Bitcoin's upcoming halving could cause a short-term sell-off, but Crypto.com CEO Chris Marszalek remains optimistic about the long-term impact on the market.
Crypto.com CEO Chris Marszalek expects the upcoming Bitcoin halving event could lead to short-term sell-off volatility, but historical patterns in BTC price movements following similar network updates We remain optimistic about its long-term impact.
In an interview with Bloomberg, Chris Marszalek highlighted the historical trend of price increases after halving events, but acknowledged the uncertainty caused by Bitcoin's recent record highs. In March, the price of Bitcoin rose to $73,750 (CoinMarketCap data), a new all-time high. This was the first time BTC hit a new all-time high before a halving event.
While the possibility of a short-term sell-off cannot be ruled out as the fourth quarter approaches, Crypto.com's CEO believes that in the long term it will be a “positive development for the market,” adding that “within the next six months we will see a fairly decent “We expect to see some action,” he said. Bitcoin halving. ”
At the time of writing, Bitcoin is trading at $63,132, down 14% from its March high. The fourth halving, scheduled for April 20th, will cut the daily supply of Bitcoin miners' rewards in half from 6.25 BTC to 3.125 BTC, impacting mining profitability.
As crypto.news previously pointed out, various crypto industry players have different views on the impact of the halving. Tezos co-founder Arthur Breitman views this as a “reduction in security budgets,” suggesting a potential benefit to addressing overpaying for security. However, Arthur Hayes, former head of BitMEX, expects BTC prices to fall due to limited dollar liquidity during the period. Marathon CEO Fred Thiel suggested the impact of the halving may already be priced in, citing the successful approval of spot exchange-traded funds (ETFs). .
