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This Year in Crypto: Spot Bitcoin & Ethereum ETF Approvals, “Trump Pump,” and More
As the curtain draws on 2024, we take a moment to reflect on some of the most significant events that shaped the crypto space this year. It has been an eventful year, with developments like Spot Bitcoin and Ethereum ETF approvals, as well as unprecedented political influence and market trends.
The biggest development in crypto, without a doubt, was the approval of Spot Bitcoin ETFs. This long-awaited milestone marked a turning point for institutional investors to participate in the market directly, rather than through derivatives or other complex instruments. The subsequent surge in prices reflected the enthusiasm and trust brought by this approval. The fact that BlackRock and Fidelity joined the fray as two of the largest players in this space further boosted the sentiment.
The cryptocurrency’s decentralized nature has now taken a significant step towards becoming more accessible to mainstream investors, who were previously excluded due to regulatory hurdles. It is interesting to note that Michael Saylor, Co-founder and former CEO of MicroStrategy, has been relentlessly buying Bitcoin. Other companies are likely to follow suit as they capitalize on the new opportunities.
Another notable development was the “Trump pump,” which saw market participants betting heavily on the former US President’s potential influence in shaping the crypto landscape. The launch of World Liberty Financial, a decentralized finance (DeFi) money market platform by Trump and his sons, sent shockwaves across the community. While some may view this as a conflict of interest, proponents believe that the involvement of high-profile figures can only be beneficial for the space.
The DeFi ecosystem has also been thriving, with the total value locked (TVL) across different chains reaching $120 billion at the time of writing. This is close to the peak it achieved in late 2021 during the last cycle. Furthermore, Uniswap, the largest decentralized exchange on Ethereum, set records by surpassing its previous high monthly trading volume of $34 billion.
It has been a remarkable year for the crypto space, and we expect this trend to continue as institutional investors gain greater access to the market.
Source: ambcrypto.com
