Paul Marino is the Chief Revenue Officer (CRO) of GraniteShares.
The fourth Bitcoin halving in April reduced the new bitcoin issuance rate to 3.125 BTC every ten minutes, sparking significant interest and speculation. Since then, Bitcoin has been down from its highs, with some investors concerned that the days of higher BTC prices are in the distant future.
However, the retreat likely stemmed from macro factors, specifically hawkish comments by the Federal Reserve. These ignited a"risk-off" mentality as an interest rate cut became more unlikely in 2024, with a hike becoming possible. Since then, economic data has been weaker than expected, making a hike very unlikely for now. This shift has put the risk trade back on, setting an immediate floor in BTC prices, which have since recovered above $60,000.
Third, regulatory developments in the global crypto markets will significantly influence Bitcoin's price dynamics. The potential passage of a U.S. bill establishing a regulatory framework for cryptocurrencies and Europe'sis crucial. They will help dispel the notion that BTC and crypto are mere"pet rocks," acknowledging them as stores of value with technological utility.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Markets Will Be Driven by Macro Factors Following the Halving, Coinbase SaysWill Canny is CoinDesk's finance reporter.
Read more »
BRC-20 tokens bleed ahead of Bitcoin halving as trader focus shifts to RunesBRC-20 tokens saw a sharp decline as investor focus shifted towards Bitcoin Runes.
Read more »
Bitcoin halving impact on altcoinsExplore how altcoins react to the Bitcoin halving, with insights into market sentiment, technology upgrades, price movements, consensus-based forks, and allocation strategies.
Read more »
Uncovering the halving’s impact on Bitcoin’s inflation rate and store of value propositionExplore how Bitcoin's upcoming halving event affects its inflation rate and store of value proposition. Will it surpass gold's value store status? Get insights into cryptocurrency dynamics, inflation trends, and regulatory impacts.
Read more »
Crypto market ‘underestimates the long-term impact’ of Bitcoin halving: BitwiseBitcoin's price has moved very little in the month after past halvings, but saw significant gains in the year after.
Read more »
Bitcoin miners brace for impact as halving goes liveBitcoin mining firms diversify their revenue streams to brace for halving.
Read more »