Bitcoin Dominates Bull Run: ETFs, Halving, and Regulatory Clarity in Spotlight at Next Block Expo
Summary:
Bitcoin, rather than memecoins, continues to be a significant factor in the ongoing bull run in the crypto market, influenced chiefly by Bitcoin exchange-traded funds and the impact of halving. During the Next Block Expo in Warsaw, industry insiders stressed that Bitcoin remained pivotal in driving market sentiment halfway through 2024. They also highlighted a diminishing regulatory ambiguity surrounding Bitcoin, significant adoption of enhanced functionalities like the Lightning network, and the potential for substantial BTC value growth into 2025 as key market trends.
The continuance of the bull run in the crypto market will be primarily steered by Bitcoin exchange-traded funds (ETFs) and the effect of halving, as opposed to memecoins. Insights derived from the inaugural day of Next Block Expo held in Warsaw, which included key speeches by various industry stalwarts discussing the most significant trends in the prevailing market cycle, underpinned this view. Even in 2024, Bitcoin (BTC) continues to be a salient factor and determinant of market sentiment, as affirmed on stage by four crypto experts to Cointelegraph. On the stage, the discussions were moderated by Cointelegraph's own Gareth Jenkinson.
Adrian Zduńczyk, the visionary behind The Birb Nest, a platform dedicated to trading education, underscored that historical data about previous halvings point towards an impressive surge in BTC by 2025. Remarking on the significant growth of 9,000% in price valuation noticed from 2011 through the apex in 2013, Zduńczyk mentioned how the Bitcoin bullruns in 2017 and 2021 resulted in 3000% and 700% surges in the BTC value respectively. He mused that these numbers cannot be disputed and indicate Bitcoin's central role as a bellwether of market performance.
Meanwhile, Ben Yorke, serving as the ecosystem vice president at the exchange platform WooX, emphasized the reduction in regulatory uncertainty surrounding Bitcoin. He specified how the approval of Bitcoin ETFs in the US and Hong Kong accentuated this regulatory clarity and showcased the widespread acceptance of Bitcoin at governmental and institutional levels. He added that this makes Bitcoin an appealing currency for the younger population worldwide.
Moreover, Bitcoin's functionality critiques are gradually diminishing owing to the widespread adoption of networks like Lightning that ensure users' full custody of their BTC. Yorke argued that these criticisms will eventually cease with the growth and acceptance of Bitcoin services like Lightning. He asserted that the approval timings of Bitcoin ETFs are in sync with investment cycles and are generally influenced by the stronger market performance of indices like S&P 500 and the Nasdaq during the summer months. He mentioned that Bitcoin is attracting better interest from central banks and large pension funds, making it a beneficial proposition.
Zduńczyk further noted that trends from the past show that improved performance of mainstream markets typically spills over to the Bitcoin market, especially during the years of US presidential elections.
Published At
5/15/2024 5:24:12 PM
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