 Hello and welcome to Make Money Territory, in this video we will be talking about the latest update on Bitcoin. Bitcoin, the leading cryptocurrency, had reached unprecedented highs due to the upcoming spot ETF approval and the general market surge. However with the recent drop, concerns arise about its future, the price drop has raised questions about whether Bitcoin will fall below the $40,000 mark. It's reaching an all-time high of $69,000 in November 2019, Bitcoin has been experiencing a downward trend. The institutional interest in the leading cryptocurrency and the pending approval of the spot ETF have contributed to a significant surge in Bitcoin's value. Additionally, the halving event, expected to take place in April 2024, has pushed Bitcoin above the $40,000 mark, which had not been seen for a long time. The Bitcoin halving is a pre-programmed event that reduces the reward given to crypto miners by half approximately every four years. The halving is essential because it ensures that the supply of Bitcoin is kept in check and prevents inflation. The reduction of mining rewards means that the demand for Bitcoin is expected to increase and its value is likely to surge in response. It is anticipated to happen every 210,000 blocks or roughly every four years, with the most recent halving occurred in May 2020, reducing the reward from 12.5 to 6.25 BTC per block. The Bitcoin halving plays a crucial role in the long-term viability and scarcity of Bitcoin. The halving event is a development that causes a decrease in the cryptocurrency's supply every four years. Analysts are expecting a positive response from the SEC regarding the spot ETF applications. If approved, it could lead to substantial gains in the cryptocurrency, but if rejected, it could result in significant losses. Historical data from the previous halving events in 2017 and 2019 show that Bitcoin reached its all-time high. With the upcoming halving event in April 2024, many cryptocurrency analysts are optimistic about positive developments. However, the recent dip over the weekend brought Bitcoin close to the $40,000 threshold. Additionally, the weekly coin shares reports on institutional investors' entry and exit from the cryptocurrency markets provide insight. The latest report revealed that institutional investors withdrew a total of $16 million from the cryptocurrency markets last week. The announcement of these withdrawals could create new selling pressure on Bitcoin. If the United States Securities and Exchange Commission, SEC, denies a Bitcoin spot ETF, it could lead to a major rug pull in cryptocurrency. He asserted that if an ETF is not approved in January, the rug pull will be one of the bigger rug pulls in crypto history. This is due to the significant impact that the anticipation of an ETF approval has had on the entire crypto market lately. The impending decision, which is anticipated to take place next month, may also mark a turning point in the acceptance of cryptocurrencies in traditional finance. If the SEC approves an ETF, the cryptocurrency market, which is still recovering from the bear market in 2022, would benefit greatly from it. There is a growing narrative about the possible institutionalization of Bitcoin, drawing comparisons to the early 2000s adoption of gold exchange traded funds, ETFs. The SEC Chairman, Gary Gensler, has recently asserted that the Commission is taking a new look at the pending Bitcoin spot ETF applications. Gensler's assertion points to the idea that the SEC may be trying to proceed with the applications appropriately at the moment. While Bitcoin starts to slide, traders are turning their attention to newly emerging projects capable of delivering magnificent returns with smaller investments. In particular, Bitcoin mind tricks continues to turn heads as it raises $5.4 million to bring its decentralized cloud mining infrastructure to the masses. Traders are rushing to become early adopters of this project, as its stake to earn concept is set to revolutionize cloud mining ahead of the next block having, bringing two avenues of passive income. Adding to the cautionary outlook, another market indicator, the Bitcoin futures chart on the CME, points toward a potential fall. A gap ranging from $39,640 to $40,325 per BTC was formed in early December, and such gaps are generally expected to be closed according to common sense. If history repeats itself, this gap could be filled as part of a bearish move, reinforcing the possibility of a dissent to the $37,500 mark. The question then arises, if holders at a loss begin selling, triggering a pullback to $38,700, will buyers show interest in this chaotic market where unexpected black swan events are always a possibility? Those are holding tight, but the looming challenges may put their resilience to the ultimate test. While investors were waiting for the continuation of the rise in Bitcoin, which had a nice rise in the past weeks, BTC experienced successive corrections. In this next zone, 1.28 million addresses currently hold 553,000 BTC, indicating an important area where market dynamics could potentially change. Continuous decline in this demand zone is advised to be closely monitored by traders and investors as it could initiate a new phase of market sensitivity and trading behavior. This latest development in the market underscores the need for strategic decision making and risk management given the inherent volatility in the cryptocurrency space. As Bitcoin navigates these critical levels, market participants will closely observe the interaction between supply and demand and anticipate potential changes that could influence the future overall trajectory of the cryptocurrency. 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