Two of the most widely owned crypto coins are not only picking up steam in the financial markets but are undergoing a trial that’s sure to bring more liquidity into blockchain.
Today, we start a countdown for two events the entire market is eyeing, and it’s important to keep track of these events as they unfold. If you’re looking for an ideal time to benefit from crypto volatility, then the coming months are primed for the taking.
Just invest responsibly.
After testing roughly $75,000 in value, Bitcoin fell in a recovery that’s now over. Both BTC and ETH are on the move again, and the entire market is betting on two important events to come.
They are the halving of Bitcoin and the SEC approval of U.S. traded Ether ETFs.
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The Halving of Bitcoin In 2024
When Bitcoin halves, it means that the amount of tokens miners earn for creating BTC blocks reduces by half. Miners currently earn about 6.25 Bitcoins for blocks they validate.
On April 19th, which is already scheduled within the BTC blockchain, rewards will be reduced down to 3.125 BTC. During this event, miners will face an interesting scenario.
Halving their rewards is likely to push them to find other ways of transacting revenue.
This, as crypto markets expand, is almost certain to result in fees for BTC transactions. As for owners of Bitcoin, they can expect the value of BTC to rise because halfing makes it more rare.
The ETFs That Follow
The second event on our countdown is an approval of exchange traded funds (ETFs) for Ether.
If this happens, which specialists believe will, ETH becomes available to the institutions more than ever before. And yes, institutions can trigger stints of steady volatility just like we saw with BTC in the months of February and March.
The market now waits on the Security and Exchange Commission (SEC).
Their decision to approve Ether ETFs will be watched, and though no date is set, those involved have reported a May deadline. Once Bitcoin halves, a week or so after, we’ll know Ether’s fate.
To better grasp the developments, it’s best to also look at the current price of BTC and ETH.
– Ether’s Price Action
On March 28, 2024, Ether held within a notable range between $3,000 and $4,000 USD. It now holds a price floor at $3,000, but the market seems to be pacing itself before passing $4,000.
– Bitcoin’s Price Action
Bitcoin finds itself in a similar stance with Ether and is currently trading within a range between $60,300 and $73,000. Its $70,000 price as of March 28, 2024, was reached after BTC rebounded to give investors the expectation that another rally is now underway.
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