Over the past week, Bitcoin Cash (BCH) experienced a significant decline in both open interest (OI) and price following its halving event on April 4.
Data from CoinGlass reveals that as of April 12, BCH’s OI was $378.3 million, a sharp 47% fall from its pre-halving peak of $708.5 million.
This reduction in OI was accompanied by a 13% decrease in BCH’s market price, according to figures from CoinMarketCap.
A significant portion of this drop occurred on April 10, with BCH losing 7.51% of its value within just three hours after fluctuating between $676 and $691 for four days.
This downturn contrasts starkly with the aftermath of BCH’s first halving in 2020, which saw the cryptocurrency gain 4.7% in value and a 10% increase in OI, totaling $73.86 million.
At that time, Bitcoin Cash was not yet three years old and was generating debate over its utility, primarily due to its lower transaction costs and reduced energy requirements for block verification.
Recent dynamics in cryptocurrency communities have also seen notable developments.
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On March 18, Blockstream CEO Adam Back made a public appeal to Roger Ver, a prominent early Bitcoin proponent who later became a major advocate for Bitcoin Cash, via an X post.
Back’s post read: “Join the f*cking party @rogerkver It’s just warming up. you know you want to. you don’t have to go it alone, be the prodigal son and return.”
Ver, often referred to as “Bitcoin Jesus,” has been a vocal supporter of Bitcoin Cash, arguing that it more faithfully represents Satoshi Nakamoto’s original vision for Bitcoin and is better suited as both a store of value and a currency due to its lower fees.
Meanwhile, the broader Bitcoin market is also seeing significant activity, with investors positioning themselves ahead of Bitcoin’s upcoming halving.
Currently, Bitcoin’s OI is at $34.89 billion, showing a substantial increase compared to the levels seen prior to the May 2020 halving.
These shifts in Bitcoin and Bitcoin Cash reflect broader trends and sentiments in the cryptocurrency landscape, influencing market dynamics and community interactions as key events unfold.
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