{"id":62502,"date":"2024-04-02T10:12:24","date_gmt":"2024-04-02T02:12:24","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=62502"},"modified":"2024-04-02T10:12:28","modified_gmt":"2024-04-02T02:12:28","slug":"pdax-announces-readiness-for-potential-market-shifts-post-bitcoin-halving","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2024\/04\/02\/pdax-announces-readiness-for-potential-market-shifts-post-bitcoin-halving\/","title":{"rendered":"PDAX announces readiness for potential market shifts post-Bitcoin halving"},"content":{"rendered":"\n

Local cryptocurrency exchange platform PDAX<\/a> announced that it is fully prepared for the expected fluctuations in the digital currency market in anticipation of the upcoming Bitcoin halving.<\/strong><\/p>\n\n\n\n

\u201cWhen Bitcoin started going up in price, and customers started coming to our platform. That was a real test of our platform five years ago. That’s bound to happen again. But I guess the difference between that happening four years ago versus today, as far as feedback is concerned, is that our platform is ready,\u201d PDAX CEO Nichel Gaba said during “What\u2019s Halvening? Token Tales and Toasts\u201d session at Rockwell, Makati City, on Tuesday.<\/p>\n\n\n\n

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The Bitcoin halving occurs roughly every four years wherein the reward for mining new blocks is slashed by half. This reduction slows the introduction of new Bitcoins into circulation, a mechanism that has historically triggered increased market activity and notable price fluctuations.<\/strong><\/p>\n<\/blockquote>\n\n\n\n

The anticipation surrounding the halving has intensified following the U.S. Securities and Exchange Commission\u2019s approval of spot exchange-traded funds (ETFs), making it easier for retail and institutional investors to buy and engage with Bitcoin directly. This development has played a crucial role in propelling Bitcoin\u2019s price to an all-time high of $73,737.94.<\/p>\n\n\n\n

\u201cThis is the first halving event where there are already institutional participants in the crypto market. Now that institutions are in the crypto space, we can expect whatever excitement propelled retail investors to take Bitcoin to $72,000. You can just imagine how much more that would be when institutions are also in the market. That\u2019s why this upcoming halving is truly important,\u201d he added. <\/p>\n\n\n\n

In terms of the platform, PDAX said the bear market in the past few years gave them time to gear up for this year\u2019s market.<\/p>\n\n\n\n

\u201cBefore the approval of ETFs and the Bitcoin halving, we\u2019ve been preparing our systems for it, making them more stable and secure. We work with various organizations to make the frameworks up to stuff. The idea is that if a user wants to get in on the action, there’s an easy way to do it, and there’s a secure way to do it. We are not stopping, and we\u2019re continuing to improve our platform,\u201d said Vincent Tio, Head of Platform Solutions at PDAX.<\/p>\n\n\n\n

As to the country\u2019s regulatory landscape for cryptocurrency, the PDAX CEO noted the constructive stance of the local regulators towards financial innovations and how this level of oversight is crucial for platform integrity and user trust.<\/p>\n\n\n\n

\u201cWhat happened since the crash of Luna and the bankruptcy of FTX really made regulators aware of the risks of platforms that are unregulated. I cannot overstate the significance of a platform being regulated. Regulated means that the BSP visits PDAX and makes sure that we are processing transactions correctly, every quarter we have to report any significant change in our platform, and we\u2019re also bound to conform to the guidelines that they set,\u201d Gaba explained.<\/p>\n\n\n\n

\u201cA lot of what the BSP and SEC have been doing in the past year and a half is not just to create new rules that can safeguard the public but to enforce already existing rules. As crypto becomes much more popular moving forward, we can expect the regulators to continue to raise the standards,\u201d he added.<\/p>\n\n\n\n

Launched in 2018 and regulated by the Bangko Sentral ng Pilipinas, PDAX stands as the country’s leading cryptocurrency exchange, offering a secure platform for trading over 70 assets, including cryptocurrencies and tokenized bonds, with plans to expand its asset offerings.<\/p>\n\n\n\n

As part of the PDAX commitment to user engagement and market participation, the platform has announced that they are giving away free Bitcoin to new users who sign up, verify their accounts, and start trading between March 27 and April 30, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin halving occurs roughly every four years wherein the reward for mining new blocks is slashed by half. This reduction slows the introduction of new Bitcoins into circulation, a mechanism that has historically triggered increased market activity and notable price fluctuations.<\/p>\n","protected":false},"author":6,"featured_media":55145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[1033,7399],"class_list":["post-62502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-bitcoin","tag-pdax"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/62502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=62502"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/62502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/55145"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=62502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=62502"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=62502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}