Following the approval of Spot Bitcoin ETFs, eyes turned to three important developments awaiting crypto in 2024.
The development that the cryptocurrency market has been waiting for for months took place the other day. US regulator SEC has approved spot Bitcoin ETFs. What will happen to the cryptocurrency section now that Spot Bitcoin ETFs are approved? He started asking the question.
The cryptocurrency market has been focused solely on spot Bitcoin ETFs, especially since September. With the approval of ETFs that shape bullish expectations, it has become a matter of curiosity what the market may experience in the future. So what will be the next three important crypto developments?
Spot Bitcoin ETFs are OK, what’s next?
The applications of corporates for Spot Bitcoin ETF were approved on January 10, 2023, and were recorded as an important development in history. Bitcoin (BTC) has formed a strong structure after spot ETFs. The cryptocurrency market also rose, celebrating ETFs. Investors started to wonder about the next developments.
The crypto market will be very active in 2024. After Spot Bitcoin ETFs, three important developments that concern the sector and will affect the course of BTC await us. BTC, which is now expected to start its bull run, has the potential to make ATH as a result of these three important developments. So what will these three developments be?
Next stop: Bitcoin halving
After spot Bitcoin ETFs, the next important development will be the Bitcoin halving. Bitcoin halvens every 210,000 blocks. Bitcoin halving means block rewards are halved. This means that Bitcoin’s circulation supply increases more slowly and mining pressure eases. Bitcoin, which has a finite supply, has gone through three halvings so far. These three halvings significantly affected the course of Bitcoin. Bitcoin experienced a strong bull run immediately after the previous halvings.
Bitcoin’s first halving took place on November 28, 2012. During this halving period, the price of BTC was at $12. About six months after the first halving, the BTC price rose to $130. BTC, which had a great bull run, attracted the attention of investors.
Bitcoin’s second halving occurred on July 9, 2016. On this date, BTC price was at $660. Six months after the second halving, the BTC price rose to $900.
Bitcoin’s last halving took place on May 11, 2020. Bitcoin saw a process around $ 8,600 during the third halving period. The President cryptocurrency reached $15,700 after six months.
Bitcoin block rewards started in 2009 with 50 BTC per block. After the first halving, the block reward dropped to 25 BTC. BTC block rewards dropped to 12.5 BTC in the second halving and 6.25 BTC in the last halving. In the upcoming halving, the BTC block reward will decrease to 3,125 BTC.
Since Bitcoin halving occurs every 210,000 blocks, the next halving is expected to occur in April 2024. According to Binance’s halving counter, the halving will take place on Sunday, April 14, 2024. Bitcoin’s fourth halving will occur at block 840,000.
Bitcoin is expected to experience a bull run and make ATH with the halving. In particular, past halving information suggests that the fourth halving will occur in a similar way. Mining expenses in Bitcoin after the halving will increase to 40 thousand dollars.
Second stop spot Ethereum ETFs
Soon after spot Bitcoin ETFs were approved, a new ETF agenda was created. The crypto division noted that spot Ethereum ETFs are next. The possibilities that Spot Ethereum ETFs may also be approved have increased.
Spot Ethereum ETFs, one of the most valuable developments of 2024, will become the main agenda of crypto investors after the Bitcoin halving. Corporate companies that applied for Spot Bitcoin ETF also applied for Spot Ethereum ETF. The names of companies such as VanEck, Ark Invest and Grayscale were written alongside spot Ethereum ETFs. This made us think that the next approval was for Ethereum ETFs.
Ethereum will host critical developments in 2024. Ether (ETH) price made a significant progress in BTC parity, rising more than 10 percent during the day. This rise has now been interpreted as a beginning compared to some tiring events. Because Ethereum will have a difficult year 2024. Ethereum, which has initiatives especially in scaling and security issues, will make 3 important updates in 2024.
With Ethereum’s updates in 2024, it is expected that network security will increase further, processes in the network will become cheaper, users will be able to use the network more efficiently, and the network will reach more suitable places in the future.
In addition to Ethereum’s own developments, the emergence of spot Ethereum ETFs may be a sign of a big rise. Crypto investors expect ETH to rise first in 2024 and then revive altcoins.
According to records, the SEC is expected to give an official response to spot Ethereum ETF applications on May 23, 2024. Although it seems that the SEC will first decide on VanEck’s spot Ethereum ETF application on May 23, it may make a single decision for all spot Ethereum ETFs. Similar results were also seen in spot Bitcoin ETFs the other day.
According to Bloomberg’s list, the deadlines for spot Ethereum ETF applications are as follows;
- VanEck’s spot Ethereum ETF application; May 23, 2024
- Ark Invest’s application for ARK 21Shares spot Ethereum ETF; May 24, 2024
- Hashdex’s spot Ethereum ETF application May 30, 2024
- Grayscale’s spot Ethereum ETF application; June 18, 2024
- Invesco Galaxy’s spot Ethereum ETF application; July 5, 2024
- Fidelity’s spot Ethereum ETF application; August 3, 2024
- iShares’ spot Ethereum ETF application; 7 August 2024
Next stop for crypto: US elections
The third most valuable development of the cryptocurrency market in 2024 will be the US elections. Spot Bitcoin ETFs, after the Bitcoin halving and spot Ethereum ETFs, all eyes will turn to the political process on the US side.
US presidential elections will take place on November 5, 2024. Elections hold the possibility of changing the political course of the United States. The political team that wins the 2024 US election will begin its mission on January 20, 2025. It is expected that the new leader of the USA, Joe Biden, and the former leader, Donald Trump, will have a contentious election day.
The US elections will have a significant impact on the cryptocurrency market. There are senators in the USA who are known as crypto contrarians and want crypto to be banned. Elizabeth Warren, in particular, states that crypto should be prevented in her preparations for the elections. Tax, regulation and Bitcoin’s legal status in the US will be determined after these elections.
Expectations that Donald Trump will win the elections are increasing. It is interesting that Trump has previously released NFTs.
Volatility and heavy news flow may be seen in the cryptocurrency market ahead of the US elections on November 5, 2024. It would be beneficial for investors to act very carefully during this period.
Tags
2024 Bitcoin Btc Crypto Halving
