Welcome to this post about The latest developments in the Bitcoin market, via Afrokonnect.
Bitcoin was the first cryptocurrency on the scene. It’s always been the highest-valued, and this shows zero signs of changing.
Given Bitcoin’s dominance in the crypto world, the entire market tends to shift in whichever direction it goes, and it’s an understatement to say the market has been turbulent over the last year.
A series of unfortunate events including the Terra Luna and FTX crash caused investor unrest, dropping the value to some of the lowest in years.
Even though some of its value has been recovered in 2023, there’s still a long way to go.
Latest developments in the Bitcoin market
The SEC’s Crypto Shakedown
The Securities and Exchange Commission (SEC) in the US seems committed to regulating the crypto industry and appears to be taking a number of bully-like tactics to get there.
Over the past month, the SEC has launched two separate lawsuits against Binance and Coinbase,
Which are two of the most well-known exchanges in the world.
The most recent attack on the crypto world saw the SEC file 13 charges against Binance founder and other entities.
These charges are largely based on vague regulatory documentation including misleading investors, unregistered sales and offersof crypto assets, and failure to restrict US investors.
Given how fast the crypto regulations change and how much of it sits in a gray area,
There’s no wonder so many charges have been filed.
The fight between the SEC and Coinbase is quite different,
But it has still had a detrimental impact on Bitcoin’s value because of its close succession to the Binance lawsuits.
Instead of separate charges, the SEC is alleging that Coinbase failed to register thirteen assets as securities.
Coinbase’s CEO hit back at the allegations by noting the guidelines are murky at best and that business would continue as usual at Coinbase, which helps give a little hope.
Bitcoin Breaks the $30K Barrier
There’s no getting around the turmoil that Bitcoin and the wider crypto landscape have faced over the last year,
But that doesn’t mean anything because bitcoin trading is as active as ever.
Even though the value is down from its highest point in November 2021,
Bitcoin has bounced back and breached the $30K barrier for the first time in a year.
Considering the financial crisis across much of the Western world and the current extended bear market we’re in,
The fact Bitcoin has managed to climb this far is impressive, and it sets investor sights on the next bull run.
Motivations Raised by Interested Institutions
Even during the bear market, the SEC’s war on crypto, and the aftermath of the FTX crash, financial institutions are still interested in accepting Bitcoin.
In the last week, significant players including Invesco and BlackRock filed to accept spot Bitcoin trades,
Which are designed to monitor Bitcoin’s price in real-time through the platform.
Elsewhere, European financial institutions Deutsche Bank and Mudrex put in an application for crypto custody services.
This positive news helped to put a little faith back into crypto investors,
Which was evidenced by a mini bull run that saw some coins more than double in value.
With so many mainstream institutions exploring crypto,
There’s a strong argument for the future despite attempts to regulate the industry further.
Latest developments in the Bitcoin market
The 2024 Bitcoin Halving and the Next Bull Run
Nobody can say for sure what will happen in the crypto market, but it doesn’t stop experts from making educated guesses.
Even though we’re looking forward to 2024, it’s important to discuss the Bitcoin halving and how many experts believe it will ignite the next bull run.
The Bitcoin halving is to do with its miners, which work to create new coins and verify transactions.
Whether it’s a crypto enthusiast or a global corporation, thousands of computers work non-stop to crack cryptographic problems on the network.
If a miner solves a problem, it receives Bitcoin as a thank you.
When the Bitcoin halving takes place in Spring 2024, the amount of Bitcoin they receive for work will be halved to 3.125 Bitcoin.
The main goal is to reduce the number of coins in circulation, as the creator only ever intended there to be 21 million.
Many investors believe that Bitcoin’s halving will increase the scarcity of the asset,
Which will inflate the value on the back of supply and demand principles.
There is a good chance that Bitcoin will bring along price increases across the market, but there are no guarantees.
However, when it happened in 2012, 2016, and 2020, it was followed by a rise in price both before and after the event – by about 3 months on either side.
The Bitcoin market has faced turbulence over the last year, and it’s not out of the woods yet.
However, as you can see from the recent developments outlined above, there’s still plenty of interest and trader action in Bitcoin and the wider crypto market.