Bitcoin Hits Record Highs Just Before The 2024 Halving | Learn

Bitcoin Hits Record Highs

On March 5th, 2024, Bitcoin achieved a new milestone, breaking its previous record high of $68,990.90, which was established in November 2021.

This is a historical event for Bitcoin, as there’s never been such a peak, particularly before the Bitcoin halving events that occur every four years. But what is causing Bitcoin to skyrocket?

Spot Bitcoin ETF: Following the SEC's approval of the Spot Bitcoin ETF, many large institutions have developed these ETFs for their clients. These institutions then purchase large amounts of Bitcoin to support their funds, allowing investors to buy shares of the ETF. This in turn decreases the overall supply of Bitcoin but demand surges. As a result of this, Bitcoin's value is poised for a dramatic increase.
Upcoming 2024 Bitcoin Halving: With just ~44 days until Bitcoin's historic event, the daily creation of new Bitcoin will decrease by 50%. Past Bitcoin halvings, with three halvings to date, have led to Bitcoin's value increasing 18 months post-halving, with Altcoins and other crypto assets similarly experiencing gains.
Potential interest rate cut: Investors are eyeing the Fed's next move with interest rates, with speculation of a possible rate cut. Such cuts often stimulate more borrowing and investment in the market, including crypto assets.

What Could This Mean for Bitcoin in 2024?

Considering these significant factors above, it signals a positive year ahead for growth in the crypto markets. Investors are optimistic about a great year for Bitcoin, with many showing high interest in entering the market to buy and sell this crypto asset.

In the wake of these recent positive trends, along with other events this year, companies like iTrustCapital are shining. An increasing number of investors are recognizing the benefits of leveraging tax-advantaged IRAs for buying and selling crypto assets like Bitcoin (BTC).

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DISCLAIMER

This article is for information purposes only. It does not constitute investment advice in any way. It does not constitute an offer to sell or a solicitation of an offer to buy or sell any cryptocurrency or security or to participate in any investment strategy.

iTrustCapital is a cryptocurrency IRA software platform. It is not an exchange, funding portal, custodian, trust company, licensed broker, dealer, broker-dealer, investment advisor, investment manager, or adviser in the United States or elsewhere. iTrustCapital is not associated with and has no direct relationship with BTC. iTrustCapital is not affiliated with and does not endorse any particular cryptocurrency, precious metal, or investment strategy.

Cryptocurrencies are a speculative investment with risk of loss. Cryptocurrency is not legal tender backed by the United States government, nor is it subject to Federal Deposit Insurance Corporation (“FDIC”) insurance or protections. Clients do not receive a choice of custody partner. The self-directed purchase and sale of cryptocurrency through a cryptocurrency IRA have not been endorsed by the IRS or any regulatory agency. Historical performance is no guarantee of future results.

Some taxes and conditions may apply depending on the type of IRA account. Investors assume the risk of all purchase and sale decisions. iTrustCapital makes no guarantee or representation regarding investors’ ability to profit from any transaction or the tax implications of any transaction. iTrustCapital does not provide legal, investment or tax advice. Consult a qualified legal, investment, or tax professional.

iTrustCapital makes no representation or warranty as to the accuracy or completeness of this information and does not have any liability for any representations (expressed or implied) or omissions from the information contained herein. iTrustCapital disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this information, which is provided as is, without warranties.