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New statements regarding the Bitcoin halving came from Richard Teng, who took over as Binance CEO from CZ in November 2023.
Stating that this year’s Bitcoin halving was different and took place in a market environment that was positive for BTC and the market, Binance CEO Richard Teng pointed out that historically, the BTC price increased for six months after each halving event.
However, noting that these increases were supported by other catalysts other than the halving, Richard Teng said that investors should be careful.
Speaking to The Block, Binance CEO said:
“This year’s halving is unique in that it occurs amidst a number of other significant events in Bitcoin and the broader crypto ecosystem.
In addition to ETFs encouraging institutional interest and participation, another major trend in crypto today is the explosion of Layer 2 and DeFi activity on the Bitcoin network, fueled by the popularity of the Ordinals protocol and Bitcoin inscriptions.
Historically, the price of Bitcoin rose in the six months following the halving. However, each rise depends on a number of other factors.
At this point, BTC ETFs are supporting the rise. While ETFs and overall market sentiment have an optimistic outlook for BTC and the crypto market in general, it is important for investors, especially newcomers to the crypto space, to manage their expectations.
There may be sudden price changes after the halving. It cannot be guaranteed that it will not happen or that it will happen. “The effect of the halving on the price will show itself in the longer term.”
*This is not investment advice.
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