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Crypto sector: Bitcoin halving and ETFs in focus
"Crypto experts predict a continuation of the Bitcoin rally in the second quarter of 2024. Let the crypto indicators convince you! Find out more here."
Crypto sector: Bitcoin halving and ETFs in focus
The crypto sector experienced a phenomenal first quarter of 2024 with an impressive rise in Bitcoin to unprecedented heights. However, experts believe that this is not the end of the road and the outlook for the second quarter remains positive. In addition to the strong rally in AI stocks around NVIDIA, the focus was on cryptocurrencies, especially Bitcoin, which has gained a whopping 66.85 percent since the beginning of the year and is currently trading at $70,113.
In the first quarter, Bitcoin reached a new all-time high of $73,798 on March 14th. Other cryptocurrencies such as Ether and meme coins such as Dogecoin or SHIBA INU also experienced significant increases in value. Despite the initial crypto fireworks, risk appetite has declined in recent weeks, leading some to suspect the end of the crypto rally.
However, Coinbase predicts a positive outlook for the second quarter, particularly regarding demand for Bitcoin ETFs, which could be boosted by the end of due diligence from financial institutions. Major banks such as Morgan Stanley, Bank of America and Goldman Sachs have already shown interest in Bitcoin ETFs, and other asset managers may follow.
It also points to an increase in short positions in Bitcoin futures, indicating institutional interest in the crypto world. Nevertheless, some observers warn of a possible overvalued market situation and increased short interest. The upcoming Bitcoin halving in the second quarter is seen as a pivotal event that could influence crypto prices depending on investor reaction.
Additionally, a Coinbase study highlights the increase in overall value in on-chain derivatives, indicating continued positive development. TVL in decentralized finance has reached its all-time high, but still shows upside potential compared to previous crypto bull cycles. The Bitcoin halving is considered the most important event of the second quarter, along with the approval of Bitcoin spot ETFs, which could play a significant role in price developments.