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Analyst Explains the Reason for the Decline in Bitcoin Price
According to analysts, last week‘s halving in Bitcoin has not yet affected the price.
With the halving at the weekend, the amount of new Bitcoin produced per day decreased from 900 to about 450. But this decrease in supply did not raise the price of Bitcoin as expected. Instead, Bitcoin is down more than 2% over the week.
According to Nansen.ai analyst Aurelie Barthere, this correction in Bitcoin is largely due to macroeconomic uncertainties.
"I think the correction that we‘re seeing right now is macro-driven, and that can be seen in tech stocks in the U.S. as well," Barthere said. "It‘s a combination of interest rates in the U.S. remaining high and tech companies‘ balance sheets disappointing investors."
Barthere also added that Bitcoin has historically delivered large returns within 250 days of the halving.
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