Accéder au contenu principal

Grayscale Explains How Bitcoin Price Could Be Bolstered By Supply Dynamics In 2024

Bitcoin and its price prospects in 2024 have been one of the primary subjects of discussion in the cryptocurrency space over the past few months. Grayscale is among the latest entities to discuss the premier cryptocurrency and speculate on its valuation in the fast-approaching new year.

The crypto asset manager has offered a unique insight into how Bitcoin’s supply dynamics could have a positive impact on the price of the digital currency.

Here’s How Fundamentals Can Influence Bitcoin Price – Grayscale

In a research report published on December 1, Grayscale said that Bitcoin’s supply dynamics may give rise to reduced liquid supply in 2024. And the asset management firm believes that this type of dynamic could cause an increase in the valuation of the premier cryptocurrency next year.

“Bitcoin’s supply is relatively “tight” ahead of potential investor inflows into spot ETF products in the US,” Grayscale stated in the report on Friday. To support this stance, the asset manager cited a Glassnode data that shows that the share of BTC’s supply held by short-term speculators has reached an all-time low.

Furthermore, Grayscale mentioned that a significant portion of BTC is held by entities that may be unwilling to sell into an appreciated market. Moreover, there will be a limit to the growth of new token supply, with the next Bitcoin halving scheduled for 2024.

Grayscale concluded:

This combination of inelastic Bitcoin supply and potential new investor inflows should be positive for valuations, in our view.

As of this writing, BTC is valued at $38,785, reflecting a 1.6% price increase in the past 24 hours. Although the premier cryptocurrency struggled at the beginning of this week, it displayed some positive momentum in the past few days, with $39,000 looking almost inevitable at the moment.

Risks To Positive BTC Valuation In 2024?

Grayscale mentioned that there are scenarios that could pose a risk to the positive outlook for Bitcoin in 2024. According to the asset management firm, these threats “could hold back the crypto recovery, at least over the near term.”

One of these highlighted risks is a “hard landing” (recession) for the United States economy, which could ultimately result in a resumption of Fed rate increases or fewer-than-expected Fed rate cuts. 

Another circumstance that can jeopardize the possibility of a positive valuation for Bitcoin in 2024 is a further delay in regulatory approval of a spot exchange-traded fund (ETF) in the US, according to Grayscale.

It is worth mentioning that the asset manager is one of the several companies currently seeking the approval of the Securities and Exchange Commission (SEC) to launch a spot Bitcoin fund in the United States.

BTC price hovers around $39,000 o the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from Business Wire, chart from TradingView


Source link

The post Grayscale Explains How Bitcoin Price Could Be Bolstered By Supply Dynamics In 2024 appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Jojobet (464)

Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Geri dönüşü yüksek bir heyecana hazır olun! Heybetli rekabet atmosferinde keyifli bir oyun deneyimi sunan öncü bir bahis platformuna hoş geldiniz. İnternetin en güvenilir ve güçlü adreslerinden biri olarak, size en üst düzey kalite standartlarına sahip online bahis fırsatlarını sunmaktan gurur duyuyoruz. Bahis ve şans oyunları tutkunlarının beklentilerini aşan kapsamlı hizmetlerimizle sizi unutulmaz bir yolculuğa çıkarmak için buradayız. Profesyonel ekibimiz, Türkiye’nin en donanımlı ihtiyaçlarına uygun olarak sürekli yenilenen bahis seçenekleriyle geniş bir kumarhane atmosferi ile etkileyici deneyimler sunar. Farklı spor dallarında eşsiz tahmin ve analiz araçlarıyla dolu olan platformumuz, kazandıran oranlarla sizden tam not alacaktır. En yeni teknolojik yazılım alt yapımız sayesinde, kesintisiz ve sorunsuz oyunculuk deneyiminin tadını çıkarabilirsiniz. Şansın, yetene...
Enregistrer un commentaire
Lire la suite

Space loves AI, AI doesn’t love Space

Space-related applications of artificial intelligence and machine learning are often confined to the ground because moving AI onboard satellites, while promising, is significantly more difficult. “Running AI in space is like running a marathon on the moon — impressive if achieved, but limited by the environment,” said Sylvester Kaczmarek, chief technology officer at OrbiSky Systems, a London startup focused on AI edge operations. Advanced processors are power hungry, meaning satellites with onboard AI require large solar panels and extra batteries. Plus, “radiation in space can fry electronics,” Kaczmarek said. Power management is another problem. Many AI devices require very high currents at low voltages. “The demands that AI devices place on power management are new to the space industry,” said Bert Vermeire, Voyager Space chief technology officer. “There are no good solutions with space heritage and it is difficult to identify efficient and small form factor power and manageme...
Enregistrer un commentaire
Lire la suite

Earn BIG Commissions in 2023

In this post, we’re looking at the best niches for affiliate marketing . So, if you’re struggling to choose a niche for your blog or YouTube channel, this list will help. In this list, you’ll learn some key information to help you determine which is the right niche to choose for you. Information like: How big the niche is and its market share The products you can promote Sub niche ideas And some commission rates you can expect Keep reading. Best Niches for Affiliate Marketing We’ve researched and broken down 21 of the best niches for affiliate marketing, so you don’t have to. Let’s dive in. 1. Artificial Intelligence The Artificial Intelligence industry has exploded in recent years and is projected to be valued at close to US$2 trillion by 2030. That’s what makes this one of the best niches for affiliate marketing today. There is also a wide range of AI tools to promote with generous commissions. For example, LinkWhisper is an AI content optimization tool for SEO of...
Enregistrer un commentaire
Lire la suite