the Bitcoin Halving of the month of May. An event that has kept the crypto community in suspense for weeks.
Bitcoin SV lives its first Halving
The Halving lived by Bitcoin Cash and Bitcoin SV, are particularly important as a forecast of what can happen in Bitcoin in the month of May.
But despite that, there are important differences between the BTC Blockchain and that of its daughter currencies. Since the price of them, depends largely on the movements in the Bitcoin markets.
This is the reason why, despite having experienced a drastic reduction in the rate of increase in the money supply, neither of the two cryptocurrencies have experienced a significant increase in their price. On the contrary, the price of both currencies has fallen. Unable to dissociate themselves from what is happening in the Bitcoin market.
This calls into question the ability of both cryptocurrencies to compensate miners for the reduction in their rewards. And therefore in the profitability of its operations.
Which, if not changed in the short term, could lead to a strong weakening, and finally to the forgetfulness, of these two important crypto assets. What makes this halving our Today’s Data here at CryptoTrend.