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BCH Looks Positive But Still Lacks Enough Momentum

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BCH looks positive on the charts but still looks like it lacks momentum to reach the 250.00 price range. The main support level is standing at 200.00 and the price is above the key moving average as we are about to see in the upcoming Bitcoin cash news.

Bitcoin Cash is trading over 8 percent higher as the sentiment still improves. The major resistance levels are marked in red on the charts which stand under 250. This is a key level for the bulls since it was been used previously for a few times especially in the last 6 months or so. The internal trendline on the charts is also proving quite problematic as there is a huge candle shadow forming that causes issues at the moment.

BCH looks positive according to the technical indicators and the price is standing strong above the 200 and 55 moving averages which are quite bullish. The RSI is also in a positive zone above 50 and the only thing that it can improve the altcoin is the volume if it goes up as it seems like an uncertainty right now.

The latest Bitcoin Cash updates show that BCH, along with Bitcoin SV (BSV), is the best performers in the top 10 largest cryptocurrencies by market cap. The prices of BCH and BSV are up by 70% and 100% in the past 10 days, and today’s increases are of more than 14% and 15%, respectively. The recent run-up to $226 for BCH was impressive as Bitcoin Cash slices through its resistance now and is prepared for more gains in the near term, just like the Bitcoin SV (BSV) altcoin. Both of the coins sit at a pivotal point that could decide where they are headed next, and the latest Bitcoin Cash updates promise a good future for this altcoin.

Also as per the recent Bitcoin Cash (BCH) news, the largest blockchain conference in Japan recently got canceled due to fears of the additional spread of the COVID-19 or popularly known as the coronavirus, 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.

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Bitcoin Cash News

Roger Ver Stops Mining BCH After Hashrate Drops To 92%

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Roger Ver stops mining the bitcoin cash coin after the BTC.com pool hashrate dropped by 92 percent as we are reading further in the upcoming Bitcoin Cash news. Bitmain operated BTC.com and was able to capture about 51% of the network’s blocks which exposed the cryptocurrency to a 51% attack. Some of the other mining pools followed suit and left Bitcoin Cash mining network security to a new low relative to Bitcoin. Bitcoin Cash saw its hashrate drop instantly after the halving of the coin since two days ago so Roger Ver stops all mining processes because the network was brought to an all-time low. Even the other pools operated by Roger Ver stopped mining Bitcoin cash. Bitcoin cash is one of the most popular forks of Bitcoin and went through a halving yesterday. This took the reward from 12.5 to 6.25 BCH and some expected that the price will react strongly to the event. Prices however increased after the halving by 17 percent. The miners on the network showed a different reaction. After the block hit 630,000 there was a 109-minute gap between the blocks. This is about 10x the normal minute block time before the network re-adjusted the mining difficulty. The transactions on the network were stopped during that time. The data shows that there was a direct result of a hashrate drop which is a consequence of fewer dollars allocated to the mining process. The hashrate on the Bitcoin Cash network dropped from four exahashes per second to below one exahash which is a strong reduction of the hash rate. Other sources show that the Bitcoin Cash hashrate could have decreased further if there weren’t many mining pools operating at a loss to maintain the network. The largest mining pool BTC.com is responsible for the majority of the hashrate. The data from blockchain shows that BTC.com mined 20 out of 36 blocks since the halving or about 56% of the blocks which put the network at a 51% attack risk. Other major mining pools saw drastic reductions in the hashrate. AntPool and Poolin saw a 65% and 44% drop in hashrate but the data shows that Bitcoin.com as one of the biggest mining pools also operated with major losses.
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Bitcoin Cash News

Bitcoin Cash Miners Lost Half Of Their Rewards

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Bitcoin Cash (BCH) is the fifth largest crypto asset on the market cap now. As we can see from the latest crypto news, the Bitcoin Cash miners just went through the first halving of the coin, seeing the mining reward cut by half, to BTC 6.25 ($1,672 in USD) per block. This reduces the supply of new coins entering circulation right now. https://twitter.com/BitMEXResearch/status/1247861999633129472 As reported before, this is the first of the three major Bitcoins to go through this event. The next one is its fork Bitcoin SV (BSV) on April 10, and then Bitcoin (BTC) in May - which is in approximately 34 days from now. That said, some analysts believe that miners will switch from BCH and BSV in this month until BTC's halving - trying to compensate their lost revenues. A tweet by BitMEX Research visualized the movements clearly. https://twitter.com/BitMEXResearch/status/1247890473043120133 Even though the next BCH halving will happen in 2024 mainly "due to initial problems with the Bitcoin Cash difficulty adjustment algorithm in 2017, it got here a few weeks before BTC." This is what BitMEX Research explained. According to the crypto analysis firm Arcane Research, in order to avoid slow block discovers because of a lower hash rate, a difficulty adjustment algorithm was included in the BCH fork. This way, Bitcoin Cash miners will have more difficulty adjustment than BTC. Because of all this, some days had one block generated per hour and others one block generated per minute. This, as the post said, "allowed miners to inflate the BCH supply much faster than what was intended in bitcoin, by accelerating the generation of new blocks," and also proved that "this acceleration is the reason behind the early halving of BCH and BSV." As Bitcoin Cash miners and BCH supporters are celebrating the event online, some think that this will mean "nothing but business as usual" with the "hashoverall" adding that what the halving will lead to is "lower mining reward - lower hashpower - lower security - lower price." So, it is expected that the Bitcoin Cash news soon show some declines. However, in the long term, the price is definitely going to shoot above - especially when miners come back when the price starts appreciating in the long term.
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Bitcoin Cash News

Bitcoin Cash Halving Event Just Happened, The Price Is Not Moving

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The Bitcoin Cash halving event just happened and the latest block reward reduction was done. The block reward for the BCH miners was decreased from 12.5 coins to 6.25 which is a 50% decline which is why it is called halving. However, the Bitcoin Cash price doesn’t seem to be responding and let’s try and understand why in the BCH news below. The Bitcoin Cash halving event from the leading Bitcoin form came a few weeks before the halving event for Bitcoin which was falling behind for a while now due to the ‘’initial problems with the BCH difficulty adjustment algorithm in 2017’’ that ended up with a 5,000 block difference between the both networks’ block heights. Although the Bitcoin halving even could have a massively bullish influence on the price, there seems to be another story for Bitcoin Cash. After the drop earlier today, Bitcoin Cash could barely move from the $260-$270 price range over the past hours. The failure of Bitcoin Cash to react in any manner to this event led some to question whether the cryptocurrency has an active userbase or traders at all. The industry commentator Hodlonaut explained the entire sentiment when he explained that the event saw ‘’zero hype and zero attention’’ and the project is basically dead to which he did receive some backlash from the Bitcoin Cash community. The reports from the crypto data news site LongHash shows that during the first official halving, Bitcoin Cash will take a security hit and the decline in block reward will lead to another decline in security of the network because the ‘’ decreased value of the block reward lowers the incentive for miners to use their hashing power to secure the network.’’ It seems that this is already happening. Since the halving from the block 630,000 which took place about 4 hours ago, not one Bitcoin Cash bock was mined which also suggests that miners turned off their machines due to the drop in block rewards. The mining difficulty adjustment will also happen soon and this is expected to revive the security and speed of the entire Bitcoin Cash network.
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Bitcoin Cash News

Upcoming BCH Halving Could Not Save The Cryptocurrency

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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.
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