The halving of Bitcoin is a major attraction for many cryptocurrency traders, but the time of year will present a challenge. To further drive up prices everywhere, the cryptocurrency industry will need to come up with another story.
“Although it will have to contend with what is generally a bad time of year for crypto markets and other risk assets, the BTC halving, which is presently scheduled for April 20 or 21, could be a trigger for higher prices,” the exchange said. According to data from digital assets research firm Brave New Coin, during the months of June through September of 2011, Bitcoin has generally seen a monthly return of roughly 2.7%; in the other eight months, it has averaged a return of almost 19.3%. “Have also continued to slow as the market tries to find the next narrative to power it higher,” according to the report on global crypto volumes.
The entire volume of cryptocurrency traded in the last day was $61.78 billion, down 33.25% from the day before. Nonetheless, the cryptocurrency exchange observes indications that suggest there will probably be a rise in new investors joining the market soon:
“We believe that as bitcoin gains traction as a type of “digital gold,” demand from a new group of investors may be enabled in this market regime.”
Based on its market capitalization compared to the entire crypto market, Bitcoin commands a 50.6% share of the market. Additionally, the research clarified that as more investors participate, the troughs may become less and less for those waiting for price decreases to invest.
As a result, even though volatility continues during price discovery, we believe dips are likely to be bought more aggressively than in prior cycles. Increases in the price of Bitcoin have often been linked to halving events. Bitcoin’s price spiked after the last halving occurrence in May 2020. The price of Bitcoin increased after the halving, peaking at around $69,000 in November 2021. It had started at $8,787.
The United States Court of Appeals for the Second Circuit confirmed on April 6 that Coinbase’s platform’s secondary cryptocurrency sales are compliant with the Securities Exchange Act, ruling in the company’s favor.
According to the plaintiffs, Coinbase was marketing and selling securities that weren’t registered. They also charged the exchange with breaking several securities law regulations.
Coinbase, on the other hand, disputed the necessity of securities laws, claiming that secondary sales of crypto assets did not fit the requirements for securities transactions.