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Home»ADOPTION NEWS»Grayscale said supply dynamics could lead to a rise in Bitcoin prices in 2024.
ADOPTION NEWS

Grayscale said supply dynamics could lead to a rise in Bitcoin prices in 2024.

By Crypto FlexsDecember 2, 20233 Mins Read
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Grayscale said supply dynamics could lead to a rise in Bitcoin prices in 2024.
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Market • December 1, 2023 12:38 PM EST

Posted 1 minute ago In ~

Bitcoin BTC

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Grayscale Investments said Friday that liquidity supplies could decrease early next year due to supply dynamics, coinciding with the possibility of an application for a spot Bitcoin ETF being approved. The research paper adds that these dynamics could have a positive impact on the valuation of digital assets.

“Bitcoin supply is relatively tight ahead of potential investor influx into spot ETF products in the U.S.,” Grayscale said, adding that it could take time for companies to sell a significant portion of their bitcoin into high-value markets. He pointed out that he had it. The asset manager is one of more than a dozen companies currently seeking approval for a spot Bitcoin product from the Securities and Exchange Commission.

The report also stated that next year’s Bitcoin halving may limit the growth of new BTC supply. “The combination of an inelastic Bitcoin supply and potential new investor influx will be positive for valuations in our view,” Grayscale said.

Risk of a ‘hard landing’ for the U.S. economy

However, Grayscale said there are conditions that could counter the claim that a positive price rise for Bitcoin in 2024 is guaranteed. This includes the possibility of a ‘hard landing’ for the US economy next year. The report said such an outcome could see “a resumption of Fed rate hikes, a smaller-than-expected Fed rate cut, or a lengthy delay in regulatory approval for a spot Bitcoin ETF for U.S. markets.”

Grayscale said these risks could significantly hamper the ongoing cryptocurrency recovery, at least in the short term.

The largest digital asset by market capitalization was trading at $38,580 at 11:50 PM ET, up nearly 3% over the past 24 hours, according to The Block data.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Brian McGleenon is a UK markets reporter for The Block. He has worked as a financial journalist and producer for several news outlets such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express over the years. Brian is also a screenwriter and producer with one feature film and one in development at Northern Ireland Screen. In addition to web3 and cryptocurrency development, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity studies. Contact us via email (email protected).
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