The cryptocurrency market opened Friday with a sea of red, causing several popular coins like Bitcoin, Ethereum, and Solana to dip in morning trading. With the impending Bitcoin halving creating uncertainty, traders are closely monitoring price movements to determine if they have accurately factored in the event’s impact. As the market often follows Bitcoin’s lead, this volatility could signal potential shifts across the board.
Bitcoin, the leading cryptocurrency, experienced a 4% drop in the past 24 hours, reaching around $63,400 as reported by CoinGecko. Anticipation surrounding the upcoming halving is contributing to market fluctuations, leading investors to speculate on whether the price will surge to new heights or falter post-event. Additionally, investment firm AllianceBernstein projects Bitcoin to reach $90,000 by 2024, further fueling positive sentiment amid increased activity in Bitcoin ETFs.
Meanwhile, Ethereum has seen a nearly 6% decline to approximately $3,320 over the same period, with concerns looming over potential SEC approval for spot Ethereum ETFs. Amidst this uncertainty, investment firms like BlackRock and Grayscale have submitted applications, despite fears that the SEC may classify Ethereum as a security. The Ethereum Foundation’s ongoing investigation by unknown regulatory authorities adds an additional layer of caution to the market.
