One of the most anticipated events for the digital asset market has officially taken place today. In fact, the Bitcoin halving event is here, where the circulating supply of BTC is halved. The countdown has ended and the fourth halving of all time will take place on Friday, April 19th.
Now all eyes will be on how this development will affect the price of Bitcoin. Furthermore, given its importance to the entire market, the event should have a significant impact on the entire industry. Only time will tell how important it is.
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The fourth Bitcoin halving of all time is just around the corner
Every four years, the digital asset market faces one of its most important developments. It took place in 2012, then again in 2016, and a third time in 2020. Each time it occurred, it sparked strong reactions in the cryptocurrency industry. Afterwards, this move won't be much different.
This moment, eagerly awaited by the financial sector in the first months of 2024, has finally arrived. In fact, the Bitcoin halving officially took place on Friday, April 24th. Investors will now be watching closely to see what impact the development could have on the market.
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There were opinions on both sides about what the halving could mean for the industry. Kris Marszalek, CEO of Crypto.com, predicted a disappointing situation after the halving. However, they also expected “a great performance within the next six months.”
Another worrying forecast came from JP Morgan. Specifically, the investment bank expressed its belief that the halving was already primarily priced into the asset. That could well be the prevailing thought as the post-halving market takes shape.
The presence of newly approved spot Bitcoin ETFs in the United States makes the situation even more interesting. For many hoping to get the best from BTC in the long term, the reaction of the investment products will likely be the focus. Additionally, Hong Kong recently issued similar ETF approvals, sparking global interest in how this monumental event could influence the next year of the asset cycle.
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