Crypto Market Recovers, Crypto Exchange Reclaims Big Profit in First Quarter 2024
Follow Us @
Crypto Market Recovers, Crypto Exchange Reclaims Big Profit in First Quarter 2024
Liputan6.com, Jakarta – Following the collapse of FTX at the end of 2022 and the declining value of cryptocurrencies, this provides a gloomy outlook for the digital asset market more than a year later.
However, in late 2023 to early 2024 the crypto market recovered. The prices of several crypto assets including Bitcoin reached new highs at the beginning of the first quarter of 2024. Commenting on this, Reku Co-Founder & Co-CEO Jesse Choi, announced that their company was starting to make a profit.
“I am happy to share that the first quarter of 2024 was the best for us in the last two and a half years, both in terms of trading volume and financial results,” said Choi, quoted from a press release, Friday (24/5/2024).
Choi added, not only was it the exchange's best quarter in terms of volume, but it was also very profitable. He revealed that the profit margin exceeds 50% which is a significant achievement.
Choi explained the significant revival in the crypto market in 2024, especially with Bitcoin reaching an all-time high, can be largely attributed to two main factors namely the Bitcoin halving event, and wider recognition of the crypto sector through the introduction of a Bitcoin ETF by BlackRock.
“The Bitcoin halving is a scheduled event that halves the reward for mining new blocks. “This happened earlier this year,” he explained.
Such a reduction in the number of new Bitcoins introduced causes the price of Bitcoin to rise, as reduced supply with steady or increasing demand tends to push the price up.
The market is closely watching this halving and sees it as a favorable event for Bitcoin's value.
Crypto Market Recovers, Crypto Exchange Reclaims Big Profit in First Quarter 2024
Follow TODAYSGIST on Google News and receive alerts for the main trending news on cryptocurrency, market trends, upcoming events, predictions, sanctions and lots more!
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
#Crypto #Market #Recovers #Crypto #Exchange #Reclaims #Big #Profit #Quarter
-
Sports3 months ago
Still Needed Against Arema, Persebaya Hasn't Released Toni Firmansyah to the U-20 National Team
-
usa today entertainment3 months ago
Han So Hee lost her advertising contract after her relationship with Ryu Jun Yeo became a polemic
-
Sports3 months ago
Sandy Walsh is determined to bring Indonesia back to defeat Vietnam
-
Sports3 months ago
Respect Ten Hag, Southgate Doesn't Want to Discuss Opportunities to Handle MU
-
Sports3 months ago
Maguire hopes Southgate will not handle MU and continue to coach the England national team
-
Hot trending3 months ago
The Escape of the Seven Resurrection (2024) (Korean) (TV series) Download Mp4 ▷ Afrilatest
-
Sports3 months ago
Toni Kroos Returns, Florian Wirtz Sets Panzer Team's Fastest Goal Record
-
Sports3 months ago
Manchester United is confused by Juventus stars ahead of the 2024 summer transfer market