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Best moments of 2024 for the cryptocurrency industry
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In 2024, the cryptocurrency ecosystem experienced explosive growth, doubling in size and consolidating itself as one of the most promising investments for the future.
With significant milestones such as the approval of Bitcoin ETFsstrategic purchases from MicroStrategy and the Bitcoin’s all-time high in Decemberthe year was full of moments that shaped the crypto market and ignited optimism among investors.
The year started with good news from the United States. Fund managers have been authorized to trade shares of Bitcoin-backed Exchange Traded Index Funds (ETFs). The regulator released 11 ETFs that started the year 2024 with an investment of US$28.17 billion in BTC.
In the second month, the MicroStrategy announced the purchase of another 3 thousand Bitcoins for the price of US$ 155.4 million. The Virginia company’s onslaught took place a few days after Bitcoin reached its highest level in the last 2 years, and at a time when Bitcoin was priced at around US$50,000, attracting the market’s attention.
January – Authorization of Bitcoin ETFs
In March, Bitcoin made news after reaching the level of $67,000 and approaching its all-time high of nearly $69,000. Among the reasons for the rise, the first in two years, the highlight is the success of Bitcoin ETFs, which registered record acquisitions throughout the month, with inflows of US$ 1 billion in a single day.
In April, the Bitcoin halving reduced the block reward, dropping from 6.25 BTC to 3.125 BTC per block mined. Despite not immediately influencing the price, the event had an influence on the cryptocurrency market. This is because it drew attention to the scarcity of the asset that had appreciated in value since the beginning of the year.
In May, the BlackRock’s iShares Bitcoin Trust (IBIT) has become the world’s largest Bitcoin fundaccumulating almost 20 billion in assets since its launch. The success of BlackRock’s ETF, which attracted 16.5 billion in inflows, made investors see Bitcoin as a potential asset.
THE Bitcoin (BTC) registers an increase of 45%, surpassing indices such as the S&P 500 and the Nasdaq. BTC received a boost from the approval of spot ETFs, halving and optimism about monetary policy. At that moment, projections began that the cryptocurrency could end the year between US$ 100 thousand and US$ 150 thousand.
In July, more positive news for the cryptocurrency market. THE US Securities and Exchange Commission (SEC) took an important step by approving the first Ethereum ETFs based on physical assets (spot ETFs), with trading starting on July 23, 2024.
Bitcoin reaches the month of August with a drop of 8%, reaching a value of US$59 thousand. The reasons for the fall were the influence of market whales, who are potential sellers and unsettling the sector, and news that governments, including the US, China and the United Kingdom, would sell part of their assets.
Best moments of 2024 for the cryptocurrency industry
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Best moments of 2024 for the cryptocurrency industry
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Best moments of 2024 for the cryptocurrency industry
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Best moments of 2024 for the cryptocurrency industry
