Bitcoin completed its latest halving event at block height 840,000. However, Coinbase believes that the post-halving trend of Bitcoin may be primarily influenced by macroeconomic factors. Binance also stated that the future judgment of Bitcoin and cryptocurrencies should consider multiple factors.
Anticipated by the market, the Bitcoin halving has entered its final countdown. However, factors such as escalating tensions in the Middle East, an overheating US economy, and a lack of upward momentum in altcoins have added uncertainty to the market’s judgment of Bitcoin and cryptocurrencies.
Coinbase: Post-halving trend of Bitcoin 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 although the Bitcoin halving is good for cryptocurrencies, the post-halving trend of the cryptocurrency market will be mainly influenced by macroeconomic factors. Analyst David Han added that while 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 started to use Bitcoin as a risk hedging tool. Therefore, the future volatility of Bitcoin may not be too intense, and the effect 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, first stated that this is a unique halving event, as a series of significant events revolve around it. Teng further pointed out that the approval of the Bitcoin spot ETF listing indeed drives the market’s demand for Bitcoin. However, the ongoing story of Bitcoin also includes the rise of Bitcoin Layer2 network and the development of DeFi.
However, Teng also stated that future factors driving the rise of Bitcoin and the cryptocurrency market should be multifaceted, and investors need to consider the overall market sentiment and adoption of cryptocurrencies.