In the volatile world of cryptocurrencies, Bitcoin is at a major inflection point, trading at $43,631 on Friday, up 0.96%. This increase is partly due to Marathon Digital's results in December, when 1,853 bitcoins were mined.
Amid regulatory changes such as India's increased oversight of exchanges, optimism is rising in the cryptocurrency market, especially amid talk of approving a Bitcoin spot ETF.
Adding to the hype, influential Rich Dad Poor Dad author Robert Kiyosaki advised investors to be on the lookout for Bitcoin's imminent doubling, which could have a big impact on the price.
Digital mining marathon record: 1,853 Bitcoins in December
Marathon Digital Holdings, a popular Bitcoin miner, had a record-breaking month in December with an incredible 1,853 Bitcoins mined, a 56% increase from November and an incredible 290% year-over-year increase.
Marathon attributes this achievement to an 18.4 percent increase in monthly hash rate, reaching 22.4 breaths per second. The company's CEO, Fred Thiel, announced massive growth plans aimed at increasing the number of active hashes by 30% by 2024 and 50 exohashes in the next 18 to 24 months.
Marathon's extraordinary success is consistent with broader trends in bitcoin mining operations that could potentially impact large-scale employment expansion and volatility in bitcoin supply and demand.
India's currency restrictions reduce optimism about Bitcoin ETFs
The cryptocurrency market is off to a strong start in 2024, with news and ETF analysts predicting that spot bitcoin ETFs will soon be approved in the United States. As expectations grew, Bitcoin price peaked in April 2022 above $45,000 before falling slightly to $44,000.
The total cryptocurrency market capitalization surpassed $1.68 trillion, the highest since May 2022. Meanwhile, India's financial intelligence unit warned nine international cryptocurrency exchanges, including Binance and Kraken, accusing them of "illegal" operations and their websites.
Recent developments surrounding bitcoin ETF spot filings will weigh on investor confidence and bitcoin prices as 14 asset management firms, including BlackRock and Fidelity, seek SEC approval as the market awaits a regulators' decision.
Robert Kiasaki highlights the importance of doubling Bitcoin
Renowned writer and author of Rich Dad Poor Dad, Robert Kiyosaki, advises investors to closely monitor the upcoming Bitcoin halving in April. Kiyosaki, who recently admitted to being $1 billion in debt, advises investors to focus on bitcoin, gold and silver in January, February and March. He supports alternative investments and is skeptical of the US dollar as he uses credit to buy high-value assets like bitcoin.
Kiyosaki's alternative approach to finance, which emphasizes wealth creation rather than traditional savings, is consistent with his preference for gold, silver and bitcoin.
The expected Bitcoin halving, along with the SEC's approval of spot ETFs, are fueling bullish BTC price forecasts, with industry leaders predicting demand will rebound after a drop by above $148,000.