Binance CEO Richard Teng said that this year's Bitcoin halving is unique because it comes amid a series of other significant events taking place in Bitcoin and the wider crypto ecosystem. In addition to the ETF breakthrough that has sparked institutional interest and participation, another major trend in the crypto space today is the boom in Layer 2 and DeFi activity on the Bitcoin network, thanks to the popularity of the Ordinals protocol and Bitcoin inscriptions.
Teng pointed out that historically, the price of Bitcoin has risen in the six months following each halving event. The halving occurs every four years and cuts the number of Bitcoin rewards given to miners by half. He said that the decrease in the supply of new coins may be the reason why the market reacts to each event. However, he noted that the room for further growth depends on a range of factors, including overall market sentiment and adoption. He added that the approval of Bitcoin ETFs has driven demand for Bitcoin and expanded its reach.
Binance CEO: Bitcoin ETF approval has boosted demand for Bitcoin and expanded its reach
2024-04-19 11:50:01
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