It is anticipated that Bitcoin will undergo its fourth halving in April 2020. The largest cryptocurrency has temporarily fallen from its all-time peak.
However, the Crypto.com CEO believes that BTC can rise in sales by around halving. Kris Marszalek recently talked about how Bitcoin’s halving has historically brought its price up. The CEO said that more selling is likely to occur as Bitcoin approaches halving.
Even then, the halving will take effect in the long run. It will make a huge difference and is an overall positive development for the industry, added Karl.
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Bitcoin is currently trading at 63,479 dollars, with a 4.22% dip in the past 24 hours. The crypto has lost 9.06% of its value in the past week alone. Thus, Karl’s observation appears to be coming true.
According to the latest Bitcoin forecast, BTC can hit the 100,000-dollar mark in 2024. According to historical data, the coin has surged in value just months after the halving. Even the Crypto.com CEO believes that Bitcoin will witness decent action in the coming six months.
To better understand halving, users should note that Bitcoin conducts halving every four years. The event aims to cut miners’ rewards by 50%. This essentially reduces the rate at which new bitcoins are created. Ultimately, this creates an artificial scarcity in the market.
The fourth BTC halving event will cut the miners’ rewards from 900 to 450. While the development initially slows down the BTC market, the crypto picks up pace in a couple of months. This tends to trigger a bullish rally that has historically followed for several months.
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Crypto.com has issued a couple of hundred job openings to deal with the expected surge. The platform is also trying to offer its services to South Korean retail consumers in April. As one of the biggest crypto exchanges, Crypto.com holds a massive stature in the market. Thus, the community takes its CEO’s statements seriously as well.
