Bitcoin Cash had its Halving today
Today, the Halving of Bitcoin Cash (BCH), the world’s fifth largest crypto asset by market capitalization, occurred and will have market effects. His mining rewards were cut in half. Remembering that the third Halving of Bitcoin (BTC) is about to occur in just over a month.
Halving are often encouraging because they essentially throttle supply, and have historically led to increased demand and prices. However, with the COVID-19 pandemic wreaking havoc on world economies, things are far from normal at the moment.
The fifth largest crypto asset by market capitalization will undergo its Halving today Wednesday, April 8. The Bitcoin network looks much healthier as Halving approaches. With less than 36 days to go, prices and BTC’s chain metric are improving.
Bitcoin Cash grows 2.84%
While the crypto ecosystem is waiting for what may happen with the price of BTC, due to the effects of the May Halving, Bitcoin Cash will see its rewards cut during the day on Wednesday.
Bitcoin Cash (BCH) price gained 2.39% in the last 24 hours, reaching $ 264.87 according to CoinMarketCap data at the time of note.
The BCH / BTC ratio is also increasing, reaching the highest level since March 7. Thus, Halving will likely impact the supply and demand relationship on Roger Ver’s cryptocurrency.
Compared to other forks, Bitcoin SV (BSV) will experience its Halving this week as well. The cryptocurrency is performing even better than BCH for now, as it jumped 13% in the past 24 hours.
Ben Askren changes his name on Twitter promoting Bitcoin Halving
As Bitcoin (BTC) prepares to undergo its third Halving next month, at least one prominent figure in the sports world is doing its part to promote the event.
Ben Askren, former fighter of the Ultimate Fighting Championship (UFC) and well-known Bitcoin bull, has changed the name to show on his Twitter account to “Bitcoin Halving May 13”. Noting that Askren has more than 311,000 followers.
The name and date refer to the official halving event that takes place in just over 36 days. When the total number of blocks in the BTC network reaches 630,000, the block reward will be reduced from 12.5 BTC to 6.25 BTC.
What to expect after this event?
As we know, the crypto industry continues to move and Bitcoin Halving is getting closer and closer. As we have already mentioned, Bitcoin Cash (BCH) will have its own Halving and you can see a real example of what repercussions there could be after such an event.
One fact that is clear is that the cryptocurrency miners industry will undergo several changes after this Halving, especially those of BCH.