Matrixport Research Forecasts Positive Developments for Crypto in 2024
In a groundbreaking report released by Matrixport Research, industry analysts predict a series of significant events poised to impact the cryptocurrency market during the first half of 2024. These events are anticipated to not only inject momentum into the market but also potentially boost the price of Bitcoin, the flagship cryptocurrency. Here is a closer look at the key projections made by Matrixport:
- SEC Approval of Bitcoin ETF: Matrixport foresees a landmark development in January 2024 with the anticipated approval of a Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC). The commencement of trading is expected to follow shortly, possibly in February or March. This regulatory green light could mark a turning point for institutional adoption of Bitcoin.
- Circle’s Stock Market Listing: By April 2024, Matrixport envisions the stablecoin issuer Circle making its debut on the stock market. This move could further bridge the gap between traditional finance and the crypto space, providing investors with new avenues to participate in the growing digital asset ecosystem.
- FTX’s Bid and Reclamation of Exchange Position: Matrixport anticipates the announcement of FTX’s winning bid in December 2023, with the exchange becoming operational by May or June 2024. The report suggests that FTX is positioned to reclaim its spot as one of the top three crypto exchanges within a year, contributing to the industry’s competitive landscape.
- Bitcoin Halving Cycle and Momentum: The Bitcoin halving cycle, coupled with the three aforementioned events, is projected to infuse momentum into the crypto market in 2024. This combination could serve as a catalyst for renewed interest and investment in Bitcoin, potentially shaping a bullish trend for the year.
- IEP-4844 Upgrade for Ethereum: Matrixport highlights Ethereum’s scheduled IEP-4844 upgrade in Q1 2024 as another positive development. This upgrade is expected to enhance the overall functionality and efficiency of the Ethereum network, possibly influencing the broader cryptocurrency market.
- Potential U.S. Federal Reserve Interest Rate Cut: The report speculates on a potential U.S. Federal Reserve interest rate cut by mid-2024, with market pricing indicating the first rate cut happening in June. This could have implications for the broader financial markets, including cryptocurrencies.
As we approach the end of 2023, Matrixport’s insights into the cryptocurrency market suggest an optimistic outlook. The analysis also touches on the possibility of Bitcoin breaking out of its recent trading range, with a potential rally toward $45,000 by the year’s end. Investors are advised to keep a close eye on next week’s U.S. Consumer Price Index (CPI) data, as positive inflation figures could trigger a Bitcoin rally. With increasing buyer activity during U.S. trading hours, the market could see a strong finish to the year, possibly culminating in the much-anticipated Santa Claus rally.
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