Bitcoin Halving To Bring The Subsequent Crypto Frenzy
February 03 2022 - 11:00AM
NEWSBTC
According to Thailand’s largest digital asset exchange, the world’s
largest cryptocurrency, Bitcoin, will go through another
significant run in 2024 when it goes through yet another halving.
This means that Bitcoin will substantially increase during this
period. As a result, we might see even higher levels than we’ve
seen thus far. Related Reading: Bitcoin Halving Will Stir
Next Crypto Frenzy The halving is a process that occurs every four
years. During the procedure, new token creation slows down to 50%.
Additionally, many people believe this leads to Bitcoin price
gains. “The next halving is expected to bring about a “golden
period” for Bitcoin in 2024-2025,” said Jirayut Srupsrisopa, CEO of
Bitkub Capital Group. The golden period starts six months after the
next halving when token creation cuts down by half. However,
digital tokens may suffer from a short period where the market is
corrected and volatile as liquidity tightens. The result squeezes
the fund inflows. Primarily by retail investors seeking safe-haven
assets during these uncertain times, but it will not last forever.
“Institutional interest in the cryptocurrency market has caused it
to change drastically,” said Jirayut, who also argued that this is
because of a “big increase” with many institutions’ involvement. He
cofounded Bitkub, valued at $1 billion last November, and works as
its CEO for a Bangkok-based company. Thailand To Ban
Cryptocurrencies Bitcoin was on a tear last year, gaining
thousands of dollars every few weeks until it hit almost $69K in
November. However, things have been much more stagnant since then,
with prices sitting just below where they were in November – around
$38K or so at this writing. Some people say that the decline is due
to less Federal Reserve stimulus prospectively, which benefited
other assets during pandemic times. However, it may have had an
effect now because everyone wants stability before investing
heavily into anything again. Regulators worldwide have started to
tighten their oversight of digital asset activity. One such example
is Thailand, which plans on banning its citizens from using
cryptocurrencies as payment for goods and services in an effortless
move that may help boost tourism there. Related Reading
| Ethereum Classic Displayed Double-Digit Gains; What’s Next!
The country’s finance ministry has forbidden banks from dealing
with cryptocurrencies. Also ordered them instead to avoid direct
involvement. In addition, the government will start collecting
taxes on profits from trading digital assets. The process will
establish regulations for an emerging market. In response to
regulator authorities, Jirayut said; “Regulators are trying to use
the old framework to govern new invention. But, unfortunately, that
doesn’t always work. Countries without the right policies would
drive innovation away, push the opportunity away.” Featured image
from Pixabay, chart from TradingView.com
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