In a recent research report published by Binance, the world’s largest cryptocurrency exchange by trading volume, several key events were identified that are expected to influence the trajectory of the crypto market in 2024 significantly.
Paving The Way For Institutional Inflows
One of the most significant events is the approval of spot Bitcoin Exchange-Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC), which took place on January 10th.
According to the report, the market expects that the approval of these index funds can open the floodgates of interest by institutional investors, potentially leading to substantial inflows of institutional capital into Bitcoin over the long term.
According to the exchange, this development is considered one of the most significant in the history of Bitcoin to date.
Another important aspect highlighted in the report is the potential approval of spot Ethereum (ETH) ETFs. Major traditional asset managers such as BlackRock and Fidelity have filed for these ETFs, and if approved, it could significantly impact Ethereum and the broader market.
The report also mentions Ripple’s positive progress in 2023, including a favorable ruling in their dispute with the US SEC and launching their Central Bank Digital Currency (CBDC) platform.
Ripple’s platform is expected to play a “crucial role” in the issuance of digital currencies as CBDCs gain global attention in 2024, according to Binance.
Cardano (ADA), a blockchain platform known for its focus on scalability, is highlighted in the research for its ongoing efforts in scaling solutions. The report mentions the development of
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Author: Ronaldo Marquez
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