Bitcoin price surges at start of 2024 amid rumours of industry-changing event
The IndependentSign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Matteo Greco, an analyst at the digital asset investment firm Fineqia International, said a bitcoin ETF approval could see “a retracement of lower price levels before we go up again”. View more The strong start to 2024 follows bitcoin’s best year since 2020, with gains of 158 per cent taking the cryptocurrency’s market cap close to $900 billion, and the overall crypto market above $1.75 trillion. “Ongoing institutional demand, with JP Morgan and Jane Street marked as participants in BlackRock’s recent ETF amendment, has only further intensified interest in bitcoin,” Alex Adelman, CEO of crypto app Lolli, told The Independent. “Bitcoin’s ability to hold its position above the $40,000 mark suggests sustained confidence among investors and a foundation for further upward momentum.” Some investors believe a new record high could occur in 2024 following an event known as a “halving”, which will see the amount of new bitcoins received by miners cut in half.