Demand Pressure Impacts Bitcoin Price in 2024
At the beginning of 2024, Bitcoin received a powerful long-term growth impulse from the approval by the American Securities and Exchange Commission (SEC) of the first eleven spot Bitcoin ETFs, applications for which were expected from leading investment houses for almost six months, comments the head of the analytical department for global markets at Fontvielle Investment Company. Arthur Meinhard.
“In anticipation of this event at the end of 2023, the cost of BTC grew by 74% at its peak, but this was speculative growth, not fundamental, so after the approval event itself, the largest cryptocurrency suffered a correction,” he notes.
