© Reuters.
NEW YORK – The cryptocurrency market faced a major drop today: 's value fell almost 10%, erasing a substantial amount of its market capitalization. The sharp drop comes amid broader market anticipation of increased volatility ahead of the next Bitcoin halving event.
Arthur Hayes, a prominent figure in the cryptocurrency space, had previously predicted a possible drop in the price of Bitcoin, attributing it to the changing policies of the Federal Reserve. Despite the current recession, Hayes remains optimistic about the future of Bitcoin and expects a recovery following the initial impact of the Federal Reserve's policy changes.
In addition to market movements, strategic changes are occurring in the cryptocurrency investment landscape. BlackRock (NYSE:), the world's largest asset manager, is actively seeking approval from the Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange-traded fund (ETF).
This move by BlackRock is seen as a significant step towards widespread financial adoption of cryptocurrencies, indicating growing interest from institutional investors in digital assets.
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