#ForexChief #Crypto #forexnews #stocks #worldnews #BUSD #trading #ETF #BTC⠀
🌐 Crypto is taking over the real world
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The past year has been eventful – let us recall the most striking facts that can have lasting consequences for the crypto market.
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• BTC on the open market
On October 13, the SEC deadline for filing an objection to Grayscale's appeal of the conversion of the trust fund from Bitcoin to a Spot-ETF. In fact, the last reasoned obstacle to crypto ETFs in the United States has disappeared.
BTC’s capitalization grew by 172% over the year – in the fall, this information was the last strong impulse.
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• Institutional capital
In October, open interest on CME exceeded open interest on Binance for the first time. Now this figure on the CME is storming a historical record of $5.5 billion – this is a confident indicator of the interest of large capital in cryptocurrency.
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• Sunset BUSD
The dissatisfaction of American regulators with Binance accumulated in a claim against the issuer Paxos. At its peak, BUSD's capitalization exceeded $20 billion, and its monthly turnover was $200 billion, but all this is in the past. Binance has already stopped supporting the coin, and Paxos will stop operations in February 2024.
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• Ordinals
In February, Casey Rodarmore presented the Ordinals protocol, which made it possible to transfer digital objects over the Bitcoin network (and then over other networks). The fascination with images has given way to quasi-tokens: transactions with them range from 180-360 thousand per day, which is why the total number of transactions in Bitcoin breaks records.
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• New crypto-optimism
Despite regulatory pressure,
BTC holders replenished their reserves by $35 billion. Now their total balance is more than 14.9 million
BTC (+ 825 thousand
BTC for 2023) – coins are also being bought by «shrimps» (<1
BTC), and «whales» (≥1000
BTC). The launch of the ETF will allow investors to invest in
BTC even for those participants who have legal restrictions on direct transactions with crypto.
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We’ll talk about prospects for 2024 later – follow our feed!
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Profits to y’all!