Digital tokens are set for a short correction period
Whenever the world’s biggest crypto is halved again in 2024, following Thailand’s largest digital asset exchange, there’ll be another strong bull market for bitcoin.
Every 4 years, the halving happens, slowing the process in which new coins are issued. Many claims that these drives raise the cost of bitcoin, which has been the topic of considerable debate.
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“Previous trends point to a “golden period” for bitcoin and other cryptocurrencies in total around 2024–25, 6 months after the next halving,” said Jirayuth of Bitkub Capital Holdings.
However, because availability restrictions slow the movement of income, especially from regular investors, the initial digital coins may see a brief period of corrections and significant instability, he noted.
According to Jirayuth, the crypto market has transformed as a result of a huge surge in corporate demand. In November, he co-founded Bangkok-based Bitkub, which was priced at $1 million.
Thailand’s authorities are strengthening their oversight and seeking to prohibit the use of digital assets to purchase goods and services. Thailand’s commercial banks have been told to stay away from crypto, and the government has begun collecting taxes on income from virtual currency transactions.
“Lawmakers attempt to handle innovative products using the older system, but this does not always succeed. According to Jirayat, governments that do not have the correct policies will repel creativity and possibilities.