Halving Bitcoin: key to price growth?
Bitcoin Halving: Is It a Catalyst for Price Growth?
Cryptocurrency traders worldwide are eagerly anticipating the upcoming Bitcoin “halving,” which could be crucial for the future prices of this popular digital currency.
Obstacle or Opportunity: Halving Time and the Cryptocurrency Market
Crypto Exchange company Coinbase has noted that the halving period could pose a certain obstacle, as traditionally it is a time when the cryptocurrency market experiences some weakness. However, by tracking historical data, the average monthly increase in Bitcoin from June to September is about 2.7%, while in other months it averages 19.3%.
In Search of a New Narrative in the Cryptocurrency Market
Currently, the cryptocurrency market is seeking new narratives that could sustain potential price increases. In recent days, the total cryptocurrency market volume reached $61.78 billion, which represents a decrease of 33.25% in the last 24 hours.
New Investors on the Horizon?
Although we are currently seeing a decline in the value of the cryptocurrency market, Coinbase observes some signs indicating possible entry of new investors into this market in the near future. Bitcoin’s dominance in the cryptocurrency market is currently at 50.6%.
Legal Case: Coinbase’s Acquittal
It is also worth mentioning a recent legal case in which Coinbase was acquitted. The United States Court of Appeals ruled in favor of the company, confirming that the secondary sale of cryptocurrencies on their platform does not violate the securities law.
Plaintiffs accused Coinbase of selling unregistered securities, but the company argued that the secondary sale of cryptocurrencies does not meet the criteria for securities transactions.
In conclusion, the current time in the cryptocurrency market is full of challenges and uncertainties, but traders are actively analyzing the latest information, such as the upcoming Bitcoin halving or signals regarding potential new investors, to make informed investment decisions.
