why is Bitcoin rising in 2024 ?
The allocation of institutional players and increasing retail participation as a result of Spot Bitcoin ETFs and the impending Bitcoin Halving event have been the main causes of the price
Bitcoin boomed when interest rates declined during the pandemic with more people borrowing and investing money easily. During Russia’s invasion of Ukraine, interest rates soared and bitcoin shrank.
Though interest rates remain high in the early 2024, Federal Reserve suggested in December that it will not increase interest rates and implement cuts. This decreased inflation gradually, and the US economy became more resilient, adding more than 353,000 jobs in January.
In January, nine bitcoin ETFs entered the market, which resulted in $4 billion in trading on their first day of availability.
