Bitcoin Halving Countdown Less Than 50 Days, Overall Cryptocurrency Market Cap Surpasses $2.4 Trillion, Only About 22% Increase Remaining from November 2021 Historical High.
With the launch of spot ETFs, the price of Bitcoin has been on a steady rise. In just two months, it has surged from $42,000 to a high of $62,000, marking a 45% increase. It is worth mentioning that another potential catalyst, the fourth halving, is expected to occur in mid-April this year. According to the latest data from Bitcoin Block Half, the Bitcoin halving is less than 50 days away.
The subsequent price trend after the halving is a topic of interest. In addition to Grayscale, the BTC holdings data of the four major ETFs show strong market confidence. According to statistics from HODL15Capital, in the eighth week since the launch of Bitcoin spot ETFs, BlackRock’s IBIT has increased its holdings by 34,270 BTC; Fidelity’s FBTC has increased its holdings by 12,243 BTC; ARK 21Shares’ ARKB has increased its holdings by 3,922 BTC; Bitwise’s BITB has increased its holdings by 2,192 BTC.
However, GrayScale, the largest source of Bitcoin reduction in the spot ETFs, has expressed a negative outlook on the market. In a report on March 1st, GrayScale analysts believe that when evaluating the attractiveness of cryptocurrencies as an investment, “macroeconomic” factors cannot be ignored.
The analysts pointed out that persistently high inflation could lead to Federal Reserve officials delaying their plans for interest rate cuts. If inflation remains at higher levels, the Fed may choose to consider rate cuts later this year or even delay them until 2025. This policy stance could be negative for cryptocurrencies such as Bitcoin. Due to the sensitivity of the cryptocurrency market to interest rate changes and macroeconomic sentiment, such a decision could suppress the valuation of cryptocurrencies.
Cryptocurrency Market Cap Surpasses $2.4 Trillion
If we observe the current cryptocurrency market cap, it has indeed risen significantly from the low point in July 2022. According to data from Coingecko as of March 2nd, the cryptocurrency market cap has surpassed $2.4 trillion, with only about a 22% increase remaining from the historical high in November 2021. Whether it can surpass the previous high in 2024 is worth continuous attention.
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