Navigating the Evolving Crypto World: A Look Ahead to 2024

The year of 2023 followed a troubled years of 2022 that had large losses and many bankruptcies in the cryptocurrency business, leading to a bliss mixed with major events which led to sleepless nights for many. There was a sense of bullish with investors looking forward to 2024 filled with merry and cheerful time in the crypto market.

Crypto Trends: A Fortnight of Change

For instance, the latest example of a resurgence is Bitcoin whose price has risen amid various macroeconomic factors. But while the U.S. had positive data, fears of a new disease outbreak in China have raised queries on another global pandemic. In the meantime, speculation is rife in the market after postponing decision on spot Bitcoin ETF applications ad filed by US Securities and Exchange Commission (SEC) with major players like BlackRock and Fidelity.

Countdown to Key ETF Decisions

The final deadlines for these critically important ETF decisions are approaching rapidly, with January 10 as a pivotal date. Potential issuers have been holding constant meetings with the SEC, an indication of approvals, around this time though odd.

Crypto Expectations for Early 2024

The crypto market works on “buy the rumor, sell the news” basis most of the time, and this is also expected to be observed with a prospective approval of a spot Bitcoin ETF. Institutional liquidity expected to flow into the market is considered a long-term price catalyst for such an approval.

Charts

Bitcoin Chart

The Expected Effects of the Approval of ETFs

However, in the event of ETF approval the market may witness a sharp turnaround given that current annual net inflows based on CoinShares are substantial let alone potential inflow of about 50 billion dollars. These generate excitement and anticipation among the investors with expectations that, a possibility that the crypto landscape could change totally points towards a possibility of increased market volatility as ETF approval date nears.