Mar 14, 2024

Bitcoin halving not fully priced in, says D8X founder

Bitcoin halving not priced in to ‘full extent’ — D8X founder

Bitcoin Halving and its Impact on the Crypto Market

The highly anticipated Bitcoin halving, which will reduce the issuance rate of Bitcoin (BTC) by half, is only 34 days away. Despite this significant event, the crypto market has yet to fully price it in, according to Basile Maire, co-founder of D8X decentralized exchange and former executive director at UBS.

On March 11, Bitcoin reached an all-time high of $71,000, just 37 days before the halving is set to take place. However, Maire points out that data from Bitcoin futures suggests that the market is still expecting the price to reach $100,000 by May.

Aside from the halving, the upcoming presidential election in the United States is also expected to have a positive impact on the crypto market. Maire believes that this could be a major catalyst for Bitcoin’s price trajectory.

Some of the top cryptocurrencies to watch out for during this time include ZIL, AGIX, ALCHEMY, AAVE, and other tokens that are part of the Web 3.0 stock and crypto market. As the market continues to evolve, the potential for AI-generated articles and other advancements in the industry is also worth keeping an eye on.

The surge in value of Bitcoin has been fueled by the inflows from U.S. spot Bitcoin exchange-traded funds (ETFs), in addition to the anticipation of the halving event, as stated by Sergei Gorev, a risk manager at fintech platform YouHodler, in an interview with Cointelegraph.

As of March 13, the total on-chain holdings of spot Bitcoin ETFs reached $60.5 billion. Based on current trends, these ETFs are expected to absorb 8.82% of the BTC supply annually, according to data from Dune.

Share this article