Crypto.com CEO: Bitcoin Selling May Occur Before Halving, But Price to Strengthen Long Term
The highly anticipated Bitcoin halving event is just around the corner, and experts are predicting a surge in selling as the date approaches. However, despite short-term fluctuations, the halving is expected to have a positive impact on the price of the largest digital asset in the long run.
According to Kris Marszalek, the CEO of Crypto.com exchange, the halving will reduce the new supply of Bitcoin and historically has been a catalyst for price increases. While there may be some selling leading up to the event due to buy-the-rumor, sell-the-news trading, Marszalek believes that the halving will ultimately make a “substantial difference” and be a positive development for the market.
Bitcoin is currently trading at $62,180, down 1.5% as of 12:47 p.m. in Singapore. Despite the recent dip, inflows into spot-Bitcoin exchange-traded funds in the US helped the token reach an all-time high of $73,798 last month. Marszalek is optimistic about the future price action of Bitcoin, expecting “pretty decent action” in the six months following the halving.
The halving will cut the amount of Bitcoin that miners can earn each day for validating transactions, leading to increased competition among miners. Marszalek also shared insights on the outlook for Crypto.com, mentioning that the exchange is hiring thoughtfully and has plans to expand services for South Korean retail customers later this month.
Crypto.com is one of the largest digital-asset exchanges, with trading volume exceeding $1.5 billion in the past 24 hours. As the halving date approaches, all eyes are on Bitcoin and the potential impact it will have on the cryptocurrency market.
