Impact Cryptocurrency $BTC

One of the major recent events affecting the cryptocurrency market is the news that the U.S. Securities and Exchange Commission (SEC) may approve a Bitcoin spot ETF. This potential approval is expected to be decided in early 2024 and could fuel an upward trend for Bitcoin and the overall cryptocurrency market. The launch of a Bitcoin spot ETF will make it easier for institutional investors to enter the Bitcoin market, thereby increasing demand. In addition, 2024 will also usher in Bitcoin’s “halving event.” This internal mechanism occurs every four years and will reduce the rewards for Bitcoin mining, further causing a supply crunch and thus pushing up prices.

In addition, Elon Musk’s dog Marvin will celebrate his birthday on November 1st, which may become an opportunity to promote Marvin-related cryptocurrencies. Investors and supporters in the crypto community may use this special day to conduct celebrations and market promotions, which may trigger price fluctuations of this type of token and increase its market influence.