Bitcoin initiates 2024 with a robust surge, surpassing $45,000 for the first time since April 2022, marking a promising start. This recent upswing in the world’s leading cryptocurrency, commencing on Monday night, is fueled by anticipations surrounding potential approvals for spot bitcoin exchange-traded funds (ETFs) expected this month.
A pivotal decision is anticipated from the Securities and Exchange Commission (SEC) by January 10, addressing applications from 12 prominent money managers. Including Wall Street giants like BlackRock and Franklin Templeton. These ETFs aim to provide an avenue for the general public to gain exposure to bitcoin without direct ownership, a development that could significantly impact market dynamics.
Historically, the SEC has rejected such applications, expressing concerns about market manipulation vulnerabilities. However, industry insiders suggest a shift in the regulatory stance, indicating a potential simultaneous approval for all applicants.
SEC will finally stop saying No
Ian Katz, a managing director at Capital Alpha, noted, “Recent activity suggests that the SEC will finally stop saying no.” Highlighting a changing sentiment within the crypto industry. While Bitcoin experienced some retracement on Monday, it still registered a 2% gain in the last 24 hours by 4 p.m. ET.
The overall market capitalization for cryptocurrencies saw a 3% increase to $1.73 trillion as of Tuesday at 2:30 p.m. ET, according to CoinMarketCap. Despite this positive momentum, some cryptocurrencies and related stocks experienced fluctuations.exemplified by MicroStrategy’s 9% gain and a marginal dip for bitcoin miner Riot Platforms, Inc. Coinbase, the largest US cryptocurrency exchange, faced a 10% decline.
Although Bitcoin remains distant from its 2021 all-time high of $68,789, the outlook for 2024 is optimistic. The industry has overcome significant challenges, including the conviction of FTX founder Sam Bankman-Fried and a guilty plea from Binance CEO Changpeng Zhao. Investors anticipate broader acceptance and regulatory clarity from Washington, coupled with excitement for Bitcoin’s “halving” event in April. An occurrence that historically triggers positive market reactions.
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“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
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