The approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) is expected to bring in billions of dollars into the Bitcoin market. Analysts believe that the anticipated rate cuts in March 2024 could trigger a rally in cryptocurrencies, coinciding with the Bitcoin halving scheduled for April 2024.
Today, Bitcoin’s price saw a 1.77% increase, reaching $35,337.98, while trading volumes surged by 27.62%. This upward trend can be attributed to the Federal Reserve’s dovish stance, which has been received positively by the market. Analysts have set a target price of $50,000 for Bitcoin, reflecting the overall bullish sentiment.
In other news related to digital assets, whales were observed receiving 300 million MEME tokens today, indicating significant activity in the altcoin market. Additionally, HSBC has announced its plans to offer digital asset custodial services, marking yet another step towards the mainstream adoption of cryptocurrencies by traditional financial institutions.
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