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.