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The U.S. Securities and Exchange Commission (SEC) has granted the much-anticipated approval for a spot Bitcoin ETF, leading many market observers to wonder what the next major developments for the cryptocurrency market might be. We have compiled the general expectations for what comes next after the spot Bitcoin ETF approval. Here are four major developments that experts believe will impact the crypto market.
Bitcoin Block Reward Halving to Crown the Spot Bitcoin ETF Approval
Vance Spencer, CEO of Framework Ventures, summarized other major events that will occur this year following the approval of the spot Bitcoin ETF. Spencer pointed to the Bitcoin block reward halving, which is only three months away, as well as the potential for a spot Ethereum ETF, the revival of DeFi, and the interest rate cut cycle as some of the other major events that could impact the crypto market in the coming months. The Bitcoin block reward halving, in particular, has historically been a trigger for significant price increases for the largest cryptocurrency, making it an event of interest for crypto enthusiasts.
While many are concerned about the spot Bitcoin ETF approval and its capacity to raise BTC’s price, “Rich Dad Poor Dad” author Robert Kiyosaki made a notable prediction that Bitcoin will reach $150,000, centering his forecast around the block reward halving. Kiyosaki stated, “The Bitcoin block reward halving is rapidly approaching. Please pay attention to Bitcoin’s block reward halving.” Bitcoin is currently trading at 200% below the famous author’s projection.
On the other hand, there are some obstacles to the anticipated approval of a spot Ethereum ETF within this year. SEC Chairman Gary Gensler is skeptical about Ethereum. Unlike Bitcoin, which is classified as a commodity, Gensler views Ethereum as a security. This uncertainty in Ethereum’s classification is emerging as the biggest hurdle to the approval of a spot ETF.
The Revival of DeFi
Last year, alongside the frenzy for a spot Bitcoin ETF, DeFi faced several serious challenges, especially with multiple hack attacks that stole millions of dollars from various platforms. Spencer expects significant increases in profits and yields in the DeFi sector. In a share via Spencer X, he predicted that the sector’s revenue would see a jump to 1 billion dollars by 2025.
Furthermore, Spencer anticipates that the Federal Reserve, which paused interest rate hikes, will move towards an interest rate cut, especially in the first half of this year. Spencer believes that the interest rate cut cycle will positively affect the entire cryptocurrency market.
