Mumbai: In 2024, there will be six market catalysts for positive developments. It is expected that the Bitcoin ETF will receive SEC approval in January 2024.
The market is currently optimistic, and following this, approval for an Ethereum ETF is anticipated. Institutions are considering using Bitcoin to achieve diversified asset allocation. The Ethereum Cancun upgrade is scheduled for the first quarter, during which Ethereum and L2 ecosystems will further unleash their potential. ZK L2 projects are expected to experience a token issuance boom. The issuer of the stablecoin USDC, Circle, is preparing for its initial public offering (IPO), potentially in the first half of 2024. Bitcoin will undergo a halving in 155 days, increasing the scarcity of Bitcoin. The FTX case is gradually entering its later stages, facing restructuring. As regulatory clarity emerges, it is expected to attract new retail funds. The US interest rate hiking cycle is reaching its end, and the market anticipates the first rate cut as early as May.
Talking to Bizz Buzz, Balaji Srihari, Business Head, CoinSwitch says, “Indian investors booked healthy profits from crypto towards the end of the year, with several top coins growing at a healthy clip.”
While the ecosystem focused on building real-world solutions using crypto, investors backed them with patience, and traders reaped benefits from the volatility in the market, he added.
In 2023, Bitcoin surged over 130 per cent from its 2022 lows, surpassing a $700 billion market cap. Bitget mirrored this momentum with an 82 per cent increase in spot trading volume in November 2023. The global market cap declined in July and August and rose in September with the news of spot Bitcoin ETFs. Bitget and Bybit saw the highest market share growth in September. Highlighting the significant events and advancements of the crypto/blockchain industry in this year.
The trends will change this year due to the upcoming shifts in the market situation, and perhaps key events.
Gracy Chen, Managing Director at Bitget, the world’s largest crypto copy trading platform says, “It is anticipated that in the current year, after the liquidation of the Bitcoin overhang from Mt.Gox and the US government’s Silk Road seizure, a true bull market will emerge, accompanied by widespread adoption of cryptocurrencies and new innovations.”
We strongly believe that regulations worldwide have been extremely progressive with a focus on fostering innovation while safeguarding against risks. Regulatory frameworks are continuously evolving, with the possibility of changing crypto’s landscape throughout the globe, he said.
We, he went on, strongly believe that regulations worldwide have been extremely progressive with a focus on fostering innovation while safeguarding against risks. Regulatory frameworks are continuously evolving, with the possibility of changing crypto’s landscape throughout the globe.