Lark Davis, a well-known cryptocurrency analyst and trader, has identified several significant developments in the
According to the analyst, there is about to be a big shock to the Bitcoin supply. This is a result of miners now being able to produce just 450 BTC each day, due to the recently concluded
The latest country to approve the Spot Bitcoin ETFs is Hong Kong. Two weeks ago, the Securities and Futures Commission of Hong Kong granted approval for
Hong Kong’s move to approve the spot ETF products, which have already started trading today, has inspired other Asian countries, such as South Korea, Japan, and Singapore, to consider doing the same. On the other hand, the Australia Securities Exchange is already on the verge of accepting the funds within the year.
As a result of these developments, institutions from all around the world are vying for a share of the Bitcoin market. This could trigger a much broader adoption of BTC, thereby impacting prices significantly.
Davis highlighted that the availability of Bitcoin on all exchanges is presently at a record low, and the OTC desks are getting low. Due to this, the crypto expert believes this current bull cycle will be far crazier than predicted.
Despite the funds clearance in Hong Kong,
Bitcoin is currently trading at $61,322, indicating a decline of 1.60% in the last 24 hours. Its trading volume has increased by 41%, but its market cap is down by over 1% in the past day.