Matrixport, a leading player in the digital asset space, released a research titled “2024 Unveiled: Six Micro and Macro Events That Will Shape Bitcoin” dated Thursday, November 9, 2023, shedding light on crucial events projected to shape the crypto landscape in 2024. The report highlights a mix of micro and macro events anticipated to positively impact the industry, with a particular focus on Bitcoin.
Top 6 Predictions For Bitcoin And Crypto
First, the report underlines the anticipation of the US Securities and Exchange Commission (SEC) approving a Bitcoin ETF. Notably, the company believes that the approval of the first spot ETFs will take a few more weeks. Matrixport stated, “By January 2024, we anticipate the SEC to approve a Bitcoin ETF, with trading expected to commence by February or March.” This event is viewed as a massive catalyst for increased institutional investment in Bitcoin.
Further, Matrixport points to the potential listing of stablecoin issuer Circle on the stock market by April 2024. This event is seen as a significant step towards mainstream acceptance of digital assets. According to a Bitcoinist report, Circle, the company behind the stablecoin USDC, is contemplating an Initial Public Offering (IPO) in early 2024.
Currently, the company is engaging with consultants to lay the groundwork for this potential public listing, though it remains uncertain whether the IPO will ultimately materialize.
The third prediction of Matrixport concerns FTX, “While the announcement of FTX’s winning bid could occur in December 2023, we project the exchange to be operational by May or June 2024,” the report forecasts. FTX is anticipated to reclaim its position as a top 3 exchange within 12 months, making a strong comeback in the crypto exchange landscape.
Also, the report mentions the interplay of these three events with the Bitcoin halving cycle, suggesting a synergistic effect that could provide momentum into the following year. The halving is expected to take place at the end of April 2024 and could be the most impactful halving of all time. Bitcoin will become the hardest asset in the world as BTC’s inflation rate will fall to half that of gold.
Ethereum And Macro Predictions
As a fifth prediction, Matrixport sees Ethereum’s EIP-4844 upgrade, scheduled for Q1 2024, as a less significant, yet noteworthy event. The report states, “Although seeing this as a significant upside catalyst is challenging,…