2024-01-02 14:42:25
The quote of bitcointhe reference cryptocurrency, has surpassed the barrier of $45,000 (40,767 euros) boosted by the anticipated cycle change in monetary policy, as well as the expectation of the upcoming approval of a bitcoin ETF by the United States Securities and Exchange Commission (SEC). In this way, the price of bitcoin climbed more than 6% to reach $45,630, the highest since April 2022, before what was called criptoinvierno initiated by the succession of bankruptcies and interventions in intermediation firms, which culminated in November 2022 with the bankruptcy of FTX.
‘Halving’
Bitcoin continues its climb that has seen a revaluation of 21% since December 2023 and an impressive 174% in one year. Investors have returned to bitcoin due to the conviction that the approval of regulated instruments for investment in cryptocurrencies can boost the price. Lower interest rates in the US also have a positive effect on the price of cryptocurrencies. The next bitcoin ‘halving’ also influences, which in practice means an increase in the cost of their generation due to mining (technical process that rewards bitcoins for generating calculations). The ‘halving’ is the automatic emission reduction process that occurs every 210,000 cryptocurrency generation blocks. Its purpose is to reduce the rate of issuance of the bitcoin monetary supply, and experts had already predicted that it will have a clear effect on the revaluation of the reference asset.
The fact that the SEC will rule in the coming days on the expected authorization of the launch of a bitcoin spot ETFwhose deadline is set for next January 10, may mean an unlocking of investments in cryptocurrencies, by influencing their future liquidity and establishing bridges for their conversion into legal tender currencies.
In the opinion of Claudio Wewel, currency strategist at J. Safra Sarasin Sustainable AM, the ‘halving’ or Halving the generated volume of bictoin “could be especially significant for minersas the cost of energy has remained substantially above levels prior to the last halving.” Wewel admits that overall, the bitcoin halving is seen as “a positive tailwind among crypto investors and has probably contributed to the recent rally”, since in 2012, 2016 and 2020 bitcoin experienced a prolonged rally after the ‘halvings’. Despite this, there is no consensus on whether the previous increases were due to these ‘halvings’ or other causes.
ETF
ETFs are a set of financial assets that replicate the movements of an index or market. (stocks, raw materials, currencies…). In this case they will be financial instruments linked to the price of bitcoin. The idea is that they can be bought and sold on the stock market at any time as if trading shares, that is, they behave like a security.
Among the companies that have publicly shown their intention to bet on investment instruments based on bitcoin are Ark Investments y 21Shares, así como Valkyrie, Bitwise, WisdomTree, Franklin Templeton, BlackRock, VanEck e Invesco. Dozens of asset managers would be interested in participating in a succulent intermediation business opened by ETFs.
Until now, The only approved cryptocurrency ETFs have been tied to bitcoin and ethereum futures contracts on the Chicago Mercantile Exchange.. Intermediation costs will be around 0.80% of the investment, although some may be even lower. During recent years, the US securities regulator has rejected multiple attempts to launch these products, due to concerns about solvency, high risk for investors and difficult supervision to avoid price manipulation.
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