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Bitcoin Cash (BCH) Price Shoots 15% Amid Massive Whale Transfers

The Bitcoin Cash price reacts to massive whale transfers as the altcoin gears for its next halving in April 2024.
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Bitcoin Cash (BCH) Price Shoots 15% Amid Massive Whale Transfers

Highlights

  • Bitcoin Cash price rally begins ahead of its halving event in April 2024.
  • Whales transfer a massive 235,300 BCH to an undisclosed wallet.

While the Bitcoin price registered 10% gains on Monday shooting past $57,000, its first offshoot Bitcoin Cash (BCH) is also delivering a strong rally shooting past $300 for the first time in nearly 2 years. At press time, the Bitcoin Cash (BCH) price is up 13.66% with daily trading volume jumping by 260% to $560 million.

Bitcoin Cash Whale Transfers

Bitcoin Cash (BCH) recently experienced a notable and enigmatic transfer of 235,300 BCH, valued at approximately $62.38 million as of now, from one undisclosed wallet to another. This transaction, flagged by the crypto tracking platform Whale Alert, ignited speculation and intrigue within the crypto sphere, given the anonymity surrounding the origins and destination of the transferred funds.

While the precise rationale remains unknown, several plausible scenarios have been proposed. It’s plausible that a BCH whale, holding a significant amount of the cryptocurrency, opted to relocate their assets to a new wallet. Alternatively, the transfer might signify an OTC (over-the-counter) transaction conducted outside of traditional exchanges. Additionally, the move could be attributed to a whale preparing for the impending halving event.

Regardless of the underlying motive, this transfer has undeniably captured the attention and curiosity of the crypto community.

Preparing for the Upcoming Hardfork

Similar to Bitcoin, Bitcoin Cash is also gearing up for its block-halving event, a significant occurrence programmed into its blockchain protocol. Scheduled to take place every four years or every 210,000 blocks, this event will reduce the block reward from the current 6.25 BCH to 3.125 BCH, effectively slowing down the rate of new Bitcoin Cash generation.

The halving event, an integral aspect of Bitcoin Cash’s code, is closely monitored by enthusiasts and investors alike. According to analytics from the OKLink platform, the next halving for Bitcoin Cash is anticipated to transpire on April 5, 2024. As of the latest update, there are approximately 38 days and 22 hours remaining, with 5,605 blocks left until the event.

With a capped total supply of 21 million BCH, Bitcoin Cash ensures that no additional coins can be created beyond this limit, adding to its appeal as a deflationary digital currency. As the countdown continues, stakeholders eagerly anticipate the effects of this impending halving on the BCH ecosystem and its market dynamics.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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