In a recent report, the investment company Matrixport outlines a promising future for the crypto market in 2024. Six micro and macroeconomic events should, according to it, positively stimulate the sector and the price of Bitcoin.
2024, the pivotal year for crypto!
Matrixport recently highlighted in a report published on Wednesday that Bitcoin’s breakthrough above $36,000 was “imminent”, fueled by consistent BTC buying during US trading hours.
THE report also predicts six major events that could boost the crypto industry in 2024, supporting the growth of Bitcoin. These forecasts paint a promising picture for the year to come in this sector.
According to Matrixport, the SEC could approve a spot Bitcoin ETF by January 2024, paving the way for negotiations in February or March. This crucial step would promote institutional adoption of Bitcoin and likely boost investments.
This prediction comes in the context of BlackRock’s filing of an Ethereum Spot ETF with the SEC, an event that propelled the price of ETH to more than $2,100.
In line with recent adjustments to forecasts from Bloomberg Intelligence analysts, who estimate a 90% chance of approval of a Bitcoin ETF in the United States as early as January.
Beyond ETFs, Matrixport discusses other potentially disruptive events for the crypto ecosystem, including:
- The IPO of Circle, issuer of USDC, in 2024. It would bring credibility and transparency to stablecoins.
- The relaunch of FTX from mid-2024. The exchange could restart operations in May or June 2024, after its takeover is finalized. It would quickly return to the top ranks of crypto exchanges.
- Ethereum 4844 upgrade in Q1 2024, which would fuel interest in ETH.
- The possible cut in interest rates by mid-2024 by the FED. This would reduce the opportunity cost of holding Bitcoin relative to bonds, boosting investment.
- Finally, the Halving, the bitcoin halving cycle which historically triggered the bull run.
These encouraging prospects suggest a recovery of Bitcoin in 2024. The combination of technological and regulatory factors could reignite the flame of institutional investors.
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