Bitcoin (BTC) Nears New All-Time High as Halving Event Looms, Coinbase (COIN) Benefits

The driver of Bitcoin’s robust rally over the last few months has been heavy institutional buying after eleven spot Bitcoin ETFs were approved in early January. In the first quarter of 2024, these eleven ETFs bought a net $12.1 billion worth of Bitcoin - $26.8 billion inflows vs. $14.7 billion outflows.This heavy demand will soon run into a supply shock as the number of new Bitcoins mined will be reduced by 50% at the new halving event.

Coinbase , the largest cryptocurrency exchange in the US, is one company that benefits from renewed activity in the cryptocurrency space. Despite being involved in an ongoing lawsuit with the US Securities and Exchange Commission , Coinbase has seen its share price more than double since early February. The weekly chart shows Coinbase tested and rejected the 61.

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