Forecast:

Price: Bitcoin has seen strong growth in 2024, reaching an all-time high of $100,000 in April. However, the price has since dropped slightly and is currently trading around $80,000.

Market: The virtual currency market in general will also grow strongly in 2024, with global market capitalization exceeding 3 trillion USD

Price: Experts predict that Bitcoin price will continue to grow in 2024, with a target of reaching $150,000 by the end of the year.

Market: The virtual currency market in general is predicted to continue to grow strongly, with a market capitalization exceeding $5 trillion

Conclude:

Bitcoin has had an eventful 2024 and is expected to continue growing in 2025. However, investors need to be careful about the risks associated with Bitcoin, such as price fluctuations and regulation.

Note:

This is just a prediction, not investment advice.
You should do your own research and evaluation before making a decision to invest in Bitcoin.

Source: Gemini google

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2024 will be the year of the crypto ETF – Hong Kong is the next region to launch a Bitcoin ETF

As spot Bitcoin ETFs in the United States gain major traction and push BTC prices to new highs in 2024, Hong Kong is emerging as the next potential region to launch a series of products. similar.

In December, the Hong Kong Monetary Authority and the Securities and Futures Commission said they would review applications for spot cryptocurrency ETFs. If approved, the new ETFs will give Hong Kong retail investors exposure to cryptocurrency.

Approval before the end of June “will coincide with the launch of spot crypto ETNs on the London Stock Exchange, although they will only be offered to institutional investors, which is limited.” possible impact mechanism

However, spot Bitcoin ETFs in Hong Kong face some unique challenges.

Acheson said ETFs are a relatively new market in Asia, with the region only seeing an average daily trading volume of $20 billion compared to $166 billion in the US by 2023.

US Bitcoin spot ETFs have seen daily trading volumes exceeding $3 billion since their launch in January.

Acheson emphasized that the mainland Chinese government's ongoing opposition to cryptocurrencies in general could be another barrier to ETF approval. Despite the headwinds, Acheson sees a positive global outlook for the Bitcoin ETF

Source: tapchibitcoin.io

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Is the drop in interest in Bitcoin ETF spot due to memecoin fever?

Bitcoin ETFs absorb supply at the rate that newly mined coins are acquired or absorbed by these funds.

This metric is important because spot ETFs absorbing more and more supply could lead to upward price pressure on BTC.

Conversely, falling demand can signal a decline in potential value.

However, in the current market, retail investors who usually accumulate these coins have turned their attention to memecoins.

Over the past few weeks, the value of several memecoins on Solana has increased by triple digits, leading to a significant increase in the memecoin market capitalization

According to Oininen_t,

“While retail investors show growing interest in Bitcoin, their focus is likely to be on new tokens based on Solana and “memecoins”.”

The analyst concluded that negative supply absorption is a temporary weakness in the spot ETF market.

“The bigger picture still looks promising. In a multi-year scenario, I see Bitcoin trying to achieve market cap parity with gold, which would mean a 1000% increase from the current spot price.”

Since its launch, spot Bitcoin ETF volumes have increased significantly. At $182 billion at the time of writing, the asset's cumulative daily volume has increased by more than 3500%.

Source: The Block

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Important events: 2024

The 4th Bitcoin Halving took place in April, halving Bitcoin mining rewards.

The launch of the first Bitcoin ETF in the United States in October marked an important turning point for Bitcoin's adoption.

The rise of institutional investors in Bitcoin, such as MicroStrategy, Tesla, and Grayscale Investments.

Development of DeFi applications using Bitcoin, such as Lightning Network.

Launch of Bitcoin ETFs in other countries such as Canada, Europe and Japan.

The rise of Bitcoin applications in payments and e-commerce.

The development of new technologies such as Lightning Network and MimbleWimble

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#MyFirstFeedPost Hello Binance Square users!
Bitcoin: Who will continue to buy spot ETFs?
With the requirement for investment managers to file their Form 13F with the US Securities and Exchange Commission (SEC), the market is predicting detailed disclosures about institutional investment commitments. since the Bitcoin ETF was launched on January 11.

According to information from MacroScope, notable crypto analyst, “these filings will start trickling in next week, then will gradually increase and last until May,” hinting at a gradual disclosure of Major institutional investors involved in Bitcoin ETF.

“The most interesting names may come later in the application process, as some funds want to wait as long as possible and may not come forward before the mid-May deadline.”

These revelations are likely to strengthen market sentiment, boosting Bitcoin's value as major financial firms reveal their positions.

According to Bitcoinist.

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