Despite many predictions, Bitcoin failed to break the
$100,000 barrier last year. However, it would be wrong to say that the previous
12 months have been bad for the sector.
Even with SEC investigations into cryptocurrency
exchanges and a general tightening of regulations, the leading cryptocurrency
grew from $16,000 to $44,000 in 2023.
Will the rally continue in 2024?
As in the traditional financial market, we need
fundamental triggers to sustain the uptrend. Fortunately, we have them.
First, there is hope that a spot BTC-ETF will be approved on
8-10 January. If it is rejected outright, issuers could sue the SEC, similar to
what Grayscale did.
Another critical factor for growth could be the
halving of Bitcoin, which will reduce the reward miners get for creating new
blocks on the blockchain.
In addition to these positive factors, we can also
consider the growth of activity on the blockchain and the rise in stock markets
following the US…
