Bitcoin's price chart displayed a series of red candles on the daily chart showing a drop of over 5% in the past 24 hours.
Amid significant double-digit declines across the crypto market’s weekly charts, Hong Kong’s recent approval of Bitcoin ETFs has sparked a wave of positive sentiment among“If Bitcoin ETFs are really going to send Bitcoin to $100K or higher, why are all the Bitcoin-related equities in bear markets? For example, $COIN is down 21%, $GLXY is down 26%, $MSTR down is 33%…”This juxtaposition led to a question — Is the upcoming BTC halving the reason behind such price...
“Bitcoin is the global alarm system. It leads all assets in a crash and it leads all assets in moments of acceleration.”While optimists anticipate a price rally due to increased scarcity, skeptics fear a downturn as miners receive fewer rewards. This sentiment clash is further confirmed by the current market, with BTC experiencing heightened volatility.
Additionally, insights suggest that BTC miners could face significant losses post-halving, further fueling bearish sentiments as highlighted by the Barchart.“Bitcoin selling may become evident as the date of the so-called halving nears but the event is set to bolster the price of the largest digital asset longer term.”So, as the world awaits the halving event, it would be interesting to watch how the year 2024 will be unique for Bitcoin and the overall crypto landscape.
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