Crypto news. The biggest changes on the cryptocurrency market in 2024

The crypto market is very dynamic - it is influenced not only by rapid price movements, but also by technological innovations and increasing interest from banks and companies from various sectors. The year 2024 may also bring many new developments. New laws and regulations, technological innovations and other changes could have a major impact on the crypto world.

Spot Bitcoin ETF in the USA

One of the important events in the crypto market in 2024 will be the launch of a spot Bitcoin ETF in the USA. A spot Bitcoin ETF is a financial product whose underlying asset is Bitcoin. In practice, this means that you can use the product to participate in the price movements of Bitcoin - but you do not have to hold Bitcoin itself. This option may be attractive for those who consider investing in the Bitcoin market too risky.

The introduction of a spot Bitcoin ETF could lead to wider adoption of Bitcoin and other digital currencies because it is a regulated investment vehicle traded on traditional stock exchanges. It is accessible to institutional and retail investors.

A big comeback for NFTs and ordinals?

There's no denying that NFTs (non-fungible tokens) have lost popularity since their big 2021-2022 raylle. Non-fungible tokens are digital assets that have been registered and stored on the Ethereum blockchain. Their price used to be very high. Nowadays, around 95% of NFTs are labelled "worthless" (according to dappGambl).

However, there may soon be a renaissance of NFTs. For some months now, Bitcoin's blockchain has been the second most popular NFT platform in the world after Ethereum. Ordinals (the term used for NFTs in the Bitcoin network) are becoming increasingly popular. And no wonder! They enable the creation of unique digital assets on the Bitcoin blockchain (individual data structures). The first ordinal wallets were created as early as 2023. In 2024, more and more marketplaces are being created with Bitcoin ordinals in mind.

The European MiCA Regulation comes into full force on 30 December 2024

With the MiCA Regulation, the European Union wants to make the European crypto world safer and more transparent. One of the most important elements of the MiCA Regulation is the clear definition of the term "crypto asset". Another key element of the regulation is also a new obligation for all crypto services that launch a new cryptocurrency on the market. According to the regulation, companies are obliged to submit a so-called white paper for each new crypto project. This is a detailed project outline that must include all important information about the crypto service provider and the crypto asset being issued.

Some more information on the MiCA regulation:

• Thanks to the regulation, the licensing as well as authorisation process can become simpler in all EU member states;
• The regulation provides clear guidelines for classifying the various cryptoassets;
• Companies that do not have a licence in the European Union are not allowed to approach customers.

Conclusion

The year 2024 may represent a turning point for the cryptocurrency market. Increasing acceptance may make digital currencies an interesting investment instrument for many new investors looking for an alternative to traditional stores of value. Technological innovations and more stability in the European market (through the MiCA regulation) are opening up new opportunities. However, if you want to immerse yourself in this fascinating world, you should follow the latest forecasts and crypto news on Bitcoin and altcoins. Understanding the current market situation will help you make good decisions when holding cryptocurrencies.