According to the analysis of Coinbase, one of the largest cryptocurrency exchanges in the world, the future of Bitcoin will depend on macroeconomic factors.
According to the research conducted by the Coinbase team, factors outside the cryptocurrency market will largely determine the direction of the cryptocurrency market.
The research report stated, “Most of these factors are outside the crypto space and cover things such as geopolitical tensions, longer high interest rates, reflation, increasing government debts. “
The fourth halving in Bitcoin was completed in recent hours. BTC had appreciated by at least 200% after the previous three halvings. The Coinbase team said, “Rises in these cycles are generally accompanied by other catalysts that provide extra strength in the ecosystem.”
Coinbase analysts also noted the emergence of two groups of Bitcoin investors following the approval of spot borsa investment funds (ETF). One sees Bitcoin as “a purely speculative asset,” while the other approaches Bitcoin as “digital gold.”
