Lark Davis, a renowned cryptocurrency expert, has revealed a series of important changes in the Bitcoin environment. He predicts an impending bull run that will be more significant than expected.
Davis’s analysis goes into detail about the significant shifts that are happening and focuses on how institutions and people around the world are accepting BTC , which could cause its value to rise even more.
The expected shock to Bitcoin’s supply is now very close. Miners will only be able to make 450 BTC per day after the recent event that cut their payouts in half.
Davis emphasizes how important US Spot Bitcoin Exchange-Traded Funds (ETFs) are as a major driver. Since the US Securities and Exchange Commission (SEC) gave its approval on January 10, these products have been bought every day by more than 3,000 BTC.
Bitcoin’s ETF Impact Spreads
Notably, BTC went from about $46,000 to $73,000, a rise of almost 60%, after the SEC gave the go-ahead for BTC spot ETFs.
As of now, Hong Kong is the latest place to allow Spot Bitcoin ETFs. The Securities and Futures Commission of Hong Kong gave approval to a number of top asset managers not long ago. This makes the city a central hub for these types of financial products.
Like other price increases caused by these kinds of funds, Hong Kong’s acceptance could cause Bitcoin’s value to rise again.
Other Asian countries, like South Korea, Japan, and Singapore, are interested in following the same legal paths that Hong Kong did when it approved spot ETFs and then opened trading for them. On the other hand, these funds will soon be accepted by the Australia Securities Exchange.
Institutions all over the world are paying attention to these changes, which could make it harder to get a piece of the Bitcoin market and change how its prices work.
Davis points out that Bitcoin is more scarce than ever on exchanges and over-the-counter (OTC) markets, which suggests that the current bull cycle could last longer than expected.
Even though Hong Kong has made progress in regulating Bitcoin, the price has not yet changed significantly. Its price has been fluctuating between $61,000 and $66,000. As a result, many experts think that prices will go down even more in the coming weeks.
The most recent price for Bitcoin is $61,322, which is 1.60% less than it was 24 hours ago. The amount of trading has gone up by 41%, but the market value of the cryptocurrency has gone down by over 1% in the same time period.
