Cryptocurrencies
Bitcoin Risks Another ‘Sell-the-News’ Market Move After Halving
- JPMorgan, Deutsche Bank say event is mostly priced in already
- Token saw letdowns after US ETF approval, record-high run
Bitcoin’s propensity to rally ahead of much-touted industry milestones is raising the risk that the software modification known as the halving slated for later Friday may turn into another “sell-the-news” event.
“Everything that is known is already discounted into the price,” Joel Kruger, market strategist at LMAX Group, said in a statement. “With that said, anyone who would have wanted to be buying Bitcoin because of the halving event has already done so, which suggests in the short-term aftermath of the halving, we could see a ‘sell-the-news’ type of reaction.”