Amidst global turmoil, Bitcoin (BTC) saw a modest increase of 1.74% on Sunday, ending the day at $66,013. The announcement from Iran that they would give Israel notice before taking any action eased investor worries about an immediate response, allowing them to focus instead on the upcoming Bitcoin halving event.
With the Bitcoin halving event of 2024 approaching, investors are increasingly looking towards the movement of BTC spot ETFs and recent developments in the Middle East for relevant information.
Geopolitics: Investors Find Relief from News of Pre-Warning
On Sunday, Bitcoin’s price experienced a small increase, which helped recover around 3.78% of the losses suffered the previous day. Consequently, this marked the end of a three-day sequence of declines for Bitcoin. Investors were relieved to learn that Iran had given Israel prior notice of an impending attack, suggesting the possibility of avoiding further escalation in the region.
Despite losing value on Saturday, Bitcoin struggled to bounce back. Additionally, concerns heightened regarding the upcoming Bitcoin Halving due to escalating tensions in the Middle East.
Bitcoin Halving 2024 Countdown
Investors closely monitor the relationship between Bitcoin’s supply and demand as the halving event approaches on April 19, 2024.
Every four years, the event takes place that reduces by half the reward for miners adding new blocks to the Bitcoin blockchain. With the upcoming halving event imminent, the Bitcoin Fear and Greed Index has edged nearer to the Extreme Greed area. This indication implies a possible price decrease from current levels.
At the moment, it is expected that Bitcoin halving 2024 will take place on April 20.
Bitcoin (BTC) Spot ETF Flow Data and Market Trends
Despite a relaxation of global pressures, the substantial inflows into Bitcoin spot ETFs on Monday are crucial for interpreting the market’s appetite following the halving event. Recent figures indicate that approximately $82.8 million was withdrawn from Bitcoin during the week ending April 12. This withdrawal could significantly influence the near-term demand for Bitcoin.
According to Nikkei Asia, Hong Kong is making strides in embracing cryptocurrencies as viable investment options. The city’s securities regulator, the SFC, has given its green light to the first Bitcoin and Ethereum exchange-traded funds (ETFs).
Two prominent financial organizations, Bosera Asset Management and China Asset Management, announced that they have received regulatory approval to launch crypto ETFs (Exchange-Traded Funds). This development marks a significant milestone for cryptocurrency investment in the region.
Bitcoin (BTC) Fear and Greed Index Signals
On Monday, the Bitcoin Fear and Greed Index increased from 72 to 74, pushing it into the Extreme Greed territory. While this may indicate a potential drop, insights from the Bitcoin spot ETF market flow will be crucial for determining short-term trends. The shift in investor sentiment, as reflected in the index, can significantly influence their buying or selling actions.
Capitalize on #Bitcoin.
— Michael Saylor⚡️ (@saylor) April 14, 2024
Michael Saylor, the founder and chairman of MicroStrategy, encouraged people to seize the opportunities that Bitcoin presents by sharing a graph showing its success and inscribing the words “Capitalize on Bitcoin” next to it on Sunday.
Currently, Bitcoin is priced at $66,392 per US dollar in the market, and its total worth stands at an impressive $1.307 billion. This 2.5% surge in value can be attributed to positive news out of Hong Kong, where Asia’s first Bitcoin Exchange-Traded Fund (ETF) was approved.
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2024-04-15 12:21