Upcoming BCH Halving Could Not Save The Cryptocurrency

The upcoming BCH halving will further reduce the block reward but this event may be a precursor for the anticipated halving of the Bitcoin block in just over a month. However, this event could not save the cryptocurrency as we are reading in the bitcoin cash news.

In less than one day, Bitcoin Cash will undergo its block halving and according to the BCH block half counter, the fourth-biggest cryptocurrency will undergo the halving on April 8. Just like Bitcoin, the block rewards will drop from 12.5 to 6.25 and the inflation will fall from 3.64% to 1.8%. the counter also showed that there are more than 18.36 million coins in circulation which are about 87.49% of the total coin supply.  The upcoming BCH halving is usually considered a bullish event but the COVID-19 pandemic has cast a shadow on the Bitcoin Cash prices which are still wallowing close to the $250 level.

Since the 2020 peak of the below $500 price level, Bitcoin Cash dumped most of the 50% of the current levels and hasn’t seen the recovery that Bitcoin has. There were reports that showed Roger Ver’s Bitcoin.com slashing its staff and working on the skeleton crew. The Bitcoin Cash hash rate is low which shows that miners are waiting to capitulate or switch to bitcoin mining instead. The current hash rate is 3.275 EH/s which means it is down by 34% since the 2020 peak and 58% since the all-time high. It seems that Bitcoin Cash will need more magic to be rescued.

After peaking at a high of nearly $500, the price of Bitcoin Cash (BCH) plummeted by more than 70% to hit a low of $134 in mid-March. Now, the Bitcoin Cash news is showing solid momentum and a run-up to a price of $254 which is half the all-time high. According to the “In/Out of the Money Around Current Price” statistical model by IntoTheBlock, Bitcoin Cash (BCH) is currently slicing through the most significant level of resistance where more than 25,000 addresses are holding approximately 800,000 in BCH. As we reported yesterday, the largest blockchain conference in Japan recently got canceled due to fears of the additional spread of the COVID-19, urging many people to stay and work from home.  Unfortunately, not all the events in Japan have been able to move successfully in the virtual world. The conference TEAMZ Blockchain Summit was going to take place from April 22 to April 23 but has been rescheduled for September.