Bitcoin Cash, a proof-of-work cryptocurrency that was created as a fork from Bitcoin, saw a brief decrease in its price momentum after the second halving took place. This decline happened shortly after the halving event, where mining rewards were cut in half.

The first halving for Bitcoin Cash occurred on April 8, 2020, reducing miner rewards from 12.5 BCH to 6.25 BCH. Ahead of the halving, there was speculation that drove the price of BCH up by 147.85% in the past three months and 24% in the last 30 days.

Prior to the halving, Bitcoin Cash experienced a 9.94% drop in price, falling to $572.21, based on data from CoinMarketCap. However, the cryptocurrency quickly recovered after the halving, reaching $614. Despite this recovery, BCH is still 2.40% down over the past 23 hours.

Following the temporary price dip, there were liquidations totaling $4 million in a 24-hour period, primarily affecting long positions with $2.92 million, while short positions made up $1.08 million, according to CoinGlass. The open interest in Bitcoin Cash surged to $782 million.

Bitcoin Cash emerged as a fork from Bitcoin in 2017 due to disagreements within the community related to scaling and transaction fees. In 2019, it went through another split that led to controversy among miners who had not transitioned to the new chain, resulting in wasted resources.