Introduction
Bitcoin, the world’s largest cryptocurrency, has been experiencing a surge in price over the past few months. The digital currency has seen its value rise by over 300% since the beginning of the year. While there are several factors contributing to this increase, the hype around Bitcoin halving and ETF is believed to be driving the price up for 2024.
Bitcoin Halving
Bitcoin halving is an event that occurs approximately every four years, in which the reward for mining Bitcoin is cut in half. This event is built into the Bitcoin protocol and is designed to limit the supply of Bitcoin over time. The next Bitcoin halving is expected to occur in 2024, which is believed to be a major contributing factor to Bitcoin’s recent price increase.
ETF Hype
In addition to the Bitcoin halving, the hype around the approval of a Bitcoin exchange-traded fund (ETF) is also believed to be driving the price up. An ETF would allow investors to buy and sell Bitcoin without having to actually hold the underlying asset. This would make it easier for institutional investors to enter the cryptocurrency market, which could lead to increased demand and higher prices.
NBX Berlin’s Perspective
According to NBX Berlin, a Germany-based cryptocurrency exchange, the hype around the Bitcoin halving and ETF is likely to continue to drive the price up for the next few years. However, the exchange also warns that this hype could lead to a bubble in the cryptocurrency market, which could eventually burst.
Conclusion
In conclusion, the hype around Bitcoin halving and ETF is believed to be driving the price up for 2024. While this is good news for investors, it is important to be cautious and not get caught up in the hype. As with any investment, it is important to do your own research and make informed decisions.
