The global crypto market is in a recovery phase as Bitcoin (BTC) breached the $37K price mark for the first time since April 2022. Analyst suggests that this can be the first stage of much anticipated bull run. However, Matrixport on Friday released a report eyeing five micro-events and one significant macro-event that could inject positive momentum.
SEC Bitcoin ETF approval in early 2024
According to Matrixport, the U.S. Securities and Exchange Commission (SEC) approval of spot Bitcoin Exchange-traded fund (ETF) can be a game changer in 2024. Forecasts suggest that the commission is poised to approve an ETF by January 2024 with trading expected to commence in February or March. This regulatory milestone could boost BTC price exponentially.
The next event could be stablecoin USDC issuer, Circle’s potential listing on the stock market. It is anticipated to make its debut on the market by April 2024. Experts suggest that this move could bring further legitimacy to the crypto space. It will potentially attract traditional investors seeking exposure to the digital asset market.
FTX’s winning bid expected in Dec 2023
The report mentioned that Sam Bankman-Fried (SBF) collapsed FTX’s operational resurgence is expected. Expert suggests that FTX’s winning bid announcement might occur in December 2023. It is expected the exchange could become operational by May or June 2024 It added there is high anticipation for FTX to reclaim its position as one of the top three crypto exchanges within twelve months.
The other major events highlighted in the report are the Bitcoin halving cycle and Ethereum’s IEP-4844 upgrade. The Bitcoin halving cycle is anticipated to provide a substantial dose of momentum as the industry transitions into the following year. However, Ethereum is scheduled to undergo its IEP-4844 upgrade is expected to take place in the first quarter of 2024.
The U.S. Federal Reserve interest rate cut is another major indicator. Experts suggest the potential for a U.S. Federal Reserve interest rate cut by mid-2024 with June 2024 earmarked as a possible timeline. It should be noted that macroeconomic events could have implications for the broader financial markets.