Bitcoin

The Crypto Industry Is Increasingly Inching Ahead Amid Mixed Signals

Published

8 months ago

9 June, 2024

The Crypto Industry Is Increasingly Inching Ahead Amid Mixed Signals

Disclosure: The opinions and views expressed here belong solely to the author and do not represent the views and opinions of the crypto.news editorial.

The last few months for the crypto industry have been a whirlwind. We started the year strong with the approval of Bitcoin and ETH ETFs, an outlook for another defi summer, and regulatory clarifications for Asian markets. However, not everything was roses. We’ve seen commentators disappointed by legal actions affecting the very nature of crypto, as well as analysts warning of a short-lived bull market.

If someone had asked what the outcome of such setbacks would be a few years ago, it probably would have been a complete market failure. But it’s different this round. While the crypto industry has had immediate market reactions, its overall response to sporadic shocks has been largely stable. What makes this year different from previous ones?

The answer lies in the three constants amid the mixed signals surrounding the industry’s long-term trajectory: community resilience, the new injection of the crypto-curious, and the newly established standards for crypto businesses.

After years of recovery, self-education and construction, the industry and its community are back stronger than ever. You’ve experienced enough to understand that crash survivors are here for the long haul and with plans to realize the vision of a blockchain-powered economy and society.

To support the community’s optimism, we’ve seen unique innovations emerge and evolve this year. This includes the expansion of modular chains and application layers to turbocharge use cases, greater cross-chain interoperability and liquidity, and the prospects for continued innovation with Bitcoin Layers 2. Such developments ensure that our industry continues to improve and grow with a tangible trajectory to secure our future. It also sparks enthusiasm among the community, who eagerly seek to not only support new developments in existing chains, but also emerging projects, building our industry with a constructive long-term contribution.

This enthusiasm turned into vibrant activity in the community. As an exchange, KuCoin alone has witnessed spot trading volume with a outbreak by 121.85% in Q1 2024, and token pre-market trading volume soared by 68% to reach $23.12 million. This shows that the community is ready to support the industry through another new phase of growth that is anchored in unique technological innovations and evolutions, regardless of the size of the project.

The first digital native generation, i.e. Gen Z, exploring cryptography has added momentum to the industry’s steady growth. We witnessed a new sense of optimism as Millennials began to engage with crypto, with a stronger receptivity to the industry compared to previous generations. Now, as we see Gen Z enter the financial realm, we see the digitally native generation with a greater level of willingness to gain exposure to decentralized technologies and assets. For example, in Blockchain Education and Career Survey 2024, where the majority of its responses came from people aged between 18 and 35, found what one in two respondents were interested in the economics of cryptography and definition. A similar survey last year in India also revealed that crypto adoption has increased to almost 50% for Gen Z, with the same level of adoption seen in many other markets – showing that as new generations enter the economic sphere, more crypto becomes embedded in the mainstream.

Additionally, new user momentum has quadrupled with continued Prohibited of new users from Latin America, the Middle East and Africa. As a viable alternative to the traditional financial system, cryptography has been a attractive choice only for Latin America, showing strong popular adoption and activity on centralized exchanges. While the industry has focused on establishing itself in established financial hubs over the past decade, it is now moving into new markets that can explore blockchain-powered financial services to bypass economic infrastructures and systems, unearthing practical use cases.

The path to sustained growth is paved with responsible business practices. After many challenging times for the industry, crypto companies are focused on increasing trust and longevity with stronger governance and infrastructure. Depending on their level of exposure to the broader crypto community, participants can take different steps to remain compliant and responsible, but one universal principle applies to everyone: continue education and monitoring.

As regulators address knowledge gaps and assess their role in the current financial system, the industry must also play its role in ensuring close coordination with regulators to provide clarity on the ever-evolving crypto landscape and find alignment . This would be a challenging journey, with each jurisdiction bringing its own complexity and perspectives, albeit the most difficult of all. Still, it is up to industry players to comply with regulatory requirements in their respective operating jurisdictions.

As an industry player, it cannot be overstated that we are here for the long haul. We have now embarked on a new phase of growth and innovation, supported by the power of the community, new users and refined business models, so why do we stop here?

While we have strong driving forces supporting us, industry players can continue building, whether it’s maintaining stable business performance, adding new functionality to their infrastructure, or finding new avenues for collaboration. A rising tide lifts all boats and when we prioritize industry growth, individual innovators will be best placed to enjoy the fruits of our collective achievements. Together, we can build a crypto ecosystem that thrives on innovation, trust and collaboration – a future that will benefit everyone involved.

Johnny Liu

Johnny Liu is co-founder and CEO of KuCoin, a leading global cryptocurrency exchange. Founded in 2017, KuCoin has become one of the top five crypto exchanges on the market and has attracted more than 30 million registered users from 207 countries. At KuCoin, Johnny leads the company’s daily operations, spot trading, KuCoin Earn, and the expansion and prosperity of the KCS ecosystem. He also previously led the listing, business development and investment team. He is also the main contributor to KuCoin Spotlight and Earn. Before joining KuCoin, Johnny accumulated extensive experience in the e-commerce, automotive and technology sectors.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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