Bitcoin Halving May Have a Positive Impact on Prices, But Other Factors Still at Play: Coinbase

“Bitcoin doesn’t operate in a vacuum,” and its price is affected by other influences, such as macro factors, Coinbase said. The report noted that much of bitcoin’s outperformance after the previous halving in May 2020 came in an “environment with extraordinarily loose monetary policy and historically strong fiscal stimulus in response to the Covid-19 pandemic.”