Month: December 2023

Exclusive Capital’s ‘Christmas in Love’ Continues

Posted on by Exclusive Capital Team

From our Exclusive Family to yours, we wish you a Merry Christmas, a Happy New Year, and abundant love.

From our Exclusive Family to yours, we wish you a Merry Christmas, a Happy New Year, and abundant love.

As a company deeply rooted in community values, we understand that true success is measured by the positive impact we make on the lives of those around us. There is an undeniable magic in bringing smiles to the faces of children and families facing challenging times, and that is what Christmas is about.

From our Exclusive Family to yours, we wish you a Merry Christmas, a Happy New Year, and abundant love.

As a company deeply rooted in community values, we understand that true success is measured by the positive impact we make on the lives of those around us. There is an undeniable magic in bringing smiles to the faces of children and families facing challenging times, and that is what Christmas is about.

From our Exclusive Family to yours, we wish you a Merry Christmas, a Happy New Year, and abundant love.

This year, Exclusive Capital has again extended support to five deserving families whose children attend the Episkopi Primary School in Limassol, providing them with gift cards for clothes, shoes and groceries. In addition, a total of 328 specially curated gift boxes, each filled with delightful treats, were presented to all the students at the school. 

As a company deeply rooted in community values, we understand that true success is measured by the positive impact we make on the lives of those around us. There is an undeniable magic in bringing smiles to the faces of children and families facing challenging times, and that is what Christmas is about.

From our Exclusive Family to yours, we wish you a Merry Christmas, a Happy New Year, and abundant love.

This year, Exclusive Capital has again extended support to five deserving families whose children attend the Episkopi Primary School in Limassol, providing them with gift cards for clothes, shoes and groceries. In addition, a total of 328 specially curated gift boxes, each filled with delightful treats, were presented to all the students at the school. 

As a company deeply rooted in community values, we understand that true success is measured by the positive impact we make on the lives of those around us. There is an undeniable magic in bringing smiles to the faces of children and families facing challenging times, and that is what Christmas is about.

From our Exclusive Family to yours, we wish you a Merry Christmas, a Happy New Year, and abundant love.

Every year during the holiday season, the air of Exclusive Capital is filled with holiday magic as we continue our cherished tradition – ‘Christmas in Love’. This annual initiative reflects our commitment to giving back to our local community, rooted in our belief that the true magic of Christmas lies in the act of giving. 

This year, Exclusive Capital has again extended support to five deserving families whose children attend the Episkopi Primary School in Limassol, providing them with gift cards for clothes, shoes and groceries. In addition, a total of 328 specially curated gift boxes, each filled with delightful treats, were presented to all the students at the school. 

As a company deeply rooted in community values, we understand that true success is measured by the positive impact we make on the lives of those around us. There is an undeniable magic in bringing smiles to the faces of children and families facing challenging times, and that is what Christmas is about.

From our Exclusive Family to yours, we wish you a Merry Christmas, a Happy New Year, and abundant love.

Brent oil sinks 4% to a 5-month low of $74 on bearish fundamentals

Posted on by Vrasidas Neofytou

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

The market has been more focused on the demand destruction coming from the weak global economy rather than the fears of a possible supply disruption from the Middle East tension or the recent OPEC+ output cuts.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

The market has been more focused on the demand destruction coming from the weak global economy rather than the fears of a possible supply disruption from the Middle East tension or the recent OPEC+ output cuts.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

Energy traders have become net sellers on the crude contracts during the final quarter of the year, sending prices to their lowest levels since July on demand-supply differentials, despite the geopolitical risks and OPEC+ cuts.

The market has been more focused on the demand destruction coming from the weak global economy rather than the fears of a possible supply disruption from the Middle East tension or the recent OPEC+ output cuts.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

Energy traders have become net sellers on the crude contracts during the final quarter of the year, sending prices to their lowest levels since July on demand-supply differentials, despite the geopolitical risks and OPEC+ cuts.

The market has been more focused on the demand destruction coming from the weak global economy rather than the fears of a possible supply disruption from the Middle East tension or the recent OPEC+ output cuts.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

Brent crude oil, Daily chart

Energy traders have become net sellers on the crude contracts during the final quarter of the year, sending prices to their lowest levels since July on demand-supply differentials, despite the geopolitical risks and OPEC+ cuts.

The market has been more focused on the demand destruction coming from the weak global economy rather than the fears of a possible supply disruption from the Middle East tension or the recent OPEC+ output cuts.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

Brent crude oil, Daily chart

Energy traders have become net sellers on the crude contracts during the final quarter of the year, sending prices to their lowest levels since July on demand-supply differentials, despite the geopolitical risks and OPEC+ cuts.

The market has been more focused on the demand destruction coming from the weak global economy rather than the fears of a possible supply disruption from the Middle East tension or the recent OPEC+ output cuts.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

Brent crude oil, Daily chart

Energy traders have become net sellers on the crude contracts during the final quarter of the year, sending prices to their lowest levels since July on demand-supply differentials, despite the geopolitical risks and OPEC+ cuts.

The market has been more focused on the demand destruction coming from the weak global economy rather than the fears of a possible supply disruption from the Middle East tension or the recent OPEC+ output cuts.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

Brent and WTI crude oil hit fresh 5-month lows of $74/b and $69/b respectively on Wednesday, or down nearly -4%, amid growing concerns over fuel demand on the clouded outlook for China’s economic health, coupled with the oversupply conditions.

Brent crude oil, Daily chart

Energy traders have become net sellers on the crude contracts during the final quarter of the year, sending prices to their lowest levels since July on demand-supply differentials, despite the geopolitical risks and OPEC+ cuts.

The market has been more focused on the demand destruction coming from the weak global economy rather than the fears of a possible supply disruption from the Middle East tension or the recent OPEC+ output cuts.

In this context, the oil prices have fallen nearly 20% since the Hamas attack on Israel in early October, and about 10% since OPEC+ announced a combined 2.2 million barrels per day of voluntary output cuts for the first quarter of next year.

The falling oil prices reflect the concerns over lagging petroleum demand from China, as the world’s second-largest fuel consumer has shown signals of economic and trade slowdown in the last few months, while the rating agency Moody’s put a downgrade warning on China’s sovereign credit rating.

Chinese customs data showed that crude oil imports in November fell 9% from a year earlier, as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

The unexpected record-high oil production from some non-OPEC countries such as the USA, Canada, and Guyana has also been weighing on crude prices. The U.S. average daily production in September topped 13.24 million barrels according to EIA https://oilprice.com/Energy/Crude-Oil/US-Record-Breaking-Oil-Output-One-More-Blow-to-OPEC.html, with Shale drillers leading in the output growth.

The selloff in crude oil prices came despite the decision by the OPEC+ group to place a 2.2 million barrel-a-day production cut through the first quarter of 2024, with the intent of boosting crude prices and smoothing out distortions in the oil market.

However, the decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, which expected the cartel to deliver more production cuts in 2024 to stop the speculation and volatility in the oil markets.

Bitcoin exceeds $41,500 on ETF optimism and Bitcoin halving

Posted on by Vrasidas Neofytou

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Hence, the Bitcoin halving event scheduled for May 2024 is another bullish catalyst for the recent price rally, reducing the available supply of new Bitcoin coins into the market.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Hence, the Bitcoin halving event scheduled for May 2024 is another bullish catalyst for the recent price rally, reducing the available supply of new Bitcoin coins into the market.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Blackrock, the world’s largest asset manager, has proposed a spot Bitcoin exchange-traded fund (ETF) with the SEC in early summer, which it would be able to buy Bitcoin at the end of the trading day to bring the fund’s assets in line with its trading price, while a Bitcoin Trust does not have the ability to do this.

Hence, the Bitcoin halving event scheduled for May 2024 is another bullish catalyst for the recent price rally, reducing the available supply of new Bitcoin coins into the market.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Blackrock, the world’s largest asset manager, has proposed a spot Bitcoin exchange-traded fund (ETF) with the SEC in early summer, which it would be able to buy Bitcoin at the end of the trading day to bring the fund’s assets in line with its trading price, while a Bitcoin Trust does not have the ability to do this.

Hence, the Bitcoin halving event scheduled for May 2024 is another bullish catalyst for the recent price rally, reducing the available supply of new Bitcoin coins into the market.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

A spot Bitcoin ETF could allow previously cautious retail and institutional investors access to the crypto ecosystem via the U.S. stock market (who have previously been reluctant to touch crypto), leading a fresh wave of capital into the sector, especially from the $14 trillion-worth U.S. financial market.

Blackrock, the world’s largest asset manager, has proposed a spot Bitcoin exchange-traded fund (ETF) with the SEC in early summer, which it would be able to buy Bitcoin at the end of the trading day to bring the fund’s assets in line with its trading price, while a Bitcoin Trust does not have the ability to do this.

Hence, the Bitcoin halving event scheduled for May 2024 is another bullish catalyst for the recent price rally, reducing the available supply of new Bitcoin coins into the market.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

A spot Bitcoin ETF could allow previously cautious retail and institutional investors access to the crypto ecosystem via the U.S. stock market (who have previously been reluctant to touch crypto), leading a fresh wave of capital into the sector, especially from the $14 trillion-worth U.S. financial market.

Blackrock, the world’s largest asset manager, has proposed a spot Bitcoin exchange-traded fund (ETF) with the SEC in early summer, which it would be able to buy Bitcoin at the end of the trading day to bring the fund’s assets in line with its trading price, while a Bitcoin Trust does not have the ability to do this.

Hence, the Bitcoin halving event scheduled for May 2024 is another bullish catalyst for the recent price rally, reducing the available supply of new Bitcoin coins into the market.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

The world’s largest digital currency by market cap and the other altcoins and meme tokens are attracting renewed attention, amid growing confidence that a Bitcoin spot ETF is soon to be approved by federal regulators-SEC.

A spot Bitcoin ETF could allow previously cautious retail and institutional investors access to the crypto ecosystem via the U.S. stock market (who have previously been reluctant to touch crypto), leading a fresh wave of capital into the sector, especially from the $14 trillion-worth U.S. financial market.

Blackrock, the world’s largest asset manager, has proposed a spot Bitcoin exchange-traded fund (ETF) with the SEC in early summer, which it would be able to buy Bitcoin at the end of the trading day to bring the fund’s assets in line with its trading price, while a Bitcoin Trust does not have the ability to do this.

Hence, the Bitcoin halving event scheduled for May 2024 is another bullish catalyst for the recent price rally, reducing the available supply of new Bitcoin coins into the market.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

The world’s largest digital currency by market cap and the other altcoins and meme tokens are attracting renewed attention, amid growing confidence that a Bitcoin spot ETF is soon to be approved by federal regulators-SEC.

A spot Bitcoin ETF could allow previously cautious retail and institutional investors access to the crypto ecosystem via the U.S. stock market (who have previously been reluctant to touch crypto), leading a fresh wave of capital into the sector, especially from the $14 trillion-worth U.S. financial market.

Blackrock, the world’s largest asset manager, has proposed a spot Bitcoin exchange-traded fund (ETF) with the SEC in early summer, which it would be able to buy Bitcoin at the end of the trading day to bring the fund’s assets in line with its trading price, while a Bitcoin Trust does not have the ability to do this.

Hence, the Bitcoin halving event scheduled for May 2024 is another bullish catalyst for the recent price rally, reducing the available supply of new Bitcoin coins into the market.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Bitcoin broke past $41,500 Monday morning, posting a fresh 18-month high, continuing its climb from $27,000 starting in October, while Ethereum climbed as high as $2,260, and Solana to $65, on growing optimism over a looming approval of U.S. spot-based Bitcoin ETF approval, as well as the bitcoin halving in 2024.

The world’s largest digital currency by market cap and the other altcoins and meme tokens are attracting renewed attention, amid growing confidence that a Bitcoin spot ETF is soon to be approved by federal regulators-SEC.

A spot Bitcoin ETF could allow previously cautious retail and institutional investors access to the crypto ecosystem via the U.S. stock market (who have previously been reluctant to touch crypto), leading a fresh wave of capital into the sector, especially from the $14 trillion-worth U.S. financial market.

Blackrock, the world’s largest asset manager, has proposed a spot Bitcoin exchange-traded fund (ETF) with the SEC in early summer, which it would be able to buy Bitcoin at the end of the trading day to bring the fund’s assets in line with its trading price, while a Bitcoin Trust does not have the ability to do this.

Hence, the Bitcoin halving event scheduled for May 2024 is another bullish catalyst for the recent price rally, reducing the available supply of new Bitcoin coins into the market.

Halving is when miners, which are entities who uphold the Bitcoin network, see the rewards for their work cut in half, keeping a cap on the supply of Bitcoin (of which there will only be 21 million coins) and is often a factor behind a new rally.

The Bitcoin halving events in 2012, 2016, and 2020, were all followed by new all-time highs for Bitcoin in the following 12 months, with traders speculating a repeat of the rally again in 2024.

Market reaction:

In the above context, traders have turned very bullish across the crypto ecosystem, with Bitcoin breaking above $40,000 for the first time since April 2022, surging up to $41,700, posting 11% gains in the last 7 trading days, and gaining nearly 150% since the start of 2023.

BTC/USD, Daily chart

Ether, the coin linked to the Ethereum blockchain network, also made a 1-1/2 year high on Monday, hitting $2,253, posting 10% gains in the last 7 trading days, and nearly 90% year-to-day.

The growing excitement that a Bitcoin exchange-traded fund (ETF) may soon be approved has triggered a rally in altcoins and meme tokens as well, with Solana climbing to $65, XRP to $0.65, Cardano to $0.42, Dogecoin to $0.091, and Shiba Inu to $0.0000094.

Solana’s gains exceeded 540% year-to-date, followed by Link’s 190% yearly gains, while Avalanche gained 110%, XRP added 90%, and Cardano 70% in the same period.

Exclusive Change Capital Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under the licence number CIF 330/17. Exclusive Capital Ltd operates in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union.

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