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GLOBAL – Bitfinex, a major cryptocurrency exchange, predicts that the total cryptocurrency market capitalization will reach $3.2 trillion in the near future, with bitcoin leading the way. The stock market’s optimism is partly due to growing interest from Vietnam’s expanding cryptocurrency sector and the potential for increased institutional participation.
The prediction of an increase in market capitalization is accompanied by a short-term stabilization of the bitcoin price. However, significant growth is anticipated as the next bitcoin halving event approaches, which traditionally reduces the rate of creation of new bitcoins, thereby potentially increasing the value of existing bitcoins.
Global adoption of cryptocurrencies also contributes to the bullish outlook. Countries like El Salvador have adopted bitcoin as legal tender, and Argentina uses the digital currency as a hedge against inflation. These developments are expected to increase the number of global crypto users to an estimated level of between 850 and 950 million.
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