By Daniel Carpenter
New York, NY, USA, 15th March, 2023 – Capital One, a leading global financial services firm, has stated that the upcoming Bitcoin halving and Ethereum upgrade are “largely priced in” by the markets. This means that the potential impact of these events on the prices of the two cryptocurrencies has already been reflected in their current valuations, and thus, any significant price movements due to these events are unlikely.
“While these events may still have some impact on the prices of Bitcoin and Ethereum, we believe that the majority of the potential impact is already reflected in their current valuations,” said Jake Novogratz, a partner at Capital One. “Investors should be aware that there is still some uncertainty surrounding these events, and as such, prices could still move significantly in either direction in the lead-up to and following these events.”
Capital One’s comments come as the cryptocurrency market has experienced a period of relative stability in recent months, with Bitcoin and Ethereum trading within a narrow range. Some analysts believe that the market is currently in a period of consolidation and that these events could spark a new wave of volatility and investors may still want to monitor the evolution of these events and consider the potential implications for their cryptocurrency portfolios.
- Bitcoin: Bitcoin is expected to halve its block reward from 6.25 BTC to 3.125 BTC in May 2024.
- Ethereum: Ethereum’s Serenity upgrade is expected to introduce a number of changes to the network, including a shift from Proof-of-Work to Proof-of-Stake and a reduction in issuance.
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