Popular Post webfact Posted March 28 Popular Post Share Posted March 28 Cryptocurrency prices, particularly Bitcoin, have experienced an unexpected surge this year. The world’s largest cryptocurrency exchange, Binance’s chief executive, Richard Teng, previously predicted Bitcoin would conclude 2024 at approximately US$80,000. However, current market trends indicate that Bitcoin could surpass that figure before the year ends. Bitcoin’s popularity has been on the rise, reaching an all-time high of US$73,750 in mid-March. This represents a 56% increase since the start of the year, outperforming its 2021 peak of US$68,000. Despite a significant drop in value following the unsettling reports of high US inflation in February, Bitcoin managed to rebound, with its price exceeding US$70,000 for the first time in over a week. The phenomenal rise in Bitcoin prices can be attributed to several factors. The launch of spot Bitcoin exchange-traded funds (ETFs) earlier this year led to a 350% surge in prices, recovering from a slump to US$15,000. The US Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs on January 10, 2024, marking a significant shift in regulatory attitudes towards cryptocurrency. The approval of spot Bitcoin ETFs had two significant impacts. Firstly, it enhanced the legitimacy of the asset class as the traditionally cautious SEC eased regulatory constraints. Secondly, the ETFs altered the supply and demand dynamics as providers had to purchase physical Bitcoin to offer the product. Other jurisdictions are also considering the approval of similar products. Furthermore, the Bitcoin halving event, which happens roughly every four years, is anticipated to boost prices. The halving event reduces the volume of new Bitcoin entering the market, limiting the incentive for miners. According to Suphasit Sitthisaovapark, head of product development and investment strategy at Asset Plus Fund Management, investors have purchased 5% of total Bitcoin supplies since the launch of spot Bitcoin ETFs in January. The upcoming halving event next month could trigger supply shocks. Bitcoin prices Political factors could also play a role in the rise of Bitcoin prices. If the Republican Party, considered supportive of digital assets, wins the upcoming US presidential election, Bitcoin prices could receive an additional boost. The macroeconomic backdrop is also encouraging for Bitcoin. Bitcoin prices could benefit from the anticipated interest rate cuts in the US. Unlike the previous record high in November 2021, the current rally is taking place despite positive real yields. Market expectations for three rate cuts by the Federal Reserve this year provide a favourable environment for Bitcoin. A quicker or deeper cutting cycle could be a bullish driver for the asset. The future trajectory of Bitcoin prices remains uncertain. However, research from 10x Research suggests that the recent surge is a positive sign. The current uptrend is supported by several central banks adopting dovish stances. Sanjay Popli, chief executive of Cryptomind Advisory, predicts prices could reach between US$100,000 and US$150,000 during the second and fourth quarters of 2025. Robert Kiyosaki, an entrepreneur and author, predicts a Bitcoin price of US$100,000 by September 2024, reported Bangkok Post. In conclusion, the rise in Bitcoin prices can be attributed to a combination of regulatory shifts, market dynamics, and political factors. As the market continues to evolve, investors need to stay informed and consider their options carefully. by Alex Morgan Picture courtesy of Kanchanara, Unsplash Source: The Thaiger 2024-03-28 - Discover how Cigna Insurance can protect you with a range of visa-compliant plans that meet the minimum requirement of medical treatment. For more information on expat health insurance click here. Get our Daily Newsletter - Click HERE to subscribe 3 Link to comment Share on other sites More sharing options...
Popular Post flyingtlger Posted March 28 Popular Post Share Posted March 28 10 minutes ago, webfact said: Sanjay Popli, chief executive of Cryptomind Advisory, predicts prices could reach between US$100,000 and US$150,000 "Could" is the key word.... 1 1 1 1 Link to comment Share on other sites More sharing options...
ukrules Posted March 28 Share Posted March 28 Hong King 'in kind' Bitcoin ETF approvals are expected pretty soon. I believe they are targeted at the Chinese market and allow direct exposure via brokerage accounts. It has been notoriously hard to purchase Bitcoin in China at some times over the last few years, with this new development, if approved it will allow the Chinese to gamble their money on Bitcoin through their brokerage accounts. I heard the Chinese love that sort of thing..... 1 Link to comment Share on other sites More sharing options...
AverageAussie Posted March 28 Share Posted March 28 2 Link to comment Share on other sites More sharing options...
reefsurfah Posted March 28 Share Posted March 28 Likely with the halving event soon.📈 1 Link to comment Share on other sites More sharing options...
ed strong Posted March 28 Share Posted March 28 Resistance at 73K and also 76K, if it can get past that, then on to 80+ 1 Link to comment Share on other sites More sharing options...
Popular Post 3NUMBAS Posted March 28 Popular Post Share Posted March 28 biden is going to break it as crims can use it to undermine us dollar, esp north korea and russia 5 Link to comment Share on other sites More sharing options...
Popular Post Conno Posted March 28 Popular Post Share Posted March 28 (edited) 6 hours ago, 3NUMBAS said: biden is going to break it as crims can use it to undermine us dollar, esp north korea and russia US Dollar undermines the US Dollar, doesn't need any help, just like every fiat currency on the planet. In addition fiat is and has been used in more criminal activities than crypto ever has. The propaganda that Bitcoin is a threat to the US Dollar is true but not because of criminal activity, but because of its decentralised nature and requires no permission to use. Can't have the PLEBS in control of their own wealth......That's the threat. Edited March 28 by Conno 1 1 1 1 Link to comment Share on other sites More sharing options...
747man Posted March 29 Share Posted March 29 Well,I'm HOLDING Onto Mine.....NO Begging Letters Thank YOU...... 1 Link to comment Share on other sites More sharing options...
John Drake Posted April 1 Share Posted April 1 TINO Link to comment Share on other sites More sharing options...
4MyEgo Posted April 11 Share Posted April 11 Too the moon.................. Link to comment Share on other sites More sharing options...
AreYouGerman Posted April 12 Share Posted April 12 $20 fees now. Lol. Link to comment Share on other sites More sharing options...
retarius Posted April 15 Share Posted April 15 I have invested with a policy of never investing in things I don't understand. I missed out on crypto. I read an excellent piece of advice years back when BTC was in single digits and that was to invest 5% of your savings in BTC. I didn't do it, and of course I could have made a vast amount of money. BTC seems to be more established these days and I'm wondering what the folk on here think about investing 5% of my savings in BTC. It is money I can afford to lose. The thing that attracts me is the 'halving event' and the opening of an ETF in Hong Kong that Chinese will be able to invest in? My investment horizon is 10 to 20 years and I have earned 5.4% net over the past 25 years using buy and hold with Vanguard. Any thoughts? Link to comment Share on other sites More sharing options...
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