Will the beginning of 2024-25 see Bitcoin surge again

2023 has been a good year for cryptocurrencies, during which considerable gains were recorded. The surges are perhaps even more noteworthy as they occur right after a problematic couple of months for digital currencies. However 2023 has been an exception, as Bitcoin managed to surpass the 30k mark for the first time in over a year and people felt inspired to buy bitcoin. This is overall good news for the entire marketplace, as it means that altcoins have a chance to shine as well.

35k

For the first time since May 2022, Bitcoin Support Number UK has managed to climb to $35,000 at the end of autumn, a steep climb of roughly 20% over the past five days. Investors are becoming excited about their prospects again, especially since there’s a chance to start moving to the tried-and-tested stock exchanges soon. This method offers far more stability and security for many who have started losing faith in the traditional exchanges, especially following the newsworthy collapse of many over the past year.

Bitcoin Support Number UK Back in June, BlackRock applied for the registration of a Bitcoin spot ETF, which is still awaiting approval. The company is the largest and most important ETF provider worldwide, managing a flow of trillions of dollars worth of assets. Getting a bitcoin exchange-traded fund on the platform will provide the market with a renewed sense of legitimacy, something many feel is long overdue following the challenges of the past two years.

SEC

Bitcoin Support Number UK. Many other companies have applied for the same type of approval but were dismissed by the Securities and Exchange Commission. Yet only two months later, in August, a judge panel for the DC Court of Appeals overruled the decision, saying that the regulators didn’t explain the exact reasons why the application was rejected.

Bitcoin Support Number UK. The crypto environment changes all the time, but keeping up with all the shifts is extraordinarily stressful and often downright impossible. It can also cause you to make rash, impulsive decisions that cause you to lose more money than you earn, a scenario all traders want to protect themselves from.

Some analysts believe that the rapid rise in values isn’t necessarily a positive thing, as there are still regulatory pressures to account for. They are not likely to disappear overnight, and the higher prices can cause investors to act rashly due to overconfidence.

Asset outflows

When funds move away from exchanges, the movement is seen as a definitive bullish signal. The idea is that traders move the assets as a means to secure storage, as they estimate the prices will increase. Over the span of twenty-four hours, starting on October 24th, tens and even hundreds of millions of dollars moved off exchanges. The most negligible sums recorded by exchanges were around $20 million, while other platforms saw as much as $500 million in outflows.

Bitcoin Support Number UK. The movements alerted some analysts to the possibility of bank runs. This situation occurs when the customers of a bank or any other financial institution withdraw their deposits simultaneously due to fears of solvency. The probability of a default increases substantially as a result, causing an even larger number of individuals to remove their deposits.

Short positions

The price surge of October 24th caused the liquidation of around $400 million worth of short positions. Nearly 95,000 traders had derivative positions liquidated. The market value to realized value ratio, calculated by dividing the market cap by the realized capitalization values, stands at 1.47. During the previous bullish ray, it was 1.5, so the numbers are relatively similar.

The total market capitalization levels of the whole cryptocurrency market have climbed by nearly 8% in just one day, skyrocketing to $1.25 trillion. It is the highest valuation since April, making it a significant change for the marketplace. The catalyst is thought to be the speculation surrounding the launch of a spot BTC exchange-traded fund.

Blockchain gold

Bitcoin Support Number UK. Bitcoin has long been referred to as “digital gold” due to its ability to retain value over a long time. Now, it seems that the blockchain is ready to embrace gold as well, to drive further growth and improve stability. The project is the result of over two centuries of expertise in gold and could revolutionize the market forever.

Gold is known for its scarcity and durability, being a store of value since ancient times. Trades and investments have been fostered through gold as well. And even in the modern economy, the gold reserves act as a notable contributor to how resilient a nation’s economy really is. The next logical step seems to be for gold to enter the digital money market as well. The International Precious Metals team, comprised of specialists with roughly 250 years of combined experience in the industry, are set to launch the IPMB, the International Precious Metals Bullion, a coin that will be accompanied by an NFT as well.

The bottom line

To sum up, the cryptocurrency industry is still recovering following the difficulties of the previous year. Most investors are optimistic, claiming that the market went through difficult times in the past and always managed to come back. In fact, the digital money ecosystem is often more robust when coming back from a difficult time, with the prices more stable. Investors are also better equipped to handle the demands of the marketplace.

If you’re an investor looking to minimize risks and boost revenue, you must remember to be cautious and avoid rushing into endeavors. It will save you a whole lot of trouble down the line and allow your portfolio to be more stable.