What To Expect From Bitcoin and Crypto Markets In 2024

investopedia.com:

Bitcoin's recent rally may have taken it past the $42,000 market and helped put the crypto winter of 2022 far in the distance. However, it was also a year the largest cryptocurrency by market capitalization started on shaky grounds at a mere $16,500 level.

Here's what you need to know with the crypto markets looking ahead to the next year, standing at the cusp of important events such as the fate of the approval of a spot Bitcoin exchange-traded fund (ETF), Bitcoin halving, and developments in crypto regulation.

Ever since Blackrock (BLK) originally filed its spot Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC) in June, the impending approval of such a financial product has been the key area of focus for the crypto market.

So far, retail investors can only gain cryptocurrency exposure through ETFs that trade in cryptocurrency futures. A spot Bitcoin ETF would allow investors, especially retail investors, to gain access to Bitcoin without needing to hold their investment in a Bitcoin wallet.

Analysts expect big money to flow into Bitcoin spot ETFs if the SEC gives its approval, and that optimism has helped boost the price of Bitcoin, with the spot Bitcoin ETF market anticipated to grow to $100 billion over time, according to a report by Bloomberg.A report from Galaxy estimates inflows in spot Bitcoin ETF products could rise from $14 billion in the first year to $39 billion within three years.

That said, there remains uncertainty around the SEC's decision. The SEC has reportedly held multiple rounds of talks with prospective ETF issuers, with issuers amending applications to meet regulators' expectations.

«I'm optimistic, but I think it's quite likely we have another round of rejections