Bitcoin Cash successfully undergoes its second halving

The second-ever halving event for Bitcoin Cash (BCH) has recently occurred at block height 840,000, reducing miner rewards from 6.25 BCH to 3.125 BCH. Bitcoin Cash is a cryptocurrency and blockchain network that aims to be faster and more cost-effective than Bitcoin (BTC). The first halving event for Bitcoin Cash took place on April 8, 2020, reducing miner rewards from 12.5 BCH to 6.25 BCH. Leading up to the halving, there has been speculation, resulting in a 147.85% increase in the price of Bitcoin Cash over the past three months and a 24% increase over the past 30 days. However, in the last 24 hours, the price has dropped by 9.94%. As of now, it is trading at $572.21 according to CoinMarketCap. The recent price decline has led to liquidations totaling $3.9 million, primarily affecting long positions at $3.3 million, while short positions accounted for $569,540, as reported by CoinGlass. Bitcoin Cash long positions worth $3.3 million were liquidated following the price dip. On March 29, it was reported that open interest in Bitcoin Cash futures perpetual contracts reached an all-time high of $708.75 million. Since then, the open interest has continued to rise and now stands at $799.23 million. It has been observed that many miners have switched to mining Bitcoin ahead of the halving. In 2017, Bitcoin Cash forked from Bitcoin due to disagreements within the community regarding scaling and transaction fees. This led to another split in 2019, causing controversy among miners who had not upgraded to the new chain, resulting in wasted resources.