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Home»ETHEREUM NEWS»‘Is There a Price?’—Unraveling Cryptocurrency’s Perennial Question on the Eve of Bitcoin Halving
ETHEREUM NEWS

‘Is There a Price?’—Unraveling Cryptocurrency’s Perennial Question on the Eve of Bitcoin Halving

By Crypto FlexsApril 18, 20246 Mins Read
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‘Is There a Price?’—Unraveling Cryptocurrency’s Perennial Question on the Eve of Bitcoin Halving
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After just one day of Bitcoin, most people will have had an answer to their persistent question: “Is there a price?”

But that won’t stop curious cryptocurrencies from continuing to ask. until the block height reaches 840,000.

no one really We know what the price of Bitcoin will be after the halving, but we also know how the previous event led to the decline.

“Buy on the rumor, sell on the news” is a widely circulated story when such incidents occur. Some people called. news traderUse this theory as gospel and trade based entirely on market sentiment ahead of big events.

So how has the cryptocurrency market fared since the previously hyped incident? From SNL’s Elon Musk to the Super Bowl, take a trip down memory lane.

Elon Musk on Dogecoin (SNL)

It was the peak of the 2021 bull run. Dogecoin was already flying Like Elon Musk did Tweet About Meme Coins On and on – to the point where he was. SEC investigated.

The Tesla founder was announced as the host. Saturday Night Live (SNL) And the cryptocurrency world predicted that this would lead to a parabolic rally towards the dollar. The day before the show it was at $0.68.

musk mentioned dog coins, twice (in the opening monologue and in a Weekend Update sketch) what he had to say wasn’t entirely positive. Although he cynically called it a “hustle,” several people, including rolling stone, I took this not as a stupid joke, but as an admission of guilt. As a result, Memcoin plummeted more than 20% in one hour. In fact, too many people have attempted to offload tokens held by Robinhood. Overwhelmed by Dogecoin Trading. The next year, Dogecoin lost 90% of its value. It fell below $0.10.

In this case, the news appears to have already been factored into the price. It may be skewed as the current Twitter owner is not entirely positive about meme coins. Dogecoin is actually 10% price increase When Musk was announced as host of SNL, it added fuel to the “buy the rumor, sell the news” narrative.

Ethereum Merge

One of the most anticipated moments in Ethereum history is: absorption.

September 2022, Ethereum I made the transition from power-hungry. proof of work Environmentally friendly system proof of stake system. Many people are concerned about this upgrade Ethereum price The environmental impact has been reduced.

In the months leading up to the upgrade, Ethereum is pumped 44%. It was over $1,700. However, this upward trajectory was short-lived. After the merger is completed, ETH’s Prices fell 0.4%. 1 year later, Prices have stayed pretty much the same. Fortunately, the hype really came true. energy consumption 99.99% drop.

Again, it looks like the merge is priced here.

Super Bowl LVI Advertisement

It was 2022 and the Cincinnati Bengals were scheduled to face the Los Angeles Rams at SoFi Stadium. Cryptocurrency companies saw this as follows: Opportunity to Spread the Gospel and, According to NBCAdvertising space was purchased for $6.5 million per 30 seconds.

Given the large mainstream audience, many believed that these ads would attract regular people into the cryptocurrency space and raise the tide.

According to analytics firm Sensor Tower, this was partially true. Cryptocurrency app downloads increase by 279%. But according to CoinGeckoBitcoin price fell 1.5% during the event after rising 11% two weeks ago.

Many cryptocurrency companies Featured include Crypto.com, Coinbase, Nouns DAO and the infamous FTX. An eye-watering $54 million According to MediaRadar, it’s being spent on advertising space.

Matt Damon’Fortune favors the brave” The ad drove Crypto.com’s CRO token down from $0.48 the previous day to $0.47 the next day. CoinGecko. while QR Code Ads on Coinbase It was a huge success. App crashed at night—the stock down 1.7% It was buried in pre-market trading. 64% the next year. But according to NFTP price tier, noun DAO The floor jumped from 79ETH the day before the Super Bowl to 87ETH the day after.

There’s no Super Bowl commercial older than FTX. larry david Advertisement released less than 10 months before the company was founded folded Founder Sam Bankman-Fried was later convicted of several federal crimes.

What we’ve learned is that a single Super Bowl commercial can’t take a project to new heights. But overall, they have increased public awareness of the cryptocurrency industry. upset a few people along the way.

Bitcoin ETF Approved

Earlier this year, the U.S. Securities and Exchange Commission (SEC) allowed Spot. Bitcoin exchange traded fund (ETF) start trading.

Some analysts believe that the cryptocurrency market capitalization $1 trillion increase and predicted prices soarOthers say traders sell news.

after approval, price of bitcoin Behavior was uneven. When the news leaked via an order that was posted on the SEC website and then deleted, BTC Approximately $45,840. Soon the price soared to $46,263. Over the next week, Bitcoin plunges 12%.

After three months, Bitcoin price has risen 42%. CoinGeckoThis is because ETFs have clearly increased demand for major cryptocurrencies.

The ETF news itself appears to have been priced in quite a bit, but the volume that followed it was not.

What about the previous Bitcoin halvings?

This is not the first time Bitcoin has experienced a halving. It has happened three times since its founding.

The first occurred on November 28, 2012. In the year following the first halving, the price of Bitcoin rose from $12 to $1,000. chain analysis. The following year, 2016, saw a similar pattern with Bitcoin price rising from $650 to $2,500 over the course of a year. Finally, in 2020, the price of Bitcoin reached a new all-time high of $69,000 in just over a year, up from $8,000 in May.

CoinGecko I crushed this number. And they found that, on average, the Bitcoin price returns a gain of 3,230% within a year after each halving. However, immediately after such a surge, the Bitcoin price typically falls drop of more than 80%—Entering cryptocurrency winter.

Looking back at history, the question comes to mind: “Is there a price?” The answer is much more complicated than you might think. Each scenario is different depending on the unique circumstances that affect each.

What would have happened if Musk had been a little harder on Doji? would coinbase Would we be a leading exchange if QR codes didn’t run into problems? Would FTX still exist if Larry David hadn’t done that ad? The “what if” question is equally dizzying.

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