- Bitcoin Cash’s price surged to $486 but faces uncertainty due to miners selling off reserves before the upcoming halving event.
- Miners offloaded 1.5 million BCH, worth $741 million, causing concerns about BCH’s future price direction.
Bitcoin Cash (BCH) experienced a significant price surge, hitting $486 on March 26, marking a remarkable 44% increase over the past five days. However, this rally might face challenges as miners strategically maneuver in anticipation of the upcoming halving event.
Bitcoin Cash has experienced increased market volatility as the cryptocurrency community prepares for the third halving event on April 4. With around 1.5 million BCH sold between January and March 2024, miners have been selling off their holdings quite aggressively. An attempt by miners to profit from the recent price spikes in advance of the upcoming halving is evident in this massive selling over, which amounts to around $741 million.
Since its establishment in 2014 as a less costly form of Bitcoin, Bitcoin Cash has become a well-known peer-to-peer payment network with faster transaction throughput and cheaper costs. Key players in the Bitcoin Cash ecosystem have been seen adjusting their positions strategically to manage possible price effects as the third halving event approaches in only ten days.
Miner Reserves Hit Lowest Levels Since 2018
IntoTheBlock’s analysis of miner reserves data indicates a notable change in miner behavior since the start of the year. Miners’ reserves, which were 7.72 million BCH at one point, have been significantly decreased to 6.25 million BCH, the lowest amount since 2018. This decline indicates a concerted effort by miners to leverage price rallies, reinforcing the notion of an intensified selling trend leading up to the halving event.
Based on the significant selling activity among miners, Bitcoin Cash’s price trend is ready for a possible decline below $400. To move the price closer to $350, bears in the market need to break through the support level at $400. Nonetheless, a breach over $500 would lead to a surge in positive enthusiasm, though resistance around $490 is a significant obstacle to the rising momentum.
Roger Ver Stands Firm on Bitcoin Cash
Roger Ver, an early Bitcoin investor, has reiterated his allegiance to Bitcoin Cash (BCH) despite public invitations from Adam Back, CEO of Blockstream, to rejoin the Bitcoin community. As detailed in his book “Hijacking Bitcoin: The Hidden History of BTC,” Ver’s unwavering dedication to BCH centers on his conviction that it still adheres to Satoshi Nakamoto’s original intent for the cryptocurrency.
The ongoing discussion about layer-2 (L2) solutions highlights the differences in ideology between Bitcoin Cash (BCH) and Bitcoin (BTC). Supporters of Bitcoin Cash are skeptical and want bigger blocks inside the original network to address scalability concerns. In contrast, proponents of Bitcoin push for adopting L2 solutions to aid with scaling. Ver, in particular, has expressed reservations about L2 solutions due to dependability and centralization problems. He took particular issue with Blockstream’s Liquid Network, from which the business receives transaction fees.
The rivalry between factions within the Bitcoin community continues to persist, albeit less intense than in previous years. Reaching a consensus on important problems is difficult because of these divisions, which reflect underlying disparities in ideology and methodology. Even though he is still a prominent figure in the BCH community, Ver stresses the network’s decentralized structure and community-driven development methodology.
