At the time of writing, the largest cryptocurrency is trading around $66,7K. Ethereum’s price remains stable at around $3,2K.
Shares of cryptocurrency exchanges Coinbase (COIN) and MicroStrategy (MSTR) rose by 7% and 12% respectively. Shares of mining companies Riot Platforms (RIOT) and Hut 8 (HUT) increased by 15-20%, while Marathon Digital (MARA) shares rose by 6%. This occurred after a sharp rise in transaction fees due to frenzy surrounding transactions.
Marcus Thielin, the founder of 10x Research, stated on Thursday that the halving of BTC issuance is not a bullish event, warning of market weakness in the coming months. He noted that miners are disposing of their BTC reserves worth $5B to support stability in their operations after revenue cuts.
However, on a long-term horizon, there has been exponential growth in the value of Bitcoin within 50-100 days after the last three halvings.
Experts at crypto hedge fund QCP Capital believe that there are still several weeks for BTC bulls to build larger long positions by repeating this model. The fund also notes that funding rates have cooled off from high levels and have even turned deeply negative for some smaller cryptocurrencies.