According to Golden Finance, Binance CEO Richard Teng said that this year's Bitcoin halving is unique because it occurs amid a series of other major events in Bitcoin and the broader crypto ecosystem. In addition to the ETF breakthrough that has stimulated institutional interest and participation, another major trend in the crypto space today is the boom in Layer 2 and DeFi activities on the Bitcoin network, thanks to the popularity of the Ordinals protocol and Bitcoin inscriptions.
Richard Teng noted that historically, the price of Bitcoin has risen within six months of each halving event. The halving occurs every four years and cuts the number of Bitcoin rewards given to miners in half. He said the reduction in the supply of new coins could be the reason why the market reacts to each event. However, he noted that the room for further growth depends on a range of factors, including overall market sentiment and adoption rates. He added that the approval of a Bitcoin ETF has already boosted demand for Bitcoin and expanded its reach.
