According to the analysis of Coinbase, one of the world’s largest cryptocurrency exchanges, 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 crypto market.
The research report stated, “Most of these factors are outside the scope of crypto and encompass things such as geopolitical tensions, interest rates remaining high for longer, reflation, increasing state debts.”
The fourth halving in Bitcoin was completed in the past few hours. BTC had gained at least 200% in value after the previous three halvings. The Coinbase team said, “Typically, the rises in these cycles have been accompanied by other catalysts that provide extra strength in the ecosystem.”
Coinbase analysts also noted that the approval of spot exchange-traded funds (ETFs) has created two groups of Bitcoin investors. One sees Bitcoin as “a purely speculative asset,” while the other approaches Bitcoin as “digital gold.”
