Coinbase report: After Bitcoin halving, the trend of the crypto market will be more dominated by macro factors

According to BlockBeats, on April 19, the cryptocurrency exchange Coinbase pointed out in a research report that after the upcoming Bitcoin halving, the trend of the crypto market is more likely to be driven by macroeconomic factors, although the fundamentals of cryptocurrencies remain strong. Coinbase analyst David Han said that most of these macro factors are irrelevant to cryptocurrencies, including increased geopolitical tensions, long-term high interest rates, rebounding inflation, and rising national debt. This is highlighted by the recent rise in the correlation between altcoins and Bitcoin, indicating that even as Bitcoin's position as a macro asset is becoming increasingly solid, it still plays the role of a "stabilizing force" in the cryptocurrency field. Unlike the previous rounds of halving cycles accompanied by other ecosystem catalysts to jointly promote the bull market, Coinbase believes that the growth of the investor group of Bitcoin as a macro hedge tool partially explains the reduction in the magnitude of this round of market correction. Nevertheless, given the current macro environment, Wall Street giants such as Goldman Sachs have recently suggested that the impact of the past few halving cycles on prices should not be simply extrapolated.