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As the highly anticipated Bitcoin halving event approaches, the alpha crypto is experiencing varying degrees of price volatility, with fluctuations around the $70,000 level. Bitfinex’s latest report suggests that both long-term and short-term holders are realizing profits and adjusting their positions, leading to increased selling pressure.
With roughly 10 days before the halving, Casey Rodarmor, the founder of Ordinals, is set to launch Runes, a protocol for fungible tokens on the Bitcoin blockchain to coincide with the event. While Runes is widely anticipated and expected to generate a surge in transactions, it remains controversial among conservative Bitcoiners who view these transactions as spam and a violation of Bitcoin’s intended purpose.
Meanwhile, Ripple CEO Brad Garlinghouse predicts that the crypto market cap will double this year, reaching over $5 trillion by year-end. He cites the debut of US spot Bitcoin ETFs, the upcoming Bitcoin halving, and potential positive regulatory changes in the US as key drivers for the market’s growth.
- Bitcoin faces selling pressure nearing halving event: Bitfinex report
- Ordinals founder Casey Rodarmor to launch Runes at Bitcoin halving
- Crypto market cap set to double this year, says Ripple CEO Brad Garlinghouse
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Data powered by CoinGecko.
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Bitcoin faces selling pressure nearing halving event: Bitfinex report
As the Bitcoin halving draws near, the alpha crypto sees a frenzied price volatility. According to Bitfinex’ latest report, this volatility has led to increased selling pressure from both long-term holders (LTH) and short-term holders (STH) who are taking profits.
The report highlights that maintaining the BTC price above critical support zones of approximately $60,000 and $57,000 is crucial to reduce the likelihood of major corrections and preserve short-term momentum.
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