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#1 28-12-2024 21:10:28

johnedward
Admin & Trader
From: Paris - France
Registered: 21-12-2009
Posts: 3713
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2024 review: Bitcoin at $100K and more...!

2024 review: Bitcoin at $100K and more...!


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Altcoins and meme tokens surged alongside Bitcoin's rise; Dubai overtook London and Cyprus as a brokerage hub; MetaQuotes disrupted prop trading; Asia dominated CFDs; MiCA and Consumer Duty created a new reality; and much more.

Bitcoin hits $100,000
The cryptocurrency market has been on a rollercoaster ride this year, with Bitcoin surging 130%. More importantly, BTC broke above $100,000 for the first time in its history in early December. With its price currently hovering around this psychological level, market experts are convinced that a stronger breakout and further gains are only a matter of time.

What drove Bitcoin and altcoins in 2024? First, the January launch of Bitcoin exchange-traded funds (ETFs), which proved to be a massive success. They attracted billions of institutional dollars into the crypto space, allowing it to venture into previously uncharted territories. The launch of Ethereum (ETH) ETFs also contributed, albeit to a lesser extent, while similar instruments for XRP and Solana are in the works.

And Bitcoin is just the tip of the iceberg. Altcoins, including Ethereum, XRP, BNB, Solana, and Tron, have also made a significant jump. However, it is meme tokens such as Dogecoin, Shiba Inu, and even Fartcoin that have made the most progress.

The presidential campaign also played a crucial role, with Donald Trump positioning himself as a true friend of crypto enthusiasts. The market believed in his position, and since his victory in November, prices have exploded in euphoria.

Trump quickly appointed billionaire Elon Musk, who actively (and generously) supported his campaign, to his team, with the responsibility of cutting government spending by $2 trillion. And here's an interesting twist: Musk's new unit is called D.O.G.E., or Department of Government Efficiency.

After popularizing meme cryptocurrencies, it seems that Musk is now trying to popularize meme government departments.

Markets in Crypto Assets Regulation (MiCA)
The European Union implemented the Markets in Crypto Assets Regulation (MiCA) for stablecoins in mid-2024, with the rest of the rules covering transactions set to come into effect at the end of the year.

MiCA is the first major cryptocurrency-specific regulation introduced by one of the world's leading regulators. The stablecoin rules have also forced cryptocurrency exchanges to overhaul their services and operations in Europe.

But how?

Binance, Coinbase, and Bitstamp are just three of the many exchanges that have delisted non-MiCA-compliant stablecoins. This has also prompted stablecoin issuers, such as Circle, to develop EU-compliant fiat-pegged cryptocurrencies; after all, these cryptocurrencies are essential for trading many altcoins. Crypto exchanges are also exploring the possibility of establishing European hubs to ensure uninterrupted European services after the full implementation of the MiCA agreement.

What about national regulators? Many of them, including the Cypriot authority, have started accepting applications for authorization under the MiCA agreement, which will also grant passporting rights to crypto businesses.

Goodbye, Cyprus? Hello Dubai!
Cyprus, often considered the hub of CFDs, may be slowly losing its appeal. Some major players, such as FXTM and HYCM, have left the island this year, while others are considering giving up their Cypriot licenses.

CySEC has fined brokers such as IC Markets for non-compliance, and BDSwiss's license has been suspended, raising questions about its future in Cyprus. Many experts have also pointed out that CySEC is overburdening brokers with strict regulatory requirements.

However, the Mediterranean island has not entirely lost its charm, as others have obtained licenses from CySEC to launch operations in Europe.

As Cyprus faces a potential exodus, Dubai is emerging as a hotspot for brokerage players. Many brokers have obtained licenses from the UAE regulators and have set up local offices, mainly in Dubai.

Capital.com, Taurex, BDSwiss, ThinkMarkets and AUS Global are among the CFD brokers that have been licensed in the UAE this year.

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