Halving Pushes Bitcoin Cash and Bitcoin SV into Negative Sentiment

Despite the halvings that took place on April 8 and 10, Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV) have bearish sentiment.

This was the first programmable halving for both coins, highly anticipated by the community. As the buying pressure has increased, the price of BCH and BSV surged by 11% and 17% respectively. However, the situation has changed dramatically right after the halving, and both crypto assets faced a strong correction.

Price analysis

As of April 11, Bitcoin Cash, which went through halving on Wednesday, April 8, is trading in the red at $234, down 1.50% from the previous day according to CoinMarketCap. Its market cap amounts to $4,312 billion, with the trading volume of $3,400 billion.

And Bitcoin SV, which ran halving in the morning on April 10, is trading at $184, down 3.77% from the previous day. The asset now has a market cap of $3,390 billion, with the overall trading volume amounting to $2,580 billion.

Moreover, the hash rate of BCH mining has also dropped by 75% which is a bit atypical for a post-halving period. It seems lots of miners switched to Bitcoin SV, as its hash rate has been growing steadily. The overall mining revenue of BCH has also started declining and collapsed to $0.00488 per day per TH per second. 

Nevertheless, the growth of a hash rate didn’t save BSV from a price decay. Moreover, some analysts expect it may deteriorate profitability just like BCH. As of now, it is unclear, whether this negative sentiment is long-term or not due to high volatility in all markets, caused by the COVID-19 pandemic. However, it's obvious that the virus causes markets’ untypical reaction to typical events.