Delhi Delhi. After a rocky start to the year, Bitcoin's price hasn't seen much of an uptick in the past three months. The crypto leader has fluctuated between $56,000 and $63,000 so far in the second half of the year – while in the first six months it had jumped 45%, surpassing the U.S. index that tracks its spot price. was inspired by the launch of exchange-traded funds (ETFs).
Now market players are eyeing potential new crypto catalysts for the year-end and early 2025 U.S. Beyond broad market-moving events like changes in interest rates and the U.S. presidential election.U.K. Trader Jake Ostrowski of crypto firm Wintermute is looking forward to the upcoming launch of options on BlackRock's Spot Bitcoin ETF, a new product he believes will attract more U.S. investors following its approval by the Securities and Exchange Commission last month. . Can attract retail money.
Since regulators view bitcoin as a commodity, such options may also need the green light from the Commodity Futures Trading Commission, which oversees commodity derivatives, said Youwei Yang, chief economist at BIT Mining. “If successful…(ETF options) could increase Bitcoin’s market sophistication and volatility, leading to increased institutional and retail engagement,” Yang said. This has been quite good for crypto as the U.S. The anticipation and approval of the ETF helped increase Bitcoin activity globally. The total size of the cryptocurrency market has grown to $2.2 trillion as of October 1 this year, up from $8.3 billion at the start of 2023, according to CoinGecko data.
“We have seen a significant increase in institutional on-boarding and trading activity this year,” Ostrowski said, adding that there was strong demand for platforms and services for digital assets that resemble traditional financial structures. Bitcoin's notoriously volatile 90-day volatility has fallen from 67% in mid-2020 to 42% this year, according to Deutsche Bank data. Market watchers have warned that Bitcoin still shows a strong correlation with other cryptocurrencies and is likely to be one of the first assets to be dumped by uncertainty and risk-averse investors; For example, Bitcoin fell 5% last week on a new increase in hostilities in the Middle East.
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