On Tuesday, Coinbase, one of the largest crypto exchange giants, experienced a significant decline in its share price, despite Bitcoin reaching a 21-month high. This decline was part of a broader trend in the crypto stocks market, which appeared overvalued after experiencing substantial price increases in the previous quarter.
Bitcoin surges higher to start 2024
Industry experts are making bold predictions for the price of bitcoin in 2024, citing various factors such as the halving event and the potential approval of a bitcoin ETF in the US. Commentators have predicted prices ranging from $60,000 to $500,000.
Here are four cryptocurrency predictions for 2024.
JPMorgan CEO Jamie Dimon is facing criticism from the crypto community after being named an authorized participant (AP) by BlackRock in its proposed spot Bitcoin ETF application. This comes despite Dimon's previous anti-crypto comments, where he expressed a desire to shut down crypto and claimed its only use case is for facilitating crime.
On Wednesday, just over 28,000 BTC worth $1.19 billion left centralized exchanges, the largest single-day outflow in BTC terms since Dec. 14, 2022.
BlackRock and Valkyrie have named authorized participants, including J.P. Morgan and Jane Street, for their upcoming Bitcoin ETFs.
ARK Invest bought $9.2 million worth of BITO shares and sold $27.6 million worth of Coinbase stock.