Bitcoin’s so-called halving event has had little impact on its price so far, with industry insiders on Monday saying the cryptocurrency’s fortunes were more closely tied to broader financial market sentiment and geopolitics.
By 10:15 a.m. ET on Monday, there was little discernible impact, with bitcoin trading at $66,300. It gained 1.2% last week and was up 3.4% on Monday, but has mostly struggled for direction since hitting an all-time high of $73,794 last month. Eric Demuth, CEO of Austrian cryptocurrency broker Bitpanda, said bitcoin was increasingly dependent on wider market sentiment and there was no clear pattern of retail trading activity around the halving.
For bitcoin, the focus is now on “institutionalization,” said Ben Laidler, global markets strategist at eToro.
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