Analytics / Forex and Crypto News
On April 8, a halving (reduction in the reward of miners) of the Bitcoin Cash cryptocurrency took place. Halving occurred at block 630,000. The cryptocurrency price did not respond to this event. After halving, the reward is 6.25 coins; before halving, this reward was 12.5 coins.
Even though halving is considered a bullish event and always entails an increase in the price of the cryptocurrency, this time the price of Bitcoin Cash did not react to this event. The price not only did not rise, but it also showed a decrease. The BCH/USD pair fell today from $274 to $267.
This reaction of the cryptocurrency has raised doubts among many traders. They doubted that Bitcoin Cash has an active user base, as well as the cryptocurrency trading volumes that the exchanges demonstrate.
Some analysts concluded that if such an important event as halving in Bitcoin Cash, the cryptocurrency from the TOP 10, did not cause an agiotage and did not attract attention, then the Bitcoin Cash project is dead. Moreover, halving can lead to a decrease in cryptocurrency security, as miners have become less interested in mining Bitcoin Cash. Miners stop using their hashing power to protect the network.
It is also worth noting that within 40 minutes after the halving, not a single new block was mined. This suggests that after reducing the reward, the miners simply turned off their equipment.
It is important to note that soon there will be an adjustment in the complexity of mining, which can revive the security and speed of the Bitcoin Cash network.
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