As Bitcoin nears its halving event, a recent report from broker Canaccord Genuity suggests that the cryptocurrency market may experience a positive upswing after the event. The report, led by Michael Graham and his team of analysts, notes that Bitcoin's 60% increase in the first quarter can be attributed to factors such as ETF approvals, the upcoming halving, and an increased appetite for risk in financial markets.

The report emphasizes the significance of the halving event, which takes place every four years and involves reducing miner rewards by 50%, ultimately decreasing the Bitcoin supply. Furthermore, Canaccord highlights the SEC's approval of 11 US spot Bitcoin ETFs in the first quarter as a positive development that could drive further momentum, particularly as individual investors seek to add cryptocurrency exposure to tax-advantaged accounts like IRAs.

Please note that this information should not be considered as investment advice.