On August 29, Bitcoin (BTC) surged upwards; in just a couple of hours, the most popular cryptocurrency added 8% in price and broke through the $28,000 mark before entering a correction.
Bitcoin's rise came after Grayscale Investments won a case over the U.S. Securities and Exchange Commission (SEC). The court ruled that the regulator improperly rejected Grayscale Investments' application to transform the fund and ordered the SEC to reconsider the company's petition to transform GBTC into a spot Bitcoin ETF.
The news that a spot Bitcoin ETF may soon appear on the market was positively received by all participants in the crypto community and created a strong impetus for the growth of BTC.
Bitcoin is the largest cryptocurrency in the world by capitalization, and since the creation of the first block in January 2009, it has shown tremendous growth rates, from a few cents to $69,000 in 2021, making this cryptocurrency one of the most attractive for investors.
It is worth noting that Bitcoin is also popular among traders who take advantage of price fluctuations to make a profit. However, they are primarily interested in Bitcoin price forecasts for today, tomorrow, and next week, which can be found on the Traders Union website.
Also, some experts and large investment funds expect the price of Bitcoin to rise in the long term. Thus, the investment fund Pantera Saritalno predicts that from 2024 to 2028, the price of Bitcoin will reach 150,000 dollars. The fund believes that the value of Bitcoin will increase even after the halving, which is expected on April 20, 2024.
Halving is a reduction in the reward to miners for mining Bitcoins. The process occurs every time 210,000 blocks are added to the blockchain.
Currently, miners receive 6.25 BTC for each block mined, but after halving occurs, it will be reduced to 3.125 BTC, which will reduce the profitability of crypto mining and cause Bitcoin to rise.
See also: 2023-2025 forecast for NVDA.