Crypto
Why is the Crypto Market Up Today? Here Are the Top Reasons
2024 is a good year for many crypto assets after a period of stagnation and a massive crypto crash. Cryptocurrency analyst Altcoin Daily in his video update has highlighted why crypto is up today.
Top Reasons Behind the Surge
The first reason behind the pump is none other than MicroStrategy who recently bought $37 million worth of Bitcoin, bringing its total shares to 10,000 Bitcoin worth $8.1 billion. This is a big reason why the price of Bitcoin keeps going up. CEO Michael Saylor’s unwavering faith in Bitcoin and MicroStrategy’s big accumulation show that more and more people trust digital assets to store value.
Saylor’s motive for acquiring more Bitcoin extends beyond corporate interests; he holds over 1% of all Bitcoin in existence. According to him, Bitcoin is a unique asset class with special qualities that can keep its value and survive geopolitical pressures. Like Gold you can’t move Bitcoin, it’s a decentralized asset that comes with an ownership tag, making it more secure than other assets. This makes it a good choice for investors.
Next Crypto on the list is, Ethereum’s, the 2nd largest coin. Recently it showed some positive price movement, driven by developments such as Ark Invest and 21 Shares amending their spot Ethereum ETF applications to allow for cash creations, signaling a potential surge in the cryptocurrency’s value. This mirrors the pattern observed with Bitcoin ETF applicants before regulatory approval, hinting at Ethereum’s growing institutional appeal.
While challenges such as network outages, as seen with Solana, persist, investor confidence remains strong, with CoinShares reporting significant inflows into Solana investment products. Additionally, the total value locked in Solana continues to show an upward trend, reaching $1.65 billion. The anticipated Solana ETFs, like Ethereum ETFs, are also expected to make Solana even more attractive to investors.
Big Change Coming!
Looking ahead, the cryptocurrency market is about to go through big changes. The Bitcoin halving event is coming up in about 70 days, and regulations for Ethereum are getting clearer. Ethereum’s potential as a top blockchain platform is increased by projects like Promethium, a US-registered securities crypto platform that chose Ethereum as its first product for trade and custody that is in line with SEC rules.
Moving down the list, developments in decentralized finance (DeFi), evidenced by projects like Helix bringing the Japanese Yen onto the blockchain through Injective Protocol’s decentralized exchange, showcasing the increase in adoption and utility of cryptocurrencies worldwide.
Overall, the convergence of institutional investment, regulatory developments, and technological advancements sets the stage for continued growth and innovation within the cryptocurrency ecosystem in 2024. Stay tuned for further updates on this evolving landscape.
Crypto
Exclusive: White House set to meet with banks, crypto companies to broker legislation compromise
Jan 28 (Reuters) – The White House on Monday will meet with executives from the banking and cryptocurrency industries to discuss a path forward for landmark crypto legislation which has stalled due to a clash between the two powerful sectors, said three industry sources.
The summit hosted by the White House’s crypto council will include executives from several trade groups. It will focus on how the bill treats interest and other rewards crypto firms can dish out on customer holdings of dollar-pegged tokens known as stablecoins, the people said.
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Reuters was first to report the meeting.
The White House did not immediately respond to a request for comment. The sources declined to be identified discussing private policy discussions.
“We look forward to continuing to work with policymakers across the aisle so Congress can advance lasting market structure legislation and ensure the United States remains the crypto capital of the world,” she said.
Cody Carbone, CEO of The Digital Chamber, another major crypto trade group, credited the White House with “pulling all sides to the negotiating table.”
The Senate has for months been working on the bill, dubbed the Clarity Act, which aims to create federal rules for digital assets, the culmination of years of crypto industry lobbying. Crypto companies have long argued that existing rules are inadequate for digital assets, and that legislation is essential for companies to continue to operate with legal certainty in the U.S.
The House of Representatives passed its version of the bill in July.
The Senate Banking Committee was scheduled earlier this month to debate and vote on the bill, but the meeting was postponed at the last minute, in part due to concerns among lawmakers and both industries over the interest issue.
Crypto companies say providing rewards such as interest is crucial for recruiting new customers and that barring them from doing so would be anti-competitive. Banks say the increased competition could result in insured lenders experiencing an exodus of deposits — the primary source of funding for most banks — potentially threatening financial stability.
That bill prohibited stablecoin issuers from paying interest on cryptocurrencies, but banks say it left open a loophole that would allow for third parties – such as crypto exchanges – to pay yield on tokens, creating new competition for deposits.
Reporting by Hannah Lang in New York; Editing by Chizu Nomiyama
Our Standards: The Thomson Reuters Trust Principles.
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