The report was published by the Roscongress Foundation, Russia’s leading conference organizer. According to Russian experts, the Bitcoin bull market trend is about to falter. They said that Bitcoin’s recent price increase is related to speculative games surrounding the approval of a Bitcoin ETF. The recent trends in Bitcoin price are almost similar to what happened in 2017, with Russian experts saying that the popularity of cryptocurrency and Bitcoin has decreased compared to 2017.
The opinions of Russian experts reaffirm that spot Bitcoin exchange-traded funds will provide a wider customer base for cryptocurrency investments. The Bitcoin transaction protocol that supports mining poses a major threat to the overall integrity of the existing financial ecosystem.
Crypto assets are not suitable for offsetting purposes and are therefore not a preferred option for full inclusion in the traditional financial ecosystem. Offsetting, a financial jargon, refers to the presentation of assets, liabilities, expenses, and income in financial statements. Market data highlights that the investment community will treat high-risk assets and technology stocks equally.
The report’s authors said Bitcoin is more closely tied to stock market trends than coveted assets like gold. They point out that Bitcoin belongs to a class of high-risk speculative assets. Russian experts have highlighted the lukewarm response of the Bitcoin market to the April halving event. It is a well-known fact that the behavior of assets depends on the investor’s willingness to take risks, and Russian experts unanimously agree with this point of view. The report indicates the impact of the approval of Bitcoin and U.S. spot Bitcoin exchange-traded funds.
According to a Russian expert, the temporary price surge was caused by speculative play by cryptocurrency investors looking to cash in on the approval of an exchange-traded fund in the United States. Their statement shows that the range of Bitcoin price predictions for the end of 2024 is unimaginably wide. The average highest Bitcoin price prediction is $121,764 and the average lowest price is $50,318. The report’s authors noted a notable increase in market capitalization of stablecoins since 2017. Bitcoin’s market cap increase has paved the way for a new Bitcoin bull market trend in 2021 and 2024. The popularization of cryptocurrency is the root cause of the Bitcoin price rise in 2017.
The rapid increase in stablecoin supply and price migration to virtual space are contributing factors to the rise in Bitcoin price in 2021. Bitcoin’s price surge in 2024 is a response to the recovery in stablecoin supply, and Russian experts say Bitcoin and altcoin mining will see dramatic growth by 2024.
Recent developments have not generated a similar buzz as the situation in 2017, and short-term price fluctuations are common as speculation is an unavoidable element of broader cryptocurrency market trends. The enthusiasm surrounding the recent surge in Bitcoin prices is a product of the cautious approach of global investors. This can also be said to reflect broader hesitation in global financial markets.