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Is someone turning off Bitcoin Cash transaction generator (BCH)?

    At the time of the current Covid-19 pandemic, it seemed that what people were interested in was reducing the value of their portfolio, not even realizing the collapse in the number of BCH transactions. On the morning of March 13, Jameson Lopp pointed it out on Twitter.

    “Halving (trading) BCH may be coming sooner – some people have turned off their trading generators.”

    Halving will probably come sooner

    “Halving (trading) BCH may be coming sooner” and “some people have turned off their trading generators,” Lopp emphasized the extreme decline in trading since March 8.

    Before this date, the number of daily BCH transactions usually ranges from 40-50k. However, after that, no one day had more than 20k transactions.

    There have been very low trading days in the past, the most recent being January 1 of this year. However this is the first time there has been a dip that lasted for more than one day.

    Interestingly, the two low days before January 1 also fall on the first day of the month. Both December 1 and October 1 were trading below VND 20k, although November 1 was a bit of a progression, with 42.7k transactions.

    Bitcoin and Ether are still sustainable

    This seems to be related to the plunge of the market and the bewildered psychology caused by Covid-19, but Bitcoin and Ether are not affected much.

    At the same time, the number of Bitcoin transactions remained stable, in volatile areas, ranging from 300k to 350k per day.

    The number of daily ETH transactions has increased since March 7, the network saw an increase from 630k to 760k transactions yesterday. When the network congestion peaked yesterday, the ETH network needed 44 minutes to process transactions.

    BCH in 2020

    BCH has had a pretty exciting start this year. While the community was split over tax plans for miners to support developers and ensure the state of the network, the network itself stopped producing blocks for 5 and a half hours in January.

    Prices have increased 150% since the beginning of the year, reaching nearly $ 500 in mid-February. However, the latest market crash across the entire crypto (and non-crypto) sector, wiped out all profits this year, is currently at $ 176.

    Thuy Ngan

    According to Bitcoinist

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