![Crypto Markets Will Be Driven by Macro Factors Following the Halving, Coinbase Says Crypto Markets Will Be Driven by Macro Factors Following the Halving, Coinbase Says](https://i0.wp.com/www.coindesk.com/resizer/XCsSgP-UNH-i8STPiKm8Z5n1gAM=/1200x628/center/middle/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XO3IRUJ7QRCTVEJTZ6CWOXF6TQ.jpg?w=1200&resize=1200,0&ssl=1)
While crypto has been largely been viewed as a “risk on” asset class, Coinbase says “bitcoin’s continued resilience and the approval of spot exchange-traded funds (ETFs) has created a bifurcated pool of investors (for bitcoin in particular) – one which sees bitcoin as a purely speculative asset, and another that treats bitcoin as a ‘digital gold’ and hedge against geopolitical risk.”