Crypto Market Rise and Fall: Key Points in Cryptocurrency History and Future Outlook

Understanding the Significance of Cryptocurrency

The world of cryptocurrency has experienced massive highs and lows since its inception.

From the meteoric rise of Bitcoin to the volatility that has caused dramatic declines, the crypto market has continued to captivate investors and analysts alike.

A recent survey by Real Research media revealed that 2 in 3 respondents believe Bitcoin will hit $100,000 in 2024, reflecting ongoing interest and optimism surrounding digital currencies.

Key Points in Cryptocurrency History

The Beginning of Cryptocurrency

• 2009: Bitcoin, the first cryptocurrency, was created by an anonymous entity known as Satoshi Nakamoto, marking the beginning of decentralised digital currencies.
• 2010: The first real-world transaction using Bitcoin occurred when a programmer bought two pizzas for 10,000 BTC, setting Bitcoin's first tangible value.
• 2011-2013: Bitcoin's value began to rise, surpassing $1 in 2011 and reaching $1,000 by the end of 2013.

Major Milestones and Market Dynamics

• 2017: Bitcoin reached an all-time high of nearly $20,000, driven by a surge in retail investor interest and increased media coverage.
• 2018: The market experienced a significant correction, with Bitcoin's value plummeting to around $3,000.
• 2020-2021: Increased institutional investment led to another major bull run, with Bitcoin reaching a new high of $64,000 in April 2021.
• 2024: Bitcoin reached a new all time high of $73,780.
• Predictions: According to recent surveys, 68.44% of respondents believe Bitcoin will reach $100,000 by the end of 2024, fueled by factors such as the rise of Bitcoin ETFs and increased institutional investment.

Prominent Players and Initiatives

BlackRock's Bitcoin ETF Application

In June 2024, BlackRock, the world’s largest asset manager, filed an application with the SEC to launch a Bitcoin ETF. 

This move was a huge step towards mainstream acceptance of Bitcoin, potentially making it easier for institutional and retail investors to gain exposure to cryptocurrency through traditional financial markets.

PayPal's Expansion into Cryptocurrency

PayPal announced the expansion of its cryptocurrency services, allowing users in the U.S. and U.K. to buy, sell, and hold Bitcoin, Ethereum, and other major cryptocurrencies directly through their PayPal accounts. 

This initiative aims to integrate crypto payments into everyday transactions, further promoting the adoption of digital currencies.

Even more, PayPal launched its own stablecoin. 

PayPal USD is a stablecoin that’s fully backed by US dollar deposits, US Treasuries, and similar cash equivalents.

And you can buy and sell 1 PYUSD for 1 USD on PayPal

Fidelity's Bitcoin Custody Services

Fidelity Investments, a major financial services corporation, has expanded its Bitcoin custody services to include additional institutional clients.

This service provides secure storage solutions for Bitcoin and other cryptocurrencies, addressing one of the primary concerns of large investors regarding the safety of their digital assets.

Crypto Regulations as of July 2024

MiCA Regulation in the EU

The Markets in Crypto-Assets (MiCA) regulation, set to be fully implemented by the European Union in 2024, aims to create a comprehensive regulatory framework for digital assets. 

MiCA seeks to ensure consumer protection, market integrity, and financial stability within the crypto sector. 

It includes provisions for the registration and supervision of crypto-asset service providers, as well as rules for issuing and trading digital assets.

SEC's Stance on Cryptocurrencies

In the United States, the Securities and Exchange Commission (SEC) continues to refine its approach to cryptocurrency regulation. 

As of July 2024, the SEC has approved several Bitcoin ETFs, signalling a more open stance towards integrating cryptocurrencies into the financial system. 

However, the SEC remains vigilant about enforcing securities laws on ICOs (Initial Coin Offerings) and other crypto fundraising activities to protect investors from fraud and market manipulation.

Global Regulatory Trends

Globally, countries are taking varied approaches to crypto regulation. 

While nations like El Salvador have embraced Bitcoin as legal tender, others like China continue to impose strict bans on cryptocurrency activities. 

This regulatory patchwork poses both opportunities and challenges for the global crypto market, highlighting the need for coordinated international regulatory efforts.

Looking Ahead

The crypto market's rise and fall highlight both the potential and the risks associated with this emerging asset class. 

Looking ahead, the expectation that Bitcoin could reach $100,000 in 2024 reflects a strong belief in the ongoing growth and development of the cryptocurrency market.

Businesses and individuals interested in cryptocurrency should:

• Stay Informed: Keep up with the latest market trends and regulatory developments.
• Leverage Expertise: Consult with financial advisors or experts in the field to navigate the complexities of the crypto market.

By staying proactive and informed, businesses can harness the potential of cryptocurrencies to drive innovation and growth. 

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