Matrixport Report: Bitcoin holders’ wealth to increase by $500 billion in 2023
According to a Matrixport report, Bitcoin holders' wealth is expected to increase by approximately $500 billion by 2023. The report attributes this growth to a decrease in US inflation, which has dropped from 8% to 3.1%, and is expected to further drop to 2% by 2024. Additionally, Bitcoin miners limit the supply of new Bitcoin during halving cycles, resulting in a new high for Bitcoin six months after each halving, which is expected to occur again in April of next year.The report also notes that despite the Federal Reserve's guidance to cut rates by 75 basis points in 2024, the gap between the federal funds rate and the consumer price index remains significant at 220 basis points. With the support of the macroeconomic environment, it is expected that the price of Bitcoin will increase in 2024. The report also analyzes the high Bitcoin funding rate, indicating traders' expectations of future price increases, and the potential impact of the approval of a Bitcoin spot ETF on the market. Although Bitcoin has been in a consolidation range since December 8, it is expected that its support level ($40,000) will remain stable with the approval of a Bitcoin spot ETF in early 2024.The report also focuses on the development of decentralized finance (DeFi), which underperformed in 2023 overall, but saw significant growth in Lido's total locked value (TVL), which increased from $6 billion to $20 billion. In addition, the discount of Grayscale Bitcoin Trust (GBTC) narrowed from -47% to -8%, and its price increased by 326%, making it a highlight of the year's trading.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Crypto drainers rented for $100 now marketed at tech fairs

PayPal to offer 3.7% yield on stablecoin balances this summer

Ubisoft launches Might and Magic with 1,000-plus NFT cards on Web3

Dorsia launches crypto payments with $175 million MoonPay deal

Trending news
MoreCrypto prices
More








