Marathon CEO: Bitcoin Halving Event Now Priced In Part Thanks To Optimism
Key Points:
- Bitcoin halving event may already be priced in, driven by optimism from US ETF approval.
- Marathon Digital Holdings CEO Fred Thiel suggests ETF approval accelerated demand, impacting post-halving price trends.
- Bitcoin’s recent price corrections have been less severe, possibly influenced by the introduction of a Bitcoin ETF.
Bitcoin’s upcoming halving event, a software update anticipated to spur further price increases, might already be priced to some extent, according to the CEO of the largest US crypto miner.
Read more: What is Bitcoin Halving? Why is this event of interest?
Bitcoin Halving Event: Price Forecasts and ETF Excitement
According to Bloomberg, Fred Thiel, CEO of Marathon Digital Holdings Inc., suggests that the surge in Bitcoin’s value, up by over 60% since the year’s outset, may have been influenced by the approval of US exchange-traded funds (ETFs) holding the cryptocurrency.
Typically, Bitcoin prices experience an upturn following halving events, which occur every four years. Thiel speculates that the recent ETF approval may have expedited this price appreciation, preempting the usual post-halving surge.
Based in Fort Lauderdale, Florida, Marathon operates numerous mining facilities nationwide, notably in Texas. Bitcoin mining, an energy-intensive process involving specialized computers validating transactions on the blockchain, is set to undergo a reward reduction in late April due to the Bitcoin halving event.
Bitcoin ETF Buzz and Halving Speculation
Thiel highlights the positive sentiment among miners, as the halving historically triggers increased volatility but also higher prices. He estimates Marathon‘s break-even rate after the halving to be around $46,000 per Bitcoin.
Traditionally, Bitcoin halving events are accompanied by significant volatility, typically marked by a sell-off followed by a rapid ascent to new all-time highs. However, this time, the introduction of a Bitcoin ETF has altered expectations.
Recent corrections in Bitcoin‘s price have been milder compared to previous cycles, with drawdowns not exceeding 25%. Despite anticipated pre-halving excitement, Bitcoin’s resilience has kept corrections shallow, with the latest drop limited to around 15%.
Overall, the market braces for the upcoming Bitcoin halving event amidst a backdrop of evolving dynamics and regulatory developments in the cryptocurrency space.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Marathon CEO: Bitcoin Halving Event Now Priced In Part Thanks To Optimism
Key Points:
- Bitcoin halving event may already be priced in, driven by optimism from US ETF approval.
- Marathon Digital Holdings CEO Fred Thiel suggests ETF approval accelerated demand, impacting post-halving price trends.
- Bitcoin’s recent price corrections have been less severe, possibly influenced by the introduction of a Bitcoin ETF.
Bitcoin’s upcoming halving event, a software update anticipated to spur further price increases, might already be priced to some extent, according to the CEO of the largest US crypto miner.
Read more: What is Bitcoin Halving? Why is this event of interest?
Bitcoin Halving Event: Price Forecasts and ETF Excitement
According to Bloomberg, Fred Thiel, CEO of Marathon Digital Holdings Inc., suggests that the surge in Bitcoin’s value, up by over 60% since the year’s outset, may have been influenced by the approval of US exchange-traded funds (ETFs) holding the cryptocurrency.
Typically, Bitcoin prices experience an upturn following halving events, which occur every four years. Thiel speculates that the recent ETF approval may have expedited this price appreciation, preempting the usual post-halving surge.
Based in Fort Lauderdale, Florida, Marathon operates numerous mining facilities nationwide, notably in Texas. Bitcoin mining, an energy-intensive process involving specialized computers validating transactions on the blockchain, is set to undergo a reward reduction in late April due to the Bitcoin halving event.
Bitcoin ETF Buzz and Halving Speculation
Thiel highlights the positive sentiment among miners, as the halving historically triggers increased volatility but also higher prices. He estimates Marathon‘s break-even rate after the halving to be around $46,000 per Bitcoin.
Traditionally, Bitcoin halving events are accompanied by significant volatility, typically marked by a sell-off followed by a rapid ascent to new all-time highs. However, this time, the introduction of a Bitcoin ETF has altered expectations.
Recent corrections in Bitcoin‘s price have been milder compared to previous cycles, with drawdowns not exceeding 25%. Despite anticipated pre-halving excitement, Bitcoin’s resilience has kept corrections shallow, with the latest drop limited to around 15%.
Overall, the market braces for the upcoming Bitcoin halving event amidst a backdrop of evolving dynamics and regulatory developments in the cryptocurrency space.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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