After massive returns in the first quarter of 2024, the digital asset market is looking set to claim new all-time highs, with multiple favorable factors supporting its likely rally.
The crypto market has consistently fared well in the last few months. Leading economic daily Bloomberg reported huge crypto trading volumes in March 2024. The global spot trading volumes alone increased to $2.94 trillion in March. Broadly, Bitcoin’s rally in Q1 of 2024, along with the spot Bitcoin ETF approvals have become the quarter’s highlights. Meanwhile, the digital asset market will probably grow further this month.
The rise in crypto trading volumes was also prominent last week in the market. Bitcoin’s trading range was within a narrow range for a couple of days, but a price breakout occurred on April 5. As a result, Bitcoin is back to trading in its earlier trading levels, inching closer to $70,000.
Moreover, blockchain firms have seen their stocks surge in recent times. These firms, with some relation to crypto directly or indirectly, have experienced upward waves. For instance, big BTC investor MicroStrategy surged on April 5, and its stock price touched $1695. The stock’s performance is usually linked to BTC’s performance and outlook.
Blockchain firms in Singapore also received a new set of regulatory rules. These rules are specially meant for those firms offering crypto custody services. With the move, Singapore is marching ahead to establish a crypto-friendly regime for the industry. Several blockchain firms, primarily startups, are also choosing accelerators for growth and funding.
Another positive development emerged in El Salvador this week. The country, a strong proponent of BTC, runs a Bitcoin educational program, Mi Primer Bitcoin. The program introduced new updates this week and also made all its materials open-source. It has led to a new avenue for crypto enthusiasts to educate themselves on the subject for free.
A race for the spot Bitcoin ETFs has emerged in the global financial services industry. Several banks, including Morgan Stanley, UBS, and others, are reportedly in the race for the ETFs. The number of global crypto investors will escalate if they successfully enable their clients to access the ETFs on their platforms.
In Europe, the UK witnessed a new event in its crypto space. Two regulators, the FCA and the Bank of England, started consultations for a Digital Securities Sandbox (DSS). In the sandbox, participants can settle securities using digital ledger technology. The news around the sandbox had also floated a few months back in December 2023.
A press release by the authorities said, “The DSS represents a major step in exploring innovation in digital assets in the UK and could lead to faster and cheaper ways for these securities to trade, settle, and be utilized among financial market participants.”
In the past week, the following tokens registered the highest returns:
On the other hand, these tokens shed the biggest losses:
Head to Millionero’s blog for regulator updates from the crypto sector!