According to Daniel Kennedy, Director of Mecurity Fintech Holding, three events will influence the crypto market in 2024, of which the first is certain, the second is likely, and the third is uncertain but possible:
The certain event is the halving of the Bitcoin network, scheduled for April 2024. It hasn’t happened yet, but the price of BTC has already risen 165.7% in just over a year, and the trend will probably continue.
The likely event is the SEC approving applications to issue spot Bitcoin ETFs by some of the largest asset management companies in H1 2024. This will further legitimize cryptocurrency as a reputable asset class and promise large capital inflows into the crypto market.
The uncertain but possible event that will substantially impact the markets is whether a legal framework for crypto market regulation will be developed and implemented in the U.S. in 2024.
“The introduction of at least a system of rules and regulations related to crypto may coincide with the approval of ETFs, as it proves quite difficult to regulate something that has no clear official definition. The first round of regulation is likely to be focused specifically on Bitcoin as it’s the largest cryptocurrency by market cap, the most recognized in traditional markets, and the most clearly defined by regulators as a commodity and digital savings vehicle similar to gold,” Daniel shares his expectations.
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