Bitcoin halving is "on the horizon" Industry insiders say: Short-term selling is inevitable but long-term will support the rise
The Bitcoin halving date is approaching, which will lead to an increase in selling pressure. However, in the long term, the halving event will support the price of Bitcoin. The head of Crypto.com exchange stated that the halving has a positive effect on the price of Bitcoin, but there are doubts in the market about the impact of the halving. Bitcoin is currently down 2.64% to $62,864. The CEO of Crypto.com expects Bitcoin to perform well in the six months after the halving. Crypto.com is one of the largest cryptocurrency exchanges, currently expanding and with hundreds of job vacancies
According to the Zhitong Finance and Economics APP, the head of Crypto.com exchange stated that as the Bitcoin halving date approaches, selling pressure on Bitcoin may become apparent, but in the long term, this event will support the price of Bitcoin.
Halving refers to reducing the new supply of Bitcoin, which occurs every four years. This halving is expected to take place around April 20th, reducing the number of Bitcoins miners receive daily through validating transactions from 900 to 450. Miners compete for rewards by using super-fast computers to solve mathematical problems.
Historically, halving events have tended to have a positive impact on the price of Bitcoin. However, given that Bitcoin reached a historical high in mid-March, there are doubts in the market about whether the boost from the halving event can be repeated.
At the time of writing, Bitcoin has fallen by 2.64% to $62,864. Last month, the influx of funds into a spot Bitcoin exchange-traded fund (ETF) established in the United States for three months briefly pushed Bitcoin to a peak of $73,798.
Crypto.com CEO Kris Marszalek stated in an interview on Tuesday that due to the "buy the rumor, sell the fact" effect, there may be some selling pressure as the halving date approaches.
However, he mentioned that in the long run, the halving will have a "substantial impact" and is a "positive development for the market." He added, "I expect Bitcoin's performance to be quite good in the six months following the halving."
Regarding the future of Crypto.com, Marszalek mentioned that the digital asset exchange is currently undergoing a thorough recruitment plan with approximately "several hundred" job vacancies.
Crypto.com is one of the largest digital asset exchanges. Data from CoinGecko shows that the platform had a trading volume of up to $1.5 billion in the past 24 hours. The platform will start offering services to retail customers in South Korea later this month, with Marszalek calling this expansion a long-term strategy