Claim $500Bitcoin Halving Diverges from Past Trends, Galaxy Reports
Highlights
- Galaxy Digital notes a deviation from historical Bitcoin halving trends, with Bitcoin not reaching new all-time highs post-halving.
- The firm highlights the impact of the introduction of Bitcoin exchange-traded funds (ETFs) in January.
- Mike Novogratz emphasizes the urgency of addressing the U.S. debt deficit through spending cuts and increased taxes on the wealthy.
Billionaire Mike Novogratz‘s firm Galaxy Digital has released some thoughts about the coming Bitcoin halving event. The firm identifies a shift from historic patterns. Generally, Bitcoin would break its earlier highs after a halving. However, this trend has changed. Galaxy Digital analyses the way the Bitcoin halving event is altering.
Galaxy Digital Notes Shift in Bitcoin Halving Trend
Galaxy Digital highlights that, unlike previous cycles, Bitcoin didn’t reach an all-time high following the latest halving. Bitcoin hit $73,737 on March 14, just before the forthcoming halving, when miners ‘rewards fell from 6.25 BTC to 3.125 BTC. That is now 5.9% lower—8 days prior to the halving. This particular circumstance contrasts sharply with the post-halving surges of the past.
On the morning of halving on 11 May 2020, Bitcoin had been trading at about $9,000. It reached a high of $69,000 in November 2021, the conclusion of the previous bear market. Galaxy Digital thinks the January launch of Bitcoin exchange-traded funds (ETFs) might have altered market conditions. These ETFs produced a brand-new demand anchor that drives Bitcoin price behavior in an alternative manner to previous halving events.
Mike Novogratz Links US Debt to Bitcoin Investment
The commentary additionally deals with bigger economic problems Novogratz addresses, such as the U.S. debt deficit. He wants substantial cuts in federal spending and greater taxes of the wealthy to help manage the mounting national debt. The national debt currently is $44 trillion; with no intervention, it may climb to $37 trillion. “This economic course demonstrates why Bitcoin must be considered an investment asset as financial instability increases,” Novogratz states.
The adoption of Bitcoin ETFs further stimulates the debate on Bitcoin’s worth. “These financial solutions have sparked a new wave of interest in cryptocurrency,” Coinbase states. Although the previous halving sample size is tiny and, therefore, predictions aren’t always true, business executives are hopeful. Ripple CEO Brad Garlinghouse actually predicted Bitcoin might hit $5 trillion in value this year.
Read Also: Uniswap Versus SEC: Community Ready To Join The Fight
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Aave DAO Saga Deepens as Alignment Proposal Moves to Snapshot; AAVE Price Down 7%
- Fed’s Stephen Miran Urges More Rate Cuts In 2026 To Avoid U.S. Recession
- Breaking: $4T JPMorgan Explores Crypto Trading for Institutional Clients as U.S. Banks Embrace Crypto
- Bitcoin and Ethereum ETPs See $1B in Outflows as Institutions Rotate into XRP
- Michael Saylor’s Strategy Pauses Bitcoin Buying as Crypto Market Anticipates a ‘Santa Rally’
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
