Bitcoin ETFs helped push the world’s largest crypto to new all-time highs as the battle for the U.S. presidency continues.
It’s been a big year for the crypto market, and we’re only halfway through 2024. Bitcoin's price significantly outpaced the S&P 500, surging over 46% in the first six months while the S&P 500 rose 15%.
Despite near-term pain, some market makers and investors remain optimistic about bitcoin's prospects in the longer term. Here’s a brief timeline of the market’s major milestones in 2024 and a glimpse at what’s ahead in the crypto market before the year is up.The SEC approved the first Bitcoin ETFs on January 10, hitting the stock market the next day. There are a total of 11 ETFs, which have accumulated a total net inflow of $14.
The bitcoin halving on April 19 was anticipated to drive bitcoin to new record highs, however, market dynamics have delayed a sustained rally. Analysts state that historical price spikes often occur 8-9 months post-halving.Two major narratives drove ether in the first half of this year: the launch of the Dencun upgrade in March, which reduced transaction costs on Ethereum's Layer 2 networks, and the SEC’s approval of eight spot Ethereum exchange-traded funds on May 23.
Robinhood’s crypto trading volumes surged 224% year-over-year to $36 billion, far surpassing the platform’s rise in equity trading volumes . Transaction-based revenues increased 59% year-over-year to $329 million, which Robinhood said was primarily driven by cryptocurrencies revenue of $126 million, up 232%.It may not be the highest-grossing or most-used protocol , but there's a case to be made that memecoin launchpad Pump.
However, Kendrick's prediction hinges on Joe Biden remaining in the U.S. presidential election race — a scenario the market perceives as favoring a Donald Trump victory. Kendrick expects more topside calls for the August 30 bitcoin options expiry, concuring with data from CF Benchmarks showing elevated implied volatility for longer-data bitcoin options for expiries after August.
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