Cointelegraph Talks Summary: The Bitcoin Halving
As part of the latest issue of Cointelegraph Talks on May 5, Bitfinex CTO Paolo Ardoino, TradeBlock’s director of institutional research John Todaro, and Poolin mining pool vice president Alejandro De La Torre participated in today’s panel, contributing a number of ideas about the upcoming Bitcoin Halving (BTC), the COVID-19 pandemic, and more.
Current pandemic causes uncertainty
Although Bitcoin is largely outside the dominant financial ecosystem, the asset has still reacted to COVID-19 and its related chaos.
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„COVID-19 has definitely had an impact on space,“ Todaro said May 5, noting the presence of uncertainty and increased volatility. He said:
„In the long term, and being a month away from that
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event, I don’t think it would influence any institutional investors and traders. I think they did take the opportunity to accumulate at lower prices, and I don’t think we’ve really seen a slowdown in activity on that front from the institutional side.
The TradeBlock director also said the effects of the pandemic could persist in the coming days. Bitcoin’s future reaction to these global conditions remains uncertain.
Bitcoin pricing activity and mining could level off
De La Torre took a stand on the mining side of the halving. „Bitcoin, the price, the hash and the difficulty, I feel will reach a balance,“ he said, referring to the old miners leaving while the new ones are coming in.
China’s largest mining sector expects new Bitcoin buyers. „Once the hash rate continues to rise, as it has for the past year, I suspect the price could calm down in terms of volatility,“ he said, referring to the post-hurricane times in the midst of a less turbulent mining scenario.
Bitcoin has correlated with the major markets intermittently
In addition, the correlation between Bitcoin shares and the traditional market price made its way into the interview. When the traditional markets collapsed on March 12, Bitcoin also saw a dramatic drop in prices, although the correlation of assets has not been as clear in the weeks since.
„The correlation with stocks is a really important factor,“ Ardoino said, adding
Bitcoin and the crypto-industry have not yet achieved mass adoption, so it is normal that such a new market follows stronger markets.