As the world witnessed the Bitcoin Cash halving, the investors and even the Miners have started to dump BCH and switch over to Bitcoin as it might prove to be much more profitable.
As of the 8th of April, Bitcoin cash experienced halving, which resulted in approximately fifty percent loss in the miner’s profit. The value leaped down from 12.5 to 6.25. The BCH hash rate experienced a nosedive after halving as it dropped from 3.5 EH/s to 1.4EH/s in just 24 hours.
Bitcoin Cash hashrate capitulation.
After the halving on April 8th, it’s no longer profitable to mine BCH causing many miners to switch over to BTC. pic.twitter.com/vISDMX5l7z
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) April 13, 2020
This would give no or less profit to the Miners. On the contrary, hashrate of the Bitcoin has been on the rise, which prompted the Miners to switch over.
Bitcoin Open Interest Future is on the rise:
As of Monday, the 13th of April, the open interest future of Bitcoin is currently back on the increase after experiencing a steep dip in March.
After approximately a month after the fall, Bitcoin Futures open interest is now steadily increasing as the charts are showing a positive result, surpassing $2 Bullion volume.
Bitcoin futures open interest is timidly rebounding one month after the historic 40% one day sell-off pic.twitter.com/rMXs75Nves
— skew (@skewdotcom) April 13, 2020
On the 13th of March, the open interest fell by a whopping 40 percent in just a day. This resulted in a decrease of volume from $3.5 Billion to $2 Billion. This showed extremely bearish trends.
Currently, Bitcoin and Altcoins seem to be recovering (at the time of publication), however, major analyst are still predicting a bear run in the short term.
