The effect of the Bitcoin half on the behavior of assets is still unclear: Coinbase

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Ein neuer Bericht von Amerikas größter Kryptowährungsbörse Coinbase ergab, dass die Auswirkungen von Bitcoin-Halbierungsereignissen auf die Wertentwicklung des Vermögenswerts noch unklar sind, da mehrere exogene Faktoren eine wichtige Rolle im Marktverhalten spielen. Während die Halbierung positiv bewertet wird, da davon ausgegangen wird, dass sie die voraussichtliche Knappheit von BTC erhöht und seine Angebots-Nachfrage-Dynamik unterstützt, müssten die Auswirkungen der US-Dollar-Bewegungen, der Zinssätze und der globalen Liquidität entschlüsselt werden, um ein klares Bild der Marktreaktion zu erhalten. Unklare Auswirkung der BTC-Halbierung Die Halbierung von Bitcoin erfolgt alle vier Jahre oder alle 210.000 Blöcke. Während der Veranstaltung werden die Blockbelohnungen für das BTC-Mining …
A new report by America's largest cryptocurrency exchange Coinbase showed that the effects of Bitcoin thermalization events on the performance of the financial value are still unclear, since several exogenous factors play an important role in market behavior. While the halving is evaluated positively, since it is assumed that it increases the expected scarcity of BTC and supports its offer-demand dynamics, the effects of the US dollar movements, interest rates and global liquidity would have to be decrypted in order to obtain a clear picture of the market reaction. Unclear impact of the BTC halung The halving of Bitcoin takes place every four years or every 210,000 blocks. During the event, the block rewards for the BTC mining ... (Symbolbild/KNAT)

A new report by America's largest cryptocurrency exchange Coinbase showed that the effects of Bitcoin thermalization events on the performance of the financial value are still unclear, since several exogenous factors play an important role in market behavior.

While the halving is evaluated positively, since it is assumed that it increases the expected scarcity of BTC and supports its offer-demand dynamics, the effects of the US dollar movements, interest rates and global liquidity would have to be deciphered in order to obtain a clear picture of the market reaction.

unclear impact of the BTC thermalization

Bitcoin halves every four years or every 210,000 blocks. During the event, the block rewards for BTC mining are reduced by 50 %. The first halving took place in 2012 and the next, the fourth, will probably take place between April and May 2024. The upcoming halving will reduce the block rewards from BTC from 6.25 BTC to 3.125 BTC per block.

David Duong, head of institutional research at Coinbase, stated in the report that the evidence of the reaction of the market was still limited with only three halving events, since they were all in parallel with some important monetary and fiscal developments.

In 2012, the Federal Reserve Board, mortgage securities and government bonds with a long term began to buy for the third round of quantitative loosening (QE3). During the second halving in 2016, Brexit triggered financial concerns in the EU and in the United Kingdom, which led to increased BTC purchases. When the third halving took place in 2020, central banks and governments reacted to the Covid 19 pandemic "with unprecedented economic measures", which drove global liquidity.

"The derivation of the trend development of the Bitcoin price of the movements of these factors helps to clarify the situation to reasonably. Outside of the third halving, the evidence that these half-time events support the Bitcoin price movement, but not quite clearly," said Duong.

get a clear picture

duong further emphasized that the elimination of the influence of global liquidity on the price behavior of BTC would result in a clear picture of the performance of the assets in various economic systems.

Since the next halving is closer, said Duong, it is important to note that the current increase in global liquidity will obscure the net effects on the price behavior of Bitcoin, since the cryptom market has followed the global liquidity movements since the unfavorable market events -June 2022.

"We think it is possible that the next Bitcoin thization in the second quarter 24 could have a positive impact on the performance of the token. In our opinion, this connection is still a bit speculative," added the research manager of Coinbase.

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