Bitcoin Cash Sheds Off 10% Following Block Halving As BTC Tanks Below $7k

The price of Bitcoin Cash (BCH) has behaved more radically since its block reward halving event took place two days ago. The next 24 hours after the halving event was particularly dramatic as the top cryptocurrency rallied as much as 11%. However, the last 24 hours haven’t really smiled at Bitcoin Cash. The coin has lost more than 10% in the last 24 hours. Similarly, Bitcoin (BTC) is seen to show a correlation. The top crypto also has lost hold on the $7,000 area, falling by more than 7% in the last 24 hours as well.

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Bitcoin cash recently gained more than 11% following its block reward halving which took place on Tuesday, April 8 at around 1:20 pm. The halving occurred at block height 630,000. However, since the last 24 hours, Bitcoin cash is seen to have lost much of its previously accumulated gains, as much as 10% of its closing price of yesterday.

BCH began its bearish movement at the price of $263 on Thursday, April 9 and is currently sitting around $236 per unit of the coin. The loss recorded had occurred steadily until now. At the time of writing this piece, BCH is changing hands at $235. The coin has a market cap of $4.34 billion and has recorded over $4 billion in trading volume over the last 24 hours.

BCH Network Now Costs Lesser For A 51% Attack

As the cryptocurrency sheds some dollars, it appears the underlying blockchain also becomes less secured within the same time frame of 24 hours. According to a recent tweet by Lina Seiche, the bitcoin cash network now costs about $7,517 for a 51% attack, a figure which was around $22,000 as of yesterday. Although such an endeavor can be said to be quite expensive, a reduction in security is something to also be concerned about.

Bitcoin Sinks Below $7k

Similarly, Bitcoin (BTC) has broken critical long-held support at $7,000. The top cryptocurrency lost more than 7% over the last 24 hours and fell below the controversial level at $7,000. As of Thursday, April 9, bitcoin closed a trading day at $7,315 and a fall to $6,905 as at the time of writing this piece represents a 6% loss in less than 24 hours.

Bitcoin presently changes hands at $6,905 and further downside seems highly possible, according to analysis. The top cryptocurrency has a market capitalization of $126.23 billion and has traded more than $39.85 billion in less than 24 hours. Although still significant, bitcoin’s market dominance has also taken a hit to fall to 64%.

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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