Major Bitcoin Developments Points To A Wilder Bull Cycle Than Anticipated

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,282,867,462,828	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,282,867,462,828

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	181.91	0.28%	65,421.15	65,421.14	65,421.15

Price Change

Price Change %

Current Price

Bid Price

Offer

181.91

0.28%

65,421.15

65,421.14

65,421.15

High Price	Low Price	Open Price	Prev. Close	52 Week Range
65,445.34	65,281.67	65,296.50	65,239.24	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

65,445.34

65,281.67

65,296.50

65,239.24

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	01:27:52	0.002686	65,421.15	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

01:27:52

0.002686

65,421.15

USD

Price x Volume	Volume	Base Symbol	Related Pairs
5,735,501.83	87.74	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

5,735,501.83

87.74

Major Bitcoin Developments Points To A Wilder Bull Cycle Than Anticipated

30/04/2024 2:30pm

NEWSBTC

Lark Davis, a well-known cryptocurrency analyst and trader, has identified several significant developments in the Bitcoin ecosystem that could trigger an even more intense bull cycle than initially anticipated. Davis’s perspective delves into the revolutionary changes in the Bitcoin ecosystem, such as institutional and global acceptance, which hold the potential to accelerate the current bull market. According to the analyst, there is about to be a big shock to the Bitcoin supply. This is a result of miners now being able to produce just 450 BTC each day, due to the recently concluded Bitcoin Halving event, which cut down miners’ reward in half. Bitcoin Spot ETFs Poised To Catalyzed Prices Another key catalyst pointed out by Davis is the US Spot Bitcoin Exchange-Traded Funds (ETFs). Since the approval of the products by the United States Securities and Exchange Commission (SEC) on January 10, over 3,000 BTC have been purchased on a daily basis. Consequently, BTC witnessed a surge of nearly 60%, rising from around $46,000 to $73,000 after the SEC green light BTC spot ETFs. Related Reading: Samson Mow On Bitcoin Halving: Brace For Supply Shock, Omega Candle In Sight The latest country to approve the Spot Bitcoin ETFs is Hong Kong. Two weeks ago, the Securities and Futures Commission of Hong Kong granted approval for BTC Spot ETFs to multiple leading asset managers, thereby positioning the city as a primary hub for these products. Given the previous impact of the funds propelling BTC to a new all-time high, the approval of the products in HK could cause the asset to see another surge in value. Hong Kong’s move to approve the spot ETF products, which have already started trading today, has inspired other Asian countries, such as South Korea, Japan, and Singapore, to consider doing the same. On the other hand, the Australia Securities Exchange is already on the verge of accepting the funds within the year. As a result of these developments, institutions from all around the world are vying for a share of the Bitcoin market. This could trigger a much broader adoption of BTC, thereby impacting prices significantly. Davis highlighted that the availability of Bitcoin on all exchanges is presently at a record low, and the OTC desks are getting low. Due to this, the crypto expert believes this current bull cycle will be far crazier than predicted. BTC Prices Continue To Struggle Despite the funds clearance in Hong Kong, BTC has yet to witness major price movements, as it continues to struggle between $61,000 and $66,000. Given this, several analysts are anticipating a further price decline in the coming weeks. Related Reading: Bitcoin Price Prediction For May: Crypto Analyst Predicts Breakdown To $42,000 Bitcoin is currently trading at $61,322, indicating a decline of 1.60% in the last 24 hours. Its trading volume has increased by 41%, but its market cap is down by over 1% in the past day. Featured image from iStock, chart from Tradingview.com

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