Bitcoin Halving May Have a Positive Impact on Prices, But Other Factors Still at Play: Coinbase

Will Canny is CoinDesk's finance reporter.

recent strong performance will continue into and after the upcoming halving, as the event reduces the supply of new BTC, but investors should be wary of this view, Coinbase said in a research report on Wednesday.

The world’s largest cryptocurrency rose an average of 61% in the six months before prior halvings and gained an average of 348% in the six months after, Coinbase noted. “While it’s possible that the halving could have a positive impact on bitcoin’s performance, there’s still only limited historical evidence about this relationship, making it somewhat speculative,” the report said.“Bitcoin doesn’t operate in a vacuum,” and its price is affected by other influences, such as macro factors, Coinbase said.

On the positive side, the U.S. Federal Reserve is expected to begin cutting rates in May and to start tapering its quantitative tightening program, which is positive for risk assets, the report added.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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