Victory

Circuit

April

Base

Million

As the crypto community turns its gaze toward the upcoming Bitcoin halving event, many anticipate it to be a pivotal moment for a potential surge in Bitcoin’s price.
Nevertheless, <a href="https://www.coinbase.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>, a leading cryptocurrency exchange, suggests that the timing of this event might pose challenges.
In its market commentary report dated April 5, Coinbase emphasized the need for the crypto market to identify a new narrative to sustain price increases across various cryptocurrencies.
The exchange pointed out, “The BTC halving, currently due April 20 or 21, could be a catalyst for higher prices, but it will have to contend with what is typically a weak time of year for crypto markets and other risk assets.”
Historically, the period from June to September has yielded an average monthly return of about 2.7% for Bitcoin since 2011.
This is significantly lower compared to the average return of 19.3% observed in the other eight months of the year, as per data from Brave New Coin.
Furthermore, Coinbase has observed a slowdown in overall crypto volumes, indicating a market in search of a compelling story to drive its next growth phase.
Over the past day, total crypto volumes saw a 33.25% decline, totaling $61.78 billion, based on CoinMarketCap data.
READ MORE: <a href="https://www.cryptointelligence.co.uk/crypto-trader-skyrockets-investment-from-13000-to-2-million-with-novel-memecoin-on-base/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Trader Skyrockets Investment from $13,000 to $2 Million with Novel Memecoin on Base</a>
Despite these challenges, Coinbase sees potential for an influx of new investors into the crypto market, particularly due to Bitcoin’s growing reputation as “digital gold.”
This could foster demand from a new investor demographic, enhancing Bitcoin’s dominance, which stands at 50.6% of the total crypto market capitalization, according to CoinStats.
Coinbase also suggests that future market dips may be more aggressively bought up by investors than in previous cycles, owing to an increased investor base and continued market volatility.
Historically, Bitcoin halving events have been precursors to significant price increases. Following the last halving in May 2020, Bitcoin’s value saw a dramatic rise from $8,787 to nearly $69,000 by November 2021.
In legal developments, Coinbase scored a victory on April 6 when the United States Court of Appeals for the Second Circuit ruled in its favor, stating that the exchange’s secondary sales of cryptocurrencies did not breach the Securities Exchange Act.
The ruling was a significant win for Coinbase, which argued against the applicability of securities regulations to secondary crypto asset sales, despite allegations of selling unregistered securities and violating securities laws.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Coinbase Predicts Bitcoin Halving Event Challenges Amid Legal Victory and Market Slowdown

Crypto Intelligence

Другие статьи, опубликованные 8 апр. 2024 г.

BitMEX Founder Shifts $9.78 Million in GMX: What Lies Behind the Move?

Best Crypto To Buy Today - Solana, Near Protocol, Avalanche and BlastUP

Bitcoin Touching This Level Could Trigger $33M In Liquidations, Warns Crypto Analyst

Dogwifhat Price Prediction: WIF Is Top Gainer After 19% Surge As Traders Shift To This Other SOL ...

FTX exchange offloads Solana at big discount, raising $1.9B amid creditor repayment efforts

No Regrets: 2024’s Game-Changing Altcoins to Buy Now, Before It’s Too Late

Join our free newsletter for daily crypto updates!