Dubai, UAE, 18th July 2023, ZEX PR WIRE, Unlike the halving of Litecoin, which had no substantial effect on its price in the past, the halving of Bitcoin is currently one of the major expected events in the crypto market. Bitcoin is set to undergo a periodic halving in 2024.* BITmarkets has identified bitcoin halving as one of the major events for the crypto trading community. The trader’s perspective on the phenomenon of halving is a part of 2023 Mid-Year Crypto Outlook.
“After the challenges of 2022, the current year seems to have blown a wind of change indeed. The possibility of cryptocurrencies aiming back towards the highs of 2021 during the upcoming year can be realistic, given revitalizing market conditions. Of course, there are risks, or in other words, obstacles along the way, but current market conditions may indicate a rather prosperous development and outcome for cryptocurrencies in the near future,” says Peter Sumer, COO of BITmarkets, on the findings of the Outlook study.
2023 has started strong for cryptocurrencies and other financial market assets, combatting headwinds with fierce force and retaining hard-earned value. Among the trends of the current year and the ones to follow are several: more regulation, rise of central bank digital currencies, popularization of DeFi, more investments into stablecoins and the revitalization or deterioration of NFTs.
Identity verification strictness may increase as more cyberattacks and hacks have been detected in recent times. Increased regulation is intended to safeguard the funds and data of crypto traders. This can come in the form of increasing scrutiny of identity verification, which can bolster the effectiveness of regulatory frameworks set in place.
Other legal measures such as passing new laws that tackle money laundering and necessitating accurate & recurrent corporate reporting can achieve higher consumer protection.
More information on trends and upcoming events in the world of crypto traders is to be found in the 2023 Mid-Year Crypto Outlook: Crypto Trends to Watch & 2024 Bitcoin Halving, a study by BITmarkets.
BITmarkets is a crypto exchange that operates in more than 15 languages and offers 24/7 support in local languages. Besides spot trading, clients are enabled to unique futures options with 100+ cryptocurrencies. For more information see https://bitmarkets.com/en
BITmarkets Spot Trading Services are provided to you by UAB BITmarkets, which is an authorized virtual currency exchange and depository virtual currency wallet operator in Lithuania operating under the licence no: 306062346, supervised by the Financial Crime Investigation Service and acting under the trademark BITmarkets.
* In 2024, Bitcoin is set to undergo a periodic halving event, which occurs every 4 years or 210,000 blocks on the Bitcoin blockchain. The initial block reward for BTC was 50 BTC, while the current block reward stands at 6.25 BTC, and the next block reward will be 3.125 BTC, and the halving continues. This event, programmed into the Bitcoin code, slows down the rate at which Bitcoins are mined and generated. The main incentive behind this action is to limit the total supply of BTC, which shall be maxed out at 21,000,000 BTC.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Biz Economics journalist was involved in the writing and production of this article.