Major Bitcoin Developments Points To A Wilder Bull Cycle Than Anticipated
2024年4月30日 - 10:30PM
NEWSBTC
Lark Davis, a well-known cryptocurrency analyst and trader, has
identified several significant developments in the Bitcoin
ecosystem that could trigger an even more intense bull cycle than
initially anticipated. Davis’s perspective delves into the
revolutionary changes in the Bitcoin ecosystem, such as
institutional and global acceptance, which hold the potential to
accelerate the current bull market. According to the analyst, there
is about to be a big shock to the Bitcoin supply. This is a result
of miners now being able to produce just 450 BTC each day, due to
the recently concluded Bitcoin Halving event, which cut down
miners’ reward in half. Bitcoin Spot ETFs Poised To Catalyzed
Prices Another key catalyst pointed out by Davis is the US Spot
Bitcoin Exchange-Traded Funds (ETFs). Since the approval of the
products by the United States Securities and Exchange Commission
(SEC) on January 10, over 3,000 BTC have been purchased on a daily
basis. Consequently, BTC witnessed a surge of nearly 60%, rising
from around $46,000 to $73,000 after the SEC green light BTC spot
ETFs. Related Reading: Samson Mow On Bitcoin Halving: Brace For
Supply Shock, Omega Candle In Sight The latest country to approve
the Spot Bitcoin ETFs is Hong Kong. Two weeks ago, the Securities
and Futures Commission of Hong Kong granted approval for BTC Spot
ETFs to multiple leading asset managers, thereby positioning the
city as a primary hub for these products. Given the previous impact
of the funds propelling BTC to a new all-time high, the approval of
the products in HK could cause the asset to see another surge in
value. Hong Kong’s move to approve the spot ETF products, which
have already started trading today, has inspired other Asian
countries, such as South Korea, Japan, and Singapore, to consider
doing the same. On the other hand, the Australia Securities
Exchange is already on the verge of accepting the funds within the
year. As a result of these developments, institutions from all
around the world are vying for a share of the Bitcoin market. This
could trigger a much broader adoption of BTC, thereby impacting
prices significantly. Davis highlighted that the availability of
Bitcoin on all exchanges is presently at a record low, and the OTC
desks are getting low. Due to this, the crypto expert believes this
current bull cycle will be far crazier than predicted. BTC Prices
Continue To Struggle Despite the funds clearance in Hong Kong, BTC
has yet to witness major price movements, as it continues to
struggle between $61,000 and $66,000. Given this, several analysts
are anticipating a further price decline in the coming weeks.
Related Reading: Bitcoin Price Prediction For May: Crypto Analyst
Predicts Breakdown To $42,000 Bitcoin is currently trading at
$61,322, indicating a decline of 1.60% in the last 24 hours. Its
trading volume has increased by 41%, but its market cap is down by
over 1% in the past day. Featured image from iStock, chart from
Tradingview.com
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