Bitcoin price heading to an All-Time High with ETF approvals in 2024, these are the stories of last year
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Shapella Update Enables Staked ETH Withdrawals
2023
Ethereum marked 2023 with an upgrade of profound effect that went so smoothly, it could’ve gone unnoticed amidst Bitcoin’s increasing dominance. The successful Shapella upgrade has enabled investors with staked ETH to unstake and withdraw, yet Ethereum’s total-value-locked (TVL) managed to reach almost $30B. ETH’s price upswing was undoubtedly boosted by a number of futures ETF applications from VanEck, ProShares, and Bitwise. We haven’t heard the last word on those and with another huge upgrade scheduled for 2024, ETH appears positioned to carry the momentum into 2024
2024
- ETH stands at the forefront of transformative trends in digital finance, particularly in real-world asset (RWA) tokenization, where its distributed ledger technology has gained significant traction. Home to $2B worth of RWAs, it played a crucial role in the issuance of a €10M digital bond from Société Générale. Expectations are for this trend to continue in 2024, enhancing Ethereum as an attractive venue for institutions engaging in pilot studies.
- In Q1 2024, Ethereum is set for the “Dencun” upgrade. Focused on enhancing data storage capacity through “proto-danksharding”, it aims to reduce fees for Layer 2 rollups and scale the blockchain.
- With so much going on currently in one of the fundamental layers of crypto and a series of promising developments scheduled in the near future, keeping a close eye on Ethereum next year is high on our list
Bitcoin’s 2023 Run
2023
It’s been difficult to focus on anything else in crypto with Bitcoin dominating the space on its seeming way to a new all-time high. BTC’s performance in 2023 could serve as a prime example of a bonafide market rally with all the different phases of hype, accumulation, and corrections, all at a rate of price appreciation that we know only BTC is capable of. In a nutshell, it was caused by the twists and turns of the competition between the world’s top asset managers to establish US-based spot Bitcoin ETFs. The lengthy application process with the SEC has secured a constant stream of news that markets fed on to speculate.
But it wasn’t just that, as Bitcoin adoption flourished all over the globe: small investors found the prices favorable to accumulate and hold the asset, traders employed more complex strategies, investment companies experienced inflows in their Bitcoin-related ETPs, while major local banks showed interest in exposure to the asset.
2024
- With so much momentum carried forward in 2024, it could be a year that starts with a lot of expectations, particularly towards BTC.
- The spot Bitcoin ETF drama appears ever so close to finality, while at the same time, Bitcoin’s Halving imminently approaches. Initially in 2024, it will be these two developments that drive Bitcoin’s performance.
- Beyond that, the network’s currently explored ability to provide more efficient layer 2, BTC-native solutions should clear out whether the world’s premier blockchain could provide an alternative to Ethereum’s modality.
Ripple’s Win Against the SEC
2023
The crypto world witnessed a landmark decision on July 13, 2023, when the U.S. District Court for the Southern District of New York reshaped the industry’s landscape. In a split decision, Judge Analisa Torres challenged the SEC’s stance on tokens, stating that XRP is not inherently a security. The court evaluated various XRP transactions, determining that three out of four did not involve securities. The decision holds significant implications, questioning the SEC’s approach to digital assets and providing a nuanced perspective on token classification – a longstanding goal for the industry
2024
- Going forward, the crypto industry is poised for continued legal and regulatory developments in the aftermath of the Ripple case. The decision is expected to at least prompt the agency to adapt its enforcement strategies, potentially strengthening evidence related to establishing clearer connections between secondary market purchases and promotional efforts.
- Another notable development involves the CFTC’s assertion that the majority of cryptocurrencies should be classified as commodities, sparking a regulatory “turf war” with the SEC. This trend underscores the imperative for regulatory clarity to ensure investor protection and foster widespread crypto adoption. The resolution may become a key trend in the evolving crypto regulatory landscape.
Global Cryptocurrency Adoption Trends
2023
In 2023, the landscape of cryptocurrency adoption witnessed significant shifts, with India emerging as a global leader in grassroots adoption and surpassing Nigeria and Vietnam, according to Chainalysis’ 2023 Global Crypto Adoption Index. The Central and Southern Asia and Oceania (CSAO) region dominated the top rankings, emphasizing the influence of Asian countries in driving crypto adoption. Despite a challenging market, institutional adoption in high-income countries showed resilience. India’s proactive role in crypto discussions during the G20 summit underscored the need for a global consensus on crypto policies, rejecting a blanket ban and emphasizing technology’s borderless nature
2024
- The anticipation of the Bitcoin Halving in April 2024 sets the stage for a potential market surge, with Standard Chartered Bank (and our Co-founder Antoni) projecting Bitcoin to reach $100,000 by 2025, buoyed by the expected approval of US-based spot Bitcoin ETFs.
- Simultaneously, crypto payments gain ground across various sectors, driven by technological advancements and increasing confidence in blockchain security, as demonstrated in Latin America.
- Regulatory clarity, foreseen in 2024, instills confidence in institutional investors, aligning with Europe’s proactive regulatory measures in 2023.
- Furthermore, the tokenization of real-world assets gains momentum, offering increased accessibility through fractional ownership.
Our Most Interesting Data Story in 2023
The Up-Only 2023
Here’s how 2023 has been based on a YtD crypto chart. A flourishing crypto market, marked by Bitcoin’s impressive 172% surge and minimal correction; strong net capital inflows; and breakthroughs in technical models. Top that with a pivotal October for institutional capital, and the optimism of long-term holders with a near all-time-high of Bitcoin supply and a super-majority of coins in profitable positions.
Monthly overview of Crypto’s Biggest News of the Year
March:
- “Mini” Banking Crises: Silicon Valley Bank, Signature Bank, and First Republic Bank all collapsed.
- Credit Suisse collapsed: The 167-year-old systemically important financial institution failed and was acquired by UBS in a government-brokered deal between Switzerland and France to rescue the Swiss bank.
April:
- Bitcoin Whitepaper discovered hidden on every Mac.
- Ethereum Shanghai Upgrade went live, enabling stakers to withdraw their staked ETH for the first time since the Merge
June:
- BlackRock filed for Bitcoin ETF, sparking a flurry of applications from the world’s largest asset managers.
- SEC filed lawsuits against Binance & Coinbase: Accusing both firms of securities law violations and operating without proper registrations.
July:
- Ripple wins victory against SEC: Judge rules XRP not a security on the secondary market.
September:
- Three Arrows Capital co-founder Su Zhu was arrested in Singapore for a liquidation investigation.
November:
- Sam Bankman-Fried found guilty on all counts: Faces potential 115-year sentence for FTX fraud.
- CZ plead guilty to Bank Secrecy Act violations: Stepped down as Binance CEO and faces a potential 18 months in prison.
- Argentina elected pro-bitcoin president, Javier Mllei
December:
- The Bitcoin ordinals (NFTs) market became 4x larger than the next 2 NFT markets combined (Ethereum & Solana).
- Bitcoin hits again above the $40k mark will it go to it’s ATH…
RIMO.DIGITAL 