Bitcoin’s fourth halving has passed, reducing block rewards to 3.125 BTC. Historally, this event sparks new bull cycles, but controversy surrounds its impact now. However, there are other exciting developments for Bitcoin investors.
The fourth reduction of Bitcoin‘s reward for mining a new block has occurred, decreasing it to 3.125 BTC from the previous 6.25 BTC. While past occurrences of this event have been linked to the beginning of a new bull market, there is currently much debate as some believe the impact of this halving may be diminishing.
Additionally, it’s important to note that there are numerous positive signs regarding Bitcoin’s future development that could leave you feeling optimistic in the upcoming months.
If you’re still feeling bearish, you need to know this:…
— Lark Davis (@TheCryptoLark) April 27, 2024
ETF Developments
As a researcher, I’m excited to share that one of the most significant developments in the Bitcoin market this year occurred in mid-January when the US Securities and Exchange Commission approved approximately a dozen spot Bitcoin Exchange-Traded Funds (ETFs) for trading on domestic exchanges. In the span of just a few short months, these trailblazing products, spearheaded by BlackRock’s IBIT and Fidelity’s FBTC, have amassed billions of dollars in Bitcoin investments.
The surge in demand caused the price of BTC in the spot market to rise significantly, nearly doubling its US dollar value and reaching a new record high prior to the cryptocurrency’s halving event for the first time.
Despite the inflows drying up and occasionally becoming negative, Bitcoin’s price surge came to a halt, causing it to drop approximately $10,000 from its March highs. It has been suggested that these Bitcoin ETFs are crucial for the asset’s continued growth as a financial asset.
The downward trend in ETFs as depicted by the following three points may not last long.
As a seasoned crypto investor, I’m excited to share that one of the oldest and largest banking institutions in the United States, BNY Mellon, has revealed its involvement with some Bitcoin spot ETFs trading domestically. Despite being an industry veteran, BNY Mellon has consistently supported the cryptocurrency sector, even when many US banks publicly criticized or ignored it.
As a crypto investor, I’m excited about the latest bullish news coming from Morgan Stanley. Based on their recent report, this financial powerhouse is considering enabling its 15,000 brokers to suggest clients buy Bitcoin spot ETFs. This could potentially bring in a large influx of new investors into the crypto market.
ETFs Outside the US
Although the United States may currently experience a deceleration in demand for cryptocurrencies, there are promising signs emerging from other regions. For instance, Hong Kong is preparing to launch Bitcoin and Ethereum Exchange-Traded Funds (ETFs) in the near future. While the market impact might be less significant due to its smaller size compared to the US, this development represents a bullish trend for cryptocurrency adoption.
Experts like Lark Davis predict that the introduction of spot ETFs in Hong Kong will trigger a significant wave of influence throughout Asia as other countries are likely to adopt similar measures.
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2024-04-28 18:48