Rally

United

Bitcoin

Spot

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/marathon-ceo-highlights-early-bitcoin-rally-due-to-spot-etfs" rel="noopener noreferrer nofollow">Marathon CEO Highlights Early Bitcoin Rally Due to Spot ETFs</a><br></p>
<p style="text-align: justify">Marathon, the largest crypto <a href="https://en.bitcoinhaber.net/bitcoin-halving-clock-ticks-down-assessing-market-impact-and-miner-challenges" rel="noopener noreferrer nofollow">mining</a> firm in the United States, has its CEO Fred Thiel speaking on the significant effects spot <a href="https://en.bitcoinhaber.net/expectations-for-bitcoins-rally-to-continue-unabated" rel="noopener noreferrer nofollow">Bitcoin</a> Exchange-Traded Funds (ETFs) have on the crypto market. In a Bloomberg interview on April 9, Thiel conveyed that the approval of these financial instruments in the U.S. seems to be a catalyst for an early rally in Bitcoin’s price, traditionally expected to follow a block reward halving event.</p>
<h2 id="early-market-movement-and-profit-expectations">Early Market Movement and Profit Expectations</h2>
<p style="text-align: justify">According to Thiel, the market, which usually sees increased capital inflows starting from three to six months post-halving, is witnessing these developments much sooner due to the spot ETFs. He discussed the upcoming halving event, slated to slash the daily Bitcoin creation by approximately 450 units, a change likely to exert upward price pressure. Marathon, benefiting from the early rally, has its profitability hinged on Bitcoin prices remaining above $46,000.</p>
<h2 id="industry-insights-and-price-predictions">Industry Insights and Price Predictions</h2>
<p style="text-align: justify">Differing from the worries about a potential drop in mining hashrate after the halving, Bitcoin mining expert Jaran Mellerud envisages the halving as merely a pause in a long-term uptrend driven by demand increase, not supply reduction. Similarly, <a href="https://en.bitcoinhaber.net/bitcoin-soars-above-47000-as-altcoins-follow-suit-in-market-rally" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange Bitfinex anticipates a possible surge in Bitcoin price, reaching as high as $150,000 post-halving. Contributing to the bullish sentiment, investor and analyst Oliver Isaacs points out the historically low BTC supplies on exchanges and the potential approval of spot-based Bitcoin products by various countries, hinting at an impending supply shock.</p>
<h2 id="implications-for-the-reader">Implications for the Reader</h2>
<ul>
 <li>The early Bitcoin rally triggered by spot ETFs could represent an advantageous period for investors to enter the market.</li>
 <li>Marathon’s profitability and the broader mining industry’s health hinge on Bitcoin’s price stability, serving as a metric for investors tracking sector performance.</li>
 <li>Upcoming block reward halving and the concomitant price predictions offer a strategic planning horizon for both individual and institutional investors.</li>
</ul>
<p style="text-align: justify">Despite these bullish forecasts, Bitcoin’s price action has been somewhat static, hovering around the $60,000 mark since mid-March, with the market appearing to be in a consolidation phase rather than on the brink of a major price movement.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/marathon-ceo-highlights-early-bitcoin-rally-due-to-spot-etfs" rel="noopener noreferrer nofollow">Marathon CEO Highlights Early Bitcoin Rally Due to Spot ETFs</a></h5>

Marathon CEO Highlights Early Bitcoin Rally Due to Spot ETFs

Table of Contents

BH NEWS

Další články publikované 10. 4. 2024

Whales Are Buying This Crypto After Solana Meme Coins

Robert Kiyosaki says U.S. is going bankrupt and stocks will crash

Revolutionizing Sports Betting: AI’s Impact and Future

Bitcoin (BTC) Price Analysis: Is This the Final Leg Up to $100K?

Hong Kong Approves Harvest & Huaxia for Bitcoin ETF: Launch Imminent

Just In: Hong Kong set to introduce four spot Bitcoin ETFs this April

Join our free newsletter for daily crypto updates!