Bitcoin Price has been on a rollercoaster ride in 2024, with significant events and news driving its volatility. The cryptocurrency reached a new all-time high of $75,820 on March 14, 2024, as the U.S. Securities and Exchange Commission (SEC) authorized U.S exchange-traded products to buy and hold Bitcoin directly, leading to the creation of U.S. exchange-traded products to buy and hold Bitcoin directly, leading to the creation of 34 Bitcoin spot ETFs with combined assets exceeding $60 billion as of May 2024.
SEC Approval of Bitcoin Spot ETFs has been a game-changer for the cryptocurrency market. These ETFs provide investors with a more accessible and regulated way to gain exposure to Bitcoin, without the need to hold the cryptocurrency directly. Launching these ETFs is expected to drive further institutional adoption and increase the overall demand for Bitcoin.
Trump Plans to Establish a Strategic Asset
Former U.S. President Donald Trump has also made headlines with his plan to establish Bitcoin as a strategic asset for the United States. In a speech at Bitcoin 2024, Trump announced his intention to designate Bitcoin as a U.S. strategic asset, similar to gold, if elected. This move is seen as a significant shift in Trump’s stance on Cryptocurrencies, as he had previously expressed skepticism towards Bitcoin.
Bitcoin’s Price Volatility
Despite the positive news, Bitcoin’s price has continued to experience significant volatility. Over $24 million in Bitcoin longs were liquidated in the past hour, as traders reacted to Trump’s speech and the ongoing market conditions. Bitcoin’.
Bitcoin’s Price Volatility
Despite the positive news, Bitcoin’s price has continued to experience significant volatility. Over $24 million in Bitcoin longs were liquidated in the past hour, as traders reacted to Trumph’s speech and the ongoing market conditions. Bitcoin’s price is currently trading at $67,763. 63, a change of -0.98% over the past 24 hours.
Factors Influencing Bitcoin’s Price
Several factors have been influencing Bitcoin’s price in 2024, including supply and demand, regulations, and media coverage. The limited supply of Bitcoin, combined with increasing demand from institutional investors and the growing acceptance of cryptocurrencies, has contributed to the cryptocurrency’s price appreciation.
Regulatory developments have also played a significant role in Bitcoin’s price movements. China’s Bitcoin trading and transaction ban in September 2021 affected the cryptocurrency’s supply and demand, while the SEC’s approval of Bitcoin spot ETFs has positively impacted its price.
The Future of Bitcoin
As Bitcoin continues to gain mainstream adoption and institutional investment, its price is likely to remain volatile. However, with the increasing number of Bitcoin ETFs and the growing acceptance of cryptocurrencies, Bitcoin’s long-term prospects remain promising.
Other Crypto Headlines
Crypto and the U.S Presidential Race
The 2024 U.S. presidential election has brought cryptocurrencies into the spotlight, with both Republican and Democratic candidates expressing support for the industry. Former President Donald Trump’s plan to establish Bitcoin as a strategic asset has garnered significant attention, while independent candidate Robert F. Kennedy Jr. has spoken at the Consensus 2024 event, signaling his support for blockchain innovation.
Another FTX Sentencing
In a related story, former FTX executive Ryan Salame was sentenced to 7.5 years in prison for his role in crimes associated with the 2022 collapse of the cryptocurrency exchange FTX. Salame is the first of FTX founder Sam Bankman-Fried’s associates to be convicted and sentenced.
Crypto Catalysts Ahead
Looking ahead, the Federal Reserve’s decision on interest rates at its June meeting could be a significant catalyst for the cryptocurrency market. The bond market pricing in a 64.7% chance of the Fed cutting interest rates by November 2024, but a strong economic report could pressure the Fed to maintain interest rates at their current level for longer.
The launch of the first sport Ethereum ETFs is also expected to be a major crypto market catalyst in June and beyond. These ETFs will provide investors with a traditional way to access the Ethereum blockchain, the second-largest cryptocurrency by market capitalization.