Spot Bitcoin ETF Approvals in the US Accelerate the Market 🚀⬆️
Marathon's CEO Fred Thiel gave information about the effects of the approval of spot Bitcoin ETFs in the US on the cryptocurrency market. He said that spot Bitcoin ETFs started and accelerated the expected Bitcoin rally before the block reward halving. According to Thiel, capital flow to the market occurred before the normal period, thanks to spot ETF approvals.
Block Prize Halving and Market Dynamics
Stating that the Bitcoin block reward halving will create an increase in pressure on the price by reducing the daily Bitcoin supply, Thiel explained that Marathon is satisfied with this situation and that the company has a high profitability expectation. He also stressed that the price of Bitcoin should not fall below $46k for company profitability.
Experts and Market Expectations
Bitcoin mining expert Jaran Mellerud finds concerns that hashrate will fall after the block reward halving out of place. According to Mellerud, the halving creates temporary pauses in the upward trend rather than lowering the hashrate. He stated that the main driving force of the bull market after the block reward half will be the increase in demand. Cryptocurrency exchange Bitfinex and analyst Oliver Isaacs predict that Bitcoin's price will rise significantly after the block reward halving.
Approval of Spot Bitcoin ETFs triggers typical Bitcoin rallies before block reward halving
The block reward half is having a boosting effect on the price by reducing the Bitcoin supply.
Marathon expects high profitability if Bitcoin price doesn't fall below $46k.
The increase in demand will support the bull market instead of the hashrate decline after the block reward halving.
The price of Bitcoin is expected to increase greatly after the block reward halving.
However, since mid-March, the price of Bitcoin has been stagnant at the $60,000 line and shows signs of consolidation rather than a significant rise or correction. DYOR $BTC
