Binance CEO Richard Teng said that this year’s Bitcoin halving comes amid a positive backdrop for the cryptocurrency and the wider market in general.
“In addition to the ETF breakthrough, which has spurred institutional interest and participation, another major current in crypto today is the boom of the Layer 2 and DeFi activity on the Bitcoin network, fueled by the popularity of the Ordinals protocol and Bitcoin inscriptions,” he added. However, he noted that the room for further growth depends on a range of factors, including overall market sentiment and rates of adoption. He added that the bitcoin ETF approvals have already driven up demand for bitcoin and increased its reach.
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