After more than ten years of unsuccessful attempts, cryptocurrency investors are anxiously awaiting a ruling from the United States Securities and Exchange Commission (SEC) that will probably allow the trading of a spot Bitcoin exchange-traded fund.
Thirteen businesses—including BlackRock, the biggest asset management company globally—are anticipated to provide exchange-traded funds (ETFs), subject to clearance.
Encouraged by hopes for the approval of the spot ETF, the price of bitcoin surged dramatically throughout the most of 2023, and it is currently trading at over $43,622.
Conversely, when negative stories about the approval of a Bitcoin spot ETF surface, the price of Bitcoin has always fallen. The most recent occurred on January 3, when fears of a rejection of a Bitcoin spot ETF unsettled the markets and caused an approximately 8% decline in Bitcoin.
There are two options available to the cryptocurrency market as it anxiously awaits the SEC’s judgement this coming week: approval or denial.
According to Ali, the Bitcoin halving this year is another bullish event that is waiting to materialise, regardless of what happens with the Bitcoin ETF. According to Ali, this bullish occurrence has a history of igniting significant price increases.
https://x.com/ali_charts/status/1743413316083692021?s=20
Ali provided a graph showing the price of Bitcoin 365 days after previous halvings to support this claim.
According to the graphic that Ali uploaded, the price of Bitcoin increased by more than 6,000% following the initial halving event, which saw the mining incentives reduced to 25 BTC.
Subsequent halving occurrences between 2016 and 2020 witnessed an average yearly return profile for Bitcoin of above 400%. Even while the months after the halving see a sharp increase in the price of Bitcoin, it’s crucial to keep in mind that historical performance does not guarantee future outcomes.
Bitcoin halving expected date
The next Bitcoin halving is anticipated to occur at block height 840,000, however because mining blocks are probabilistic and naturally fluctuate, the precise day and hour may differ. A likely date of April 23, 2024 is predicted by Glassnode based on the current average block interval.
For every successfully mined block, bitcoin miners presently get 6.25 bitcoins. When the subsequent Bitcoin halving occurs, this reward will be cut in half, to 3.125 Bitcoin.
