- BCH rebounded significantly, climbing above $500 a few days before its next halving event.
- Data from Coinglass shows a significant increase in Open Interest in BCH-backed futures.
- BTC has gained 7% this week with the return of the bulls after a two-week bearish period.
Bitcoin Cash (BCH) rebounded significantly, climbing above $500 a few days before its next halving event. The Bitcoin fork bounced off a swing low of around $348 to surpass its highest price since December 2021, according to data from TradingView.
Data from Coinglass shows a significant increase in Open Interest (OI) in BCH-backed futures is partly responsible for the recent surge in the cryptocurrency’s price. At the time of writing, the OI in BCH-tracked futures had more than doubled to $500 million on Thursday from $213 million last week.
The surge in OI continued and recorded an additional 17.71% rally within 24 hours as of Friday morning. As of the time of writing, it has increased by an additional $202 million to $702 million. This surge shows increased leveraged bets on more expected price volatility a few days before the halving event. The crypto community expects BCH halving to ha…
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