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The CEO of Crypto.com, Kris Marszalek, has cautioned about possible selling activity in the market as the Bitcoin halving event draws near, connecting it to the “buy the rumor, sell the news” phenomenon. Marszalek is nonetheless upbeat about Bitcoin’s success in the upcoming months despite this caution.
Marszalek talked about the effects of the impending Bitcoin halving and the rise of spot bitcoin exchange-traded funds (ETFs) on the cryptocurrency’s price in an interview. He pointed out that the market is now going through a phase of consolidation similar to past cycles and predicted big moves in the market in the coming six months.
While Marszalek acknowledged the positive impact of spot Bitcoin ETFs in reducing the available supply of Bitcoin in the market, he cautioned against expecting immediate effects. He emphasized the gradual nature of their influence over a longer timeframe, citing the “buy the rumor, sell the news” pattern that often accompanies significant events like the halving.
Addressing the changing market dynamics due to the introduction of spot Bitcoin ETFs, Marszalek noted a shift in the balance between retail and institutional investors. He highlighted the importance of upcoming decisions regarding Bitcoin ETFs and their potential to strengthen market flows. Hong Kong’s recent conditional approvals for spot Bitcoin and ether ETFs exemplify this evolving landscape.
Despite short-term market fluctuations especially dip, Marszalek reiterated the importance of maintaining a long-term perspective when investing in Bitcoin. He encouraged investors to consider Bitcoin as a strategic asset to hold for years, if not decades, emphasizing its potential for long-term growth and performance.
With a positive outlook for Bitcoin’s performance in the next six months, Marszalek remains confident in Bitcoin’s long-term trajectory amid evolving market dynamics and regulatory developments.