The crypto industry report for the week marked a milestone for the year, as the bull run in crypto took BTC beyond $43,000 on a consolidated note.
A broad crypto market rally ensued in the current week, which helped Bitcoin cross $43,000, marking its highest run in 2023. The bull run in crypto ensured sentiments in the market remained high. Analysts and experts predicted the $50,000 target for Bitcoin within January 2024. Amidst the crypto market rally, multiple developments in the crypto industry ensured adoption was on track for the year.
The crypto industry report for the week mainly saw big shifts on two fronts: central bank digital currencies (CBDCs) and banks offering crypto services. The former witnessed a major collaboration between the central banks of Italy and South Korea on CBDC development. On the other hand, the digital pound was in the news in the UK as lawmakers recommended further tests for the CBDC.
Meanwhile, the industry also noted commercial banks launching crypto services during the week. Banks have attempted to do so to keep up with the emerging trends of tokenization in finance. In France, the Société Générale bank launched a euro stablecoin on a crypto exchange.
With the updates, its users can trade the stablecoin seamlessly henceforth. Itau Unibanco, a Brazilian bank, also introduced crypto trading services, joining the league of other global banks offering similar features.
Investment firm VanEck made headlines recently as it published details of several crypto predictions for 2024. Echoing other experts, it opted for a bullish stance for the crypto industry.
The firm published a report that said, “As debt levels are more concerning at the sovereign than corporate or household levels, we expect more than $2.4B will flow into newly approved US spot Bitcoin ETFs in Q1 2024 to keep the Bitcoin price elevated. Notwithstanding the possibility of significant volatility, the Bitcoin price is unlikely to fall below $30k in Q1 2024.”
The spot crypto ETFs have been important factors in rallying prices in the crypto market. According to reports by leading dailies, the Securities and Exchange Commission (SEC) in the US has progressed on the matter. The US regulator is reportedly discussing the minute details of the pending ETFs with asset managers. Sentiments in the market expect approvals from the SEC within early 2024, which could be a turning point for crypto.
Blockchain projects were also the center of attraction at the recently concluded COP28 in the UAE. A carbon trading blockchain platform was launched at the event, revealing the wide use cases of digital ledger technology.
In hindsight, the crypto industry report for the week notes the following as the best-performing tokens for the week:
Meanwhile, the crypto tokens below posted the highest losses for the week:
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