Bitcoin completed its latest halving event at block height 840,000. However, Coinbase believes that the post-halving trend of Bitcoin may be mainly influenced by macroeconomic factors. Binance also stated that multiple factors should be considered for the future judgment of Bitcoin and cryptocurrencies.
The highly anticipated Bitcoin halving has entered its final countdown. However, factors such as escalating tensions in the Middle East, overheating of the US economy, and a lack of upward momentum for altcoins have added uncertainty to the market’s judgment of Bitcoin and cryptocurrencies.
Coinbase: Post-halving Bitcoin trend will be primarily influenced by macro factors
In response to this situation, US-listed cryptocurrency exchange Coinbase released a report on Thursday (18th), stating that while the Bitcoin halving is a positive event for cryptocurrencies, the post-halving trend of the crypto market will be mainly affected by macroeconomic factors. Analyst David Han added that although the previous bull market was largely stimulated by the Bitcoin halving, we should not ignore the catalysts provided by other ecosystems, such as the rise of DeFi and the emergence of NFTs.
At the same time, since the US SEC approved the listing of Bitcoin spot ETF in January, although many still consider Bitcoin as a risky asset, some have begun to use Bitcoin as a risk hedging tool. Therefore, the future volatility of Bitcoin may not be too extreme, and the impact of the Bitcoin halving on its price should also be carefully examined.
Binance CEO: New growth drivers include multiple factors
Regarding the Bitcoin halving, Richard Teng, the newly appointed CEO of Binance, stated that this is a unique halving event as a series of important events revolve around it. Teng further pointed out that the approval of the Bitcoin spot ETF listing has indeed driven the market’s demand for Bitcoin, but the ongoing story in Bitcoin also includes the rise of the Bitcoin Layer2 network and the development of DeFi.
However, Teng also stated that future factors driving the rise of Bitcoin and the crypto market should be multifaceted, and investors need to consider the overall market sentiment and adoption of cryptocurrencies.