Crypto News – A buy-the-rumor, sell-the-news situation, according to the CEO of Crypto.com, would accompany a Bitcoin halving. While there may be price volatility in the near term, in the long run, it would be advantageous.
According to Crypto.com CEO Marszalek, BTC Price May Rise Ahead of the Upcoming Halving
With the eagerly anticipated fourth Bitcoin halving event set for April 20, 2024, just four days away, the price of Bitcoin is already under significant selling pressure. According to CEO Kris Marszalek’s interview with Bloomberg, the price may continue to face selling pressure until the halving.
After the approval of the spot Bitcoin ETFs in Hong Kong on Monday, the price of Bitcoin surged strongly throughout Asian trading hours, reaching a high of $67,000. The rising US Treasury yields, however, weakened the market mood and caused Bitcoin to drop all the way to $62,500, so this exuberance was short-lived.
Miners Expected to Dump $5 Billion Worth of BTC
Marscalek said that the buy-the-rumor, sell-the-news trade might lead to some selling in the near future. But he went on to say that in the long run, the 2024 Bitcoin halving will benefit the price of BTC overall.
I expect pretty decent action within the six months following the Bitcoin halving,
Marszalek
A significant obstacle for Bitcoin miners will be the impending Bitcoin halving event, which will cut mining profits in half. According to estimates, after the fourth Bitcoin halving, miners could dump up to $5 billion worth of BTC. This would essentially be done to guard against more revenue declines and cover the increased operating costs.
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