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.

“This year’s halving is unique in that it comes amid a series of other significant events in the Bitcoin and wider crypto ecosystem,” Teng told The Block in written comments.

“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.

Teng noted that bitcoin’s price has historically increased during the six months following each halving event. The halving occurs every four years and cuts the number of bitcoin …