According to the CEO of Crypto.com, bitcoin halving is an event that is bought on rumors and sold on news. This could lead to price volatility in the short term, but will be generally positive in the long term.
Bitcoin sell-off could last until 2024, says Crypto. com CEO.
The #bitcoin sell-off could intensify until 2024, believes Crypto. com CEO, Coinspeaker.
According to the CEO of Crypto. com, the halving of bitcoin is an event that is bought on rumors and sold on news. It can lead to price volatility in the short term, but will be generally positive in the long term.
We are only four days away from bitcoin's long-awaited fourth halving event, scheduled for April 20, 2024, and the bitcoin price is already facing strong selling pressure. Chris Marszalek, CEO of Crypto. com, said in an interview with Bloomberg that bit said the bitcoin price could continue to face selling pressure until the halving event.
The bitcoin price showed strong momentum in Asian trading on Monday, jumping to $67,000 on the back of the approval of a bitcoin #ETF in Hong Kong. However, that momentum was short-lived as a rise in U. S. Treasury yields cooled market sentiment, pushing bitcoin back to $BTC According to Marskalek, there could be a sell-off due to the "buy the rumor, sell the news" trade. However, he added that halving the bitcoin rate in 2024 would have a positive long-term impact on the #BTC price. 'Within six months of bitcoin halving, we can expect a lot of momentum,' Mr. Mershalek said.
The upcoming halving of the bitcoin exchange rate will halve the reward for mining, which will be a major challenge for bitcoin miners. It is estimated that bitcoin miners could dump up to $5 billion BTC after the fourth bitcoin halving. This will be done primarily to avoid an increase in operating costs and prevent a further drop in revenue.
Bitcoin miners have been preparing for the bitcoin price halving for months now by accumulating large amounts of BTC.
U. S.
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