Top Crypto Events to look forward to in 2024
Introduction
The crypto industry has grown immensely. 2023 has been a year with many ups and downs for the crypto industry. As the globe embraces the transformational potential of cryptocurrencies and blockchain technology, the worldwide community is looking forward to the fascinating events and happenings that will influence many other industries in the coming years. As we get into the new year 2024, let’s look at the major crypto events to look forward to in 2024.
Key Takeaways
- The SEC is now reviewing 13 proposed spot Bitcoin exchange-traded funds (ETFs).
- Circle is thinking of going public through an IPO next year.
- It is expected that in April 2024, there will be another Bitcoin halving.
The year 2024 is expected to be transformative for the crypto industry, with various developments and trends on the horizon. The launch of tokenized real-world assets (RWA) on public networks is anticipated to continue, demonstrating the benefits of open-sourced technology and decentralized infrastructure. Additionally, the approval of the first US Bitcoin ETF is predicted to occur, leading to a resurgence in bullish sentiment and potentially driving retail adoption. Despite ongoing regulatory uncertainties, the crypto industry is poised for significant growth and maturation in 2024, with a focus on tokenization and the interconnectivity between traditional finance and decentralized finance.
Top Four Crypto Events
Bitcoin ETF Approval
Exchange-traded funds (ETFs) for Bitcoin futures provide publicly traded securities with price movement exposure to Bitcoin futures contracts. Market players are feeling a great deal of expectation because of the frantic attempts of large asset management companies to obtain regulatory clearance to introduce the first spot Bitcoin exchange-traded funds (ETFs) in the US. Prominent organizations including Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree, and the joint venture between Ark Invest and 21 shares have all meticulously updated their files with the US Securities and Exchange Commission (SEC).
The SEC is now reviewing 13 proposed spot Bitcoin exchange-traded funds (ETFs). Cathie Wood's ARK Invest and 21 shares' joint proposal has a January 10 deadline. In the financial community, the consensus is that the SEC will likely approve several applications by the impending deadline. This is because the regulatory body had instructed spot Bitcoin ETF issuers to submit updated filings early to have them taken into account for the early January decisions.
2. Circle IPO
According to Bloomberg Circle, the company that created the USDC stablecoin and has a market valuation of more than $24 billion, is thinking about doing an IPO in 2024.
An IPO is something the corporation has been discussing with advisors, according to a Bloomberg story that used anonymous sources. While it’s not clear how Circle would seek to be valued in an IPO, it was valued at $9 billion when it tried to go public in a blank-check deal in 2022.
3. Bitcoin Halving and increased scarcity
When the payout for mining Bitcoin is halved, it is reduced by 50%. There is a halving every four years. It is expected that in April 2024, there will be another Bitcoin halving. The precise date is hard to estimate because it relies on the height of the block. The next Bitcoin halving, which takes place every 210,000 blocks, is anticipated to happen in April 2024 when the block height reaches 840,000.
To ensure scarcity, the halving policy was incorporated into the Bitcoin mining algorithm. Assuming demand stays constant, the price of Bitcoin should rise due to the sluggish issuance rate. Inflation on Bitcoin is currently less than 2%, and it will go down with additional halving's, according to David Weinberger, CEO of trading site Coin Routes.
As the incentive decreases, the quantity of Bitcoin is limited due to its limited production, according to Chris Kline, the CEO of Bitcoin IRA. "A rising price at a time of limited supply leads to an increase in demand, which may entice investors to consider Bitcoin.
4. Regulatory clarity
The regulatory landscape that surrounds cryptocurrencies has a significant impact on their uptake and popularity. Robust and well-defined legal frameworks in the blockchain industry promote innovation, attract companies and investors, and provide transparency. Government support and transparent tax laws aid in the development of crypto ecosystems by attracting talent and fostering economic growth. Following are some of the crypto-friendly countries like Canada, the U.S., Singapore, Germany, Australia, Japan, and India.
United States (US).
The US has a complicated regulatory environment for cryptocurrencies with numerous laws at both the federal and state levels. Some states have passed stricter rules, although Wyoming and other states have embraced policies that are favourable to cryptocurrencies.
Australia
Australia has made progress in enforcing regulations about cryptocurrencies. Exchanges and cryptocurrencies are both permitted there, although AUSTRAC registration is required for the exchange.
Japan
Regarding the regulation of cryptocurrency exchanges, KYC, taxation, and anti-money laundering measures, Japanese regulators are extremely transparent. Cryptocurrency can be purchased and sold on exchanges that have regulatory approval.
India
As of now, when the budget was revealed, Bitcoin is taxable but not recognized as legal cash. Despite this, the government is still investigating cryptocurrencies as a potential medium of exchange.
Canada
Canada has become a global leader in the development of blockchain and cryptocurrency technology. The success of Canada is largely due to its clearly defined regulatory framework, which carefully balances safeguarding investor interests with promoting innovation.
Singapore
Singapore has established itself as a leading nation that embraces innovation and cryptocurrencies. The city-state has embraced blockchain technology and cryptocurrencies thanks to its robust regulatory environment.
Germany
Germany generally adopts a stance in favour of cryptocurrencies, regarding taxation. It provides clarity and an understandable tax structure for individuals and businesses involved in cryptocurrency transactions by treating cryptocurrencies as private money as opposed to a foreign currency or asset.
Conclusion
The year 2024 promises to be thrilling for the crypto and blockchain industries, shaping the future of this fast-evolving field. These events offer invaluable opportunities to remain up to date on the newest advancements, network with industry experts, and explore the potential of cryptocurrencies and blockchain technology. Prepare yourself to be inspired by the knowledge and creativity that these events will deliver, whether you are an investor, developer, or enthusiast.
