Indian crypto pioneers shed light on the impact of Bitcoin halving

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Starting from early 2024, there has been a significant increase in the desire for cryptocurrencies in India, resulting in heightened trading activity on various platforms as indicated by increased volumes.

Indians are becoming more interested in the developing digital asset market, even without clear-cut regulations and a high tax on cryptocurrency profits.

Excitement grows among Bitcoin enthusiasts as we approach the upcoming halving in April 2024. In particular, those in the Indian cryptocurrency scene are closely monitoring how this event could influence market trends and investor actions.

Based on Edul Patel’s perspective as the CEO and co-founder of Mudrex, the data indicates a intricate dance of market influences following the halving event.

Previously, Bitcoin’s value usually increased following halving occasions, only to be followed by a decrease. But now, Bitcoin has currently reached a new peak price, suggesting that a decline may occur near the upcoming halving event. – Patel spoke to crypto.news.

Previously, bitcoin’s halvings have ignited bullish trends in the market. But this time around, unique circumstances like escalating institutional investment and Bitcoin reaching a record high prior to its halving have caused some to think that this market cycle may deviate from the historical pattern.

Patel talked about how Bitcoin’s market cycles keep changing, pointing out that “we’re now in Bitcoin’s fifth market cycle.” He looked back at Bitcoin’s past market patterns and noticed that each cycle lasts longer than the one before it. Therefore, he expects this current cycle to push Bitcoin prices even higher as more activity in the market aligns with increasing price trends over time.

It’s quite probable that the bull market for Bitcoin will continue following the halving, potentially driving its price up to $100,000 by the end of this year, according to Patel.

In simple terms, 2024 is expected to be the year when several Bitcoin Exchange-Traded Funds (ETFs) will be authorized in the United States. These ETFs allow investors to buy and sell Bitcoin shares on a stock exchange, much like they would with traditional stocks. This approval process has contributed significantly to Bitcoin’s recent price increase, as stated by Patel. By making Bitcoin investment more convenient and accessible, these ETFs are likely to attract a larger number of investors.

In simpler terms, the Indian investment community’s reaction to Bitcoin’s halving could mimic the worldwide response, but with distinct Indian characteristics. The decrease in supply and the possibility of heightened scarcity may make Bitcoin more desirable for Indian investors, possibly leading to broader acceptance within the country.

In the past, Bitcoin’s halving events have typically led to optimistic feelings and price increases in various markets around the world. This is due to the expectation of less supply and greater scarcity, which could result in a comparable pattern for India’s crypto market. Consequently, investors might see the halving as a positive sign and boost their Bitcoin investments.

Gupta believed that these exchange-traded funds could help broaden Bitcoin’s reach.

“The anticipated debut of Bitcoin ETFs in the US has generated significant interest, especially among institutional investors. Their entrance is seen as a significant endorsement, which could lead to increased investment and broader market involvement by providing a sense of legitimacy that many have been seeking.” (Gupta spoke to crypto.news)

He foresaw that these financial tools would significantly boost trading in India’s markets, resulting in more deals and greater market turnover as the industry grows.

The optimistic outlook on the halving is expected to trigger a significant increase in the cryptocurrency market, with Rahul Pagidipati attributing this growth to the availability of dependable trading platforms in India and the far-reaching dissemination of knowledge).

“The Indian retail sector has proved robust even with the hefty taxes on crypto capital gains. It’s still expanding. We’re optimistic about lower crypto tax rates and TDS in the future, but we expect more retail investors to jump in due to the Bitcoin halving.”

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2024-04-15 16:58