The halving, which predicts the halving of the share of Bitcoin miners, is less than a year away, increasing the expectations for the future of the cryptocurrency.
The US central bank, the Fed, increased the policy rate by 25 basis points after the monetary policy committee meeting it held in the past few days. With this decision of the Fed, which decided to increase by 4 basis points in 75 consecutive meetings last year and continued to increase interest rates this year, even though it slowed down, the policy rate in the USA reached its highest value since 2007. Predictions about Bitcoin, which is affected by macroeconomic developments, have also started to come. In the research report published by Matrixport, it was pointed out that the Fed gave signals that this increase decision is the last, and this could trigger a 20 percent rally in Bitcoin.
Sharing his assessments on the subject, Gate.io's Research Manager Sevcan Dedeoğlu said, "After the Fed's interest rate decision, there has been an upward movement in leading cryptocurrencies, especially Bitcoin. Signs of recovery in the global economy strengthen investor confidence.
“Can find 100 thousand dollars”
In a research report released by the US-based investment bank Standard Chartered in late April, it was estimated that the value of Bitcoin could jump up to $ 2024 by the end of 100. Noting that they believe the crypto winter is over, the bank predicted that Bitcoin's share of the total market value of digital assets could move into the 50-60 percent range in the next few months.
Stating that Bitcoin is preparing to develop a technique called halving, which is planned to be realized in April 2024, Sevcan Dedeoğlu said, “The halving process, which is completed every four years, predicts to halve the share of cryptocurrency miners from mining activities. Since this means a decrease in supply, the price of Bitcoin has increased before and after the halving events to date. The day before the halving event on May 11, 2020, the price of Bitcoin had increased by 19 percent compared to the previous year. Bloomberg data also indicates that Bitcoin has broken a record after the past 3 halvings. When the expectations for the halving are combined with the positive economic atmosphere, the expectations for price increases also make sense.”
It has risen 66 percent since the beginning of the year.
Bitcoin reached a price that has not been seen since June 30, rising above $ 2022 thousand in the past weeks, and was withdrawn to the 29 thousand band with the hard sales that followed. Current data showed that the cryptocurrency has risen 66 percent since the start of the year. Reminding that the negative situations in the banking industry in the USA continued with the acquisition of First Republic Bank by JPMorgan, Sevcan Dedeoğlu said, “According to TradingView, the market dominance rate of Bitcoin has decreased from 42 percent to 49 percent since the beginning of March, ie. It reveals that it has reached its highest level in 22 months. “The improvements seen in Bitcoin reflect positively on the entire market and signal a general optimism in investor trends.”
“We Diversify Investment Tools”
Stating that the entry to crypto money markets will increase with the end of the crypto winter and the improvement of investor sentiment, Gate.io's Research Manager Sevcan Dedeoğlu concluded his evaluations with the following statements:
“Individual investors are keen to deepen the cryptocurrency markets and use new solutions. As Gate Turkey, we offer different investment tools such as spot trading, liquidity mining, leveraged trading, futures and investment copying on our Gate.io platform. While we continuously improve the experience of our individual investors with new applications and listings, we also make the lives of corporate and high-net-worth investors easier with our solutions such as Gate Wealth. As Gate.io Turkey, where more than 400 cryptocurrencies can be traded instantaneously, and which acts as an intermediary for over 7 billion dollars every day, we open the doors of crypto to investors of all levels.”
📩 05/05/2023 11:59