2024 is the Year for Crypto and Blockchain

2024 is a year for crypto and blockchain technology. It all began with the approval of Bitcoin ETFs on January 10th, followed by a significant surge in Bitcoin prices. Currently, the price has reached an all-time high, standing at 73,835 USD, with expectations of hitting $80,000 USD in the next few weeks. Another major event looms on the horizon: Bitcoin Halving. This quadrennial event not only drives Bitcoin prices upward but also attracts global investors, both young and seasoned crypto traders.

Bitcoin ETFs Approval:

The Bitcoin ETF application was filed with the U.S. Securities and Exchange Commission (SEC) in 2014. After a decade-long wait, it was finally approved. Here are the top players in the financial sector who secured approval for Bitcoin exchange-traded funds (ETFs)-

1. Grayscale Bitcoin Trust GBTC
2. BlackRock’s iShares Bitcoin Trust (IBIT)
3. ARK 21 Shares Bitcoin ETF (ARKB)
4. Bitwise Bitcoin ETF (BITB)
5. Invesco Galaxy Bitcoin ETF (BTCO)
6. WisdomTree Bitcoin Fund (BTCW)
7. VanEck Bitcoin Trust (HODL)
8. Franklin Bitcoin ETF (EZBC)
9. Fidelity Wise Origin Bitcoin Trust (FBTC)
10. Valkyrie Bitcoin Fund (BRRR)
11. Hashdex Bitcoin ETF DEFI

This approval of Bitcoin exchange-traded funds (ETFs) will encourage regulators in other countries to reconsider their stance on cryptocurrencies.

Recent Bitcoin Price Surge:

The world recently witnessed Bitcoin reach an all-time high price, a surge that came as no surprise. Leading global crypto researchers and experts in the digital assets industry had predicted this price hike. At the time of writing this article, the price of Bitcoin stands at $73,315 USD. Notably, besides Bitcoin, top altcoins such as ETH, Tether USDt, BNB, and Solana have also experienced significant price increases recently. As the year progresses, it is anticipated that other altcoins will also see surges in their prices.

Bitcoin Halving Event:

Another significant event on the horizon is the Bitcoin Halving, scheduled for April 16th, 2024. A halving event occurs periodically every few years, during which the reward for mining Bitcoin transactions is halved. Currently, those validating Bitcoin transactions receive 6.25 bitcoins, a figure that may be reduced to 3.125. These events result in a decrease in the Bitcoin supply, as fewer bitcoins are generated, thereby driving prices higher.

First Bitcoin Halving:

• Date: November 28, 2012
• Price on that day: 13 USD
• Max price following year: 1,152 USD
• Block reward  for Miners: 25 BTC

Second Bitcoin Halving:

• Date: July 16, 2016
• Price on that day: 664 USD
• Max price following year: 17,760 USD
• Block reward  for Miners: 12.5 BTC

Third Bitcoin Halving:

• Date: May 11, 2020
• Price on that day: 9,734 USD
• Max price following year: 67,549 USD
• Block reward  for Miners: 6.25 BTC

Fourth Bitcoin Halving:

• Date: April 16th, 2024 (Expected)
• Block reward  for Miners: 3.125 BTC
• Price on that day:: 75,000 UDS (estimated)
• Max price following year: Above 100,000 USD (estimated)

The world recently witnessed institutional adoption of cryptocurrency and blockchain technology. According to Bloomberg, Wall Street giants such as Goldman Sachs, BNY Mellon, and Cboe Global Markets, along with other prominent financial firms, are set to adopt crypto transactions. Additionally, Nigeria’s central bank has partnered with blockchain firms to promote the adoption of eNaira. Last year, PayPal launched a stablecoin backed by the U.S. Dollar, PYUSD.