Bitcoin Halving Differs from Past Trends, According to Galaxy Reports
Billionaire Mike Novogratz‘s company, Galaxy Digital, has released some thoughts about the future. Bitcoin halving activity. The firm detects a shift from historical patterns. In general, Bitcoin will break its previous highs after the halving. However, this trend has changed. Galaxy Digital analyzes the aging pattern of the Bitcoin halving event.
Galaxy Digital Notes Show Changes in Bitcoin Halving Trend
Galaxy Digital He highlights that unlike previous cycles, Bitcoin did not reach an all-time high following the last halving. Bitcoin reached $73,737 on March 14, just before the upcoming halving, when miners’ rewards dropped from 6.25 BTC to 3,125 BTC. This is currently 5.9% lower 8 days before the halving. This particular situation contrasts sharply with post-halving volatility in the past.
On the morning of the halving on May 11, 2020, Bitcoin was trading at approximately $9,000. It reached a high of $69,000 in November 2021, which was the result of the previous bear market. Galaxy Digital considering January launch Funds traded on the Bitcoin exchange (ETFs) may have changed market conditions. These ETFs have produced a brand new demand anchor that drives Bitcoin price behavior in an alternative way to previous halving events.
Mike Novogratz Links US Debt to Bitcoin Investment
The commentary also touches on the larger economic issues Novogratz addresses. US debt deficit. He wants significant cuts in federal spending and higher taxes on the rich to help manage the rising national debt. The national debt is now $44 trillion; If no intervention is made, it could rise to 37 trillion dollars. “This economic trajectory shows why Bitcoin should be considered an investment asset as financial instability increases,” Novogratz said.
The adoption of Bitcoin ETFs further fuels the debate over Bitcoin’s value. “These financial solutions have sparked a new wave of interest in cryptocurrency,” Coinbase said. Although the previous halving sample size was small and thus predictions were not always accurate, company executives are hopeful. ripple CEO Brad Garlinghouse in fact, he predicted that Bitcoin could reach $5 trillion in value this year.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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