The Bitcoin Halving Could Accelerate Consumer Adoption of BTC
(Michał Mancewicz/Unsplash, modified by CoinDesk)
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Halving
(Michał Mancewicz/Unsplash, modified by CoinDesk)
The cryptocurrency does not operate in a vacuum, and its price is also affected by non-crypto influences, such as macro factors, the report said.
There’s no slowdown in blockchain news, with Ethereum’s Dencun upgrade in the rear view mirror and Bitcoin’s halving now just over three weeks away. We spoke with Solana’s Anatoly Yakovenko about the meme coin frenzy stressing the suddenly-active blockchain.
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Investors are pouring money into spot ETFs while avoiding miners due to risks related to Bitcoin’s halving event.
As the protocol evolves, new layers could emerge bringing new use cases and more users, the report said.
The number of bitcoin held in wallets tied to miners has dropped to the lowest since mid-2021.
Data from past cycles entered around halvings, and a key technical analysis tool suggested that the path of least resistance is higher.
Bitcoin halvings have generally been good for the network. But price increases have decreased over time, says Todd Groth, head of research at CoinDesk Indices.
The cryptocurrency has performed well before the halving and is likely to sustain momentum for the rest of the year, leading to new highs in 2024, the report said.