Key Price Drivers for Bitcoin This Month
The recent surge in Bitcoin (BTC)’s price is driven by anticipation of regulatory approvals, institutional interest, and market dynamics. The market is optimistic about the US Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs), which has led to a 49% price increase since October 2023. The upcoming Bitcoin halving in April is also expected to contribute to price increases due to a reduced supply of new coins. Additionally, the activity in the futures market and positive funding rates indicate a bullish sentiment among investors. Institutional investors are showing constructive sentiment, as indicated by the upward shifts in the futures curve.
CoinTracking Crypto News Today: Crypto Tax Tool for UK Investors Launched
CoinTracking has launched a crypto tax tool for UK investors to simplify their tax reporting. The software allows investors to track their portfolios by importing trades from various exchanges, wallets, and blockchain networks. It offers advanced reporting features and helps investors identify coins eligible for lower tax rates based on holding periods. CoinTracking supports gains calculations according to the valid accounting method in the UK. Investors can also opt for CoinTracking Full-Service, which provides expert assistance with tax reporting for complex trades.
OKX Ventures Invests in Web3 Gaming Company Matr1x
OKX Ventures has made a strategic investment in Matr1x, a Web3 gaming company that focuses on cyberpunk-themed e-sports games. Matr1x has raised $20 million from venture capital firms and is developing Matr1x Fire, a first-person shooting game with NFT integration. The game revolves around a conflict between data cartels and a decentralized resistance. It will be available on mobile and desktop platforms.
KuCoin Ends 2023 With a 106% Surge in Spot Volumes and User Base of 31 Million
KuCoin has reported a 16% year-over-year increase in its user base, which now stands at nearly 31 million. The exchange saw significant growth in Latin America, the Middle East and Africa, and Europe. In the last quarter of 2023, spot trading volume experienced a 106% jump, with significant growth observed in Europe, Latin America, and the Middle East and Africa. KuCoin added 149 new assets, bringing the total to 830 digital assets supported on the platform.
Hot Take: Key Price Drivers for Bitcoin This Month
The surge in Bitcoin’s price this month can be attributed to several key factors. First, there is anticipation of regulatory approvals, particularly regarding the approval of spot Bitcoin ETFs by the SEC. Second, the upcoming Bitcoin halving is expected to reduce the supply of new coins and contribute to price increases. Third, the activity in the futures market and positive funding rates indicate a bullish sentiment among investors. Lastly, institutional investors are showing constructive sentiment towards Bitcoin. Overall, these factors have contributed to the recent surge in Bitcoin’s price.
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