Bitcoin Nears Record Peaks After Recent Sell-Off Recovery

April 25, 2024

    Bitcoin’s Path to New Peaks Amid Market Turbulence

    In the wake of recent geopolitical tensions that have roiled markets worldwide, Bitcoin has experienced a notable sell-off. However, Nigel Green, CEO of deVere Group, a prominent financial advisory and fintech firm, has expressed confidence that Bitcoin will not only recover but is also poised to reach new all-time highs in the near future.

    Despite the immediate impact of the Israel-Iran conflict on Bitcoin’s valuation, Green suggests that these effects have been fully absorbed into the current price levels. This sets the stage for Bitcoin to climb on the back of fundamental and structural factors that are expected to drive its growth.

    One such factor is the anticipated supply shock following Bitcoin’s latest halving event. Halving is a feature of Bitcoin’s protocol that slashes the reward for mining new blocks, thereby reducing the rate of new Bitcoin creation. “With the halving cutting the supply of new Bitcoin issuance to 3.125 bitcoins per block, the scarcity of the digital asset is set to drive up its value,” Green elaborated.

    Scarcity Driving Price

    The concept of scarcity as a value driver is not new in economics, and it appears to be a significant bullish factor for Bitcoin. The reduced pace of new Bitcoin entering the market is likely to exert upward pressure on prices as demand continues to outstrip supply.

    Adding to this bullish sentiment is the imminent launch of new Bitcoin exchange-traded funds (ETFs) in markets outside the United States, specifically in the UK and Hong Kong. Green points out that these financial products are expected to attract substantial institutional investment, much like their counterparts in the US did earlier in the year. As these ETFs absorb billions of dollars’ worth of Bitcoin, they will further diminish its available supply while simultaneously increasing demand.

    Since their introduction, Bitcoin ETFs in the United States have seen $12 billion in net inflows, reflecting significant investor interest. This institutional endorsement has cemented Bitcoin’s role within the global financial ecosystem.

    Despite short-term volatility, which is common in cryptocurrency markets, Green remains optimistic about Bitcoin’s long-term prospects. “While short-term fluctuations may be inevitable, Bitcoin’s long-term trajectory is upward,” he stated confidently. He further emphasized that the robust underlying fundamentals and structural drivers are laying the groundwork for Bitcoin to achieve new price heights in 2024.

    With a current trading price hovering around $65,000 and showing resilience amidst market fluctuations, Bitcoin’s journey towards unprecedented levels seems to be charted with a mix of strategic scarcity and burgeoning institutional acceptance. As investors and enthusiasts watch closely, the largest cryptocurrency by market capitalization continues to make its case as a maturing asset class.

    Bitcoin price rise
    Rising institutional adoption, inflation fears, and geopolitical uncertainties are key factors propelling Bitcoins price to unprecedented levels in 2024.

    Can the launch of new ETFs outside the US drive the Bitcoin price rise?

    Send a request and get a free consultation:
    February 2025
    Businesses Secure Long-Term Stability with New Lease Agreements
    The EURUSD currency pair remains in a tight range above the 1.0900 support level on Monday as it struggles for direction. Investors seek fresh cues at the start of a busy data week, which may indicate how much the Federal Reserve will cut interest rates in September.
    India Sees 22.5% Growth in Tax Collections, Boosted by Lease Revenues
    India's net direct tax collections saw a significant boost, growing by 22.5% as of August 11, compared to 19.54% the previous month. This surge was driven by a 30% rise in Personal Income Tax revenues and a 111% increase in Securities Transaction Tax receipts, despite modest corporate tax growth.
    Lawmakers Consider Alternatives as Lease Deduction Nears Expiration
    Lawmakers are evaluating alternatives to the expiring 20% deduction for qualified business income introduced by the Tax Cuts and Jobs Act. One option is corporate integration, which could address existing distortions. Businesses with a lease may also be impacted by these potential changes.
    Hellenic Bank is poised to buy insurance assets, engaging in exclusive talks with CNP Assurances to acquire CNP Cyprus Insurance Holdings, active in Cyprus and Greece.
    Open corporate and personal bank accounts with Hellenic Bank in Cyprus. Benefit from secure, reliable banking services designed to support your financial goals. Our experienced team will guide you through a straightforward process, ensuring a smooth and hassle-free experience.

    Cyprus visa guide

    • Travel visa basics
    • Cyprus application process
    • Check visa status
    • Online visa verification
      Thanks for the apply!
      We will get back to you within 1 business day
      You can schedule a call time at your convenience now:
      In the meantime, you can get a free consultation
      with our AI-assistant