Bitcoin Price Rises 1.7% Amid Geopolitical Relief: Investors Eye Halving Event 2024

Bitcoin News Update: BTC Gains 1.7% amid Geopolitical Relief, Investor Focus Shifts to Halving Event 2024

Bitcoin (BTC) experienced a slight gain of 1.74% on Sunday, closing at $66,013 amidst international unrest and geopolitical tensions. The market responded positively to news that Iran had warned Israel about a potential strike, easing concerns of immediate retaliation and providing investors with a reason to shift their focus to the upcoming Bitcoin halving event in 2024.

The three-day losing streak that Bitcoin had been experiencing came to an end as investors found relief in the pre-warning issued by Iran to Israel. This development helped alleviate fears of escalating hostilities in the Middle East, although Bitcoin was unable to fully recover from its losses on Saturday.

Investors are now turning their attention to the Bitcoin halving event scheduled for April 19, 2024. This event, which occurs every four years, involves cutting the reward for mining new blocks in half. As the halving event approaches, the Bitcoin Fear and Greed Index has moved closer to the Extreme Greed zone, indicating a potential drop in prices.

In addition to geopolitical developments, market trends and data on BTC spot ETF flow are also crucial for understanding the demand picture post-halving event. Recent data shows that $82.8 million exited the Bitcoin market in the week ending April 12, which could impact short-term demand for Bitcoin.

A significant development in the cryptocurrency space is the approval of the first spot Bitcoin and Ethereum exchange-traded funds by the Hong Kong Securities and Futures Commission (SFC). This move signals a major step towards mainstream acceptance of cryptocurrencies in the region, with well-known financial institutions like Bosera Asset Management and China Asset Management planning to launch ETFs after receiving regulatory approval.

The Bitcoin Fear and Greed Index rose from 72 to 74 on Monday, entering the Extreme Greed zone. While this could signal a potential drop in prices, market flow data from BTC spot ETFs will be crucial for determining short-term trends.

MicroStrategy’s founder and chairman, Michael Saylor, shared a success chart on Sunday urging others to “Capitalize on Bitcoin.” With Bitcoin currently trading at $66,392 against the US dollar and a market value of $1.307 billion, the latest 2.5% gain has been attributed to positive news from Hong Kong regarding the adoption of Asia’s first Bitcoin ETF.

Overall, the cryptocurrency market continues to be influenced by geopolitical events, investor sentiment, and regulatory developments, with the upcoming Bitcoin halving event in 2024 shaping the focus of market participants. As the industry evolves and matures, the adoption of cryptocurrencies like Bitcoin in mainstream financial markets is expected to increase, providing new opportunities for investors and traders alike.