In 2024, cryptocurrency adoption has surged, with global ownership climbing to 617 million, up from 580 million in December 2023.
This 6.4% increase reflects a growing acceptance driven by significant events like Bitcoin’s fourth halving and Ethereum’s Dencun upgrade, which has slashed transaction fees by up to 99%.
These developments have renewed interest from both retail and institutional investors, contributing to the expansion of the crypto market.
Despite this rise in ownership, the overall crypto market cap experienced a 14% decline in the first half of the year, dropping to $2.27 trillion.
This decrease indicates a market correction following a period of rapid growth and increased investment inflows, particularly from newly approved Bitcoin ETFs. The reduction in trading volumes and a lack of fresh market drivers have contributed to this bearish phase.
In contrast, the stablecoin sector has flourished, with its market capitalization reaching $161 billion. This uptick in stablecoin value suggests a shift towards more stable digital assets amid market volatility.
The growing institutional interest, coupled with supportive regulatory measures, might set the stage for a period of stabilization and potential growth in the crypto space. As the market adjusts, investors are watching closely for signs of recovery and sustained adoption.
Pro-XRP attorney John Deaton, who has secured the Republican nomination for a Massachusetts Senate seat, will face off against Democratic Senator Elizabeth Warren in a highly anticipated debate on October 15, 2024.
Ripple Chairman Chris Larsen has recently moved 20 million XRP as part of a larger shuffle involving 50 million tokens.
Tensions surrounding the Ripple vs. SEC lawsuit are intensifying as discussions about a potential appeal gain traction.
BNY Mellon, the largest custodian bank in the U.S., has reportedly secured an exemption from the SEC’s Accounting Bulletin 121 for its institutional crypto custody operations.