Paving The Way For Institutional Inflows
In a recent research report published by Binance, it was identified that several key events are expected to significantly influence the trajectory of the crypto market in 2024. One of these events is the approval of spot Bitcoin Exchange-Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC) on January 10th. The report suggests that this approval can attract interest from institutional investors, leading to substantial inflows of institutional capital into Bitcoin over the long term. Binance considers this development to be one of the most significant in Bitcoin’s history.
Potential Approval of Ethereum ETFs
The report also highlights the potential approval of spot Ethereum (ETH) ETFs. Major asset managers like BlackRock and Fidelity have filed for these ETFs, and if approved, it could have a significant impact on Ethereum and the broader market.
Ripple’s Positive Progress
Ripple’s positive progress in 2023 is mentioned in the report, including a favorable ruling in their dispute with the US SEC and the launch of their Central Bank Digital Currency (CBDC) platform. Binance believes that Ripple’s platform will play a crucial role in the issuance of digital currencies as CBDCs gain global attention in 2024.
Cardano’s Growth and Adoption
The research highlights Cardano (ADA) for its ongoing efforts in scaling solutions. The development of Hydra and the upcoming Midnight sidechain are expected to contribute to Cardano’s growth and adoption in 2024.
Binance Spotlights Aptos And Sui
The Binance research report also notes a renewed interest in blockchain projects like Aptos (APT) and Sui (SUI). These projects have experienced steady growth, and the recent market rally, particularly in non-Ethereum Virtual Machine (EVM) based operating systems like Solana (SOL), has sparked further interest. The report suggests that their progress in creating a thriving ecosystem will attract more attention in 2024.
Growing Institutional Adoption
The entrance of traditional asset management giants like BlackRock and Fidelity into the crypto space in 2023 indicates growing institutional adoption. The report expects more institutions to join the crypto industry in 2024, particularly with positive headlines surrounding spot Bitcoin ETFs and the upcoming halving event.
Importance of Security
The report underlines the paramount importance of security in the crypto industry. While improvements have been made, the industry remains focused on refining processes and fortifying defenses to maintain user trust.
Hot Take: BNB’s Notable Upward Trend
As of the time of writing, Binance’s native token, BNB, has exhibited a notable upward trend in the past 30 days, recording impressive gains of 28% during this period. Consequently, the token’s current trading price stands at $314.
Featured image from Shutterstock, chart from TradingView.com
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