The bitcoin halving that occurred this past Saturday has not yet resulted in the expected price increase stemming from the subsequent supply crunch. Instead, the world's largest digital asset by market cap has fallen by over 7% in the past seven days, according to The Block's Price Page.
"I think the correction we are witnessing is macro-driven and also visible in U.S. tech stocks. It is a combination of repricing higher in U.S. rates and the start of tech earnings disappointing investors' expectations," Nansen.ai Principle Research Analyst Aurelie Barthere told The Block.According to the U.S. Bureau of Economic Analysis, inflation rose to 2.7% on an annual basis in March from 2.5% in February, the U.S. Bureau of Economic Analysis reported.
Barthere pointed out that the 250-day period following the halving has historically been the strongest period for bitcoin returns, compared with the 115 days prior to each event, and for non-having years.
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