Market
2024 saw crypto markets dramatically mature
2024 was a landmark year for the cryptocurrency market. It was a year when the market matured, barriers to the institutional investing world came down, and international regulations started to pave the way for digital currencies to enter the mainstream global financial system.
With a President-elect keen on making the US a global crypto hub, the market experienced significant growth. As crypto adoption rose, more users turned to crypto platforms and ETFs to invest. 2024 was a transformative experience for the crypto market and the blockchain technology that powers it.
The general public, buoyed by positive sentiment and rising crypto prices, has flocked to DeFi platforms to download their first wallet. Many of those new users have found their way to the highly trusted crypto brand Binance.
It takes a leader to help an industry continue to mature and Binance CEO Richard Teng has taken on that role throughout 2024’s massive growth. Teng commented on his leadership and the future, “we have served in the best interests of our users since day one, leading the industry’s standard and continue building the future of the industry responsibly.”
Binance accounts for approximately 50% of all trading volume globally. This number has only increased from Jan-Nov 2024. During the 2024 US Presidential election week, Binance captured $7.7 billion out of the $20 billion total inflows across all exchanges. Combine that with the leading crypto exchange reaching a new milestone surpassing 200 million users and safeguarding over $130 billion in user assets.
So, these are exciting times for the crypto industry that come off the back of a lot of hard work in 2024. The highlights of the year included:
Institutional Involvement and Widespread Adoption
In 2024, BlackRock launched its spot Bitcoin ETF IBIT, before bringing options to the table on November 19th 2024, and broke all the records on day one with 354,000 contracts traded and $1.9 billion in notional value. This was a landmark moment for the crypto industry, but it came at the end of a year of institutional investment.
Pension funds, hedge funds, and sovereign wealth funds have worked hard into crypto this year as they try to take advantage of the growth potential and protect against problems with fiat currency. They follow on the heels of Goldman Sachs, Morgan Stanley, and Fidelity Investments, who all offer Bitcoin as part of their Wealth Management services.
Institutional investment has curbed market volatility, and this year, Bitcoin emerged as one possible protection against inflation. New clarity with the regulations, improved custody solutions, and advanced risk management frameworks all gave the institutions the confidence to jump into crypto feet first in 2024.
The Rise and Rise of DeFi
Decentralized Finance (DeFi) is changing the world we live in and providing a real alternative to traditional banking. The world’s unbanked poor and privacy-obsessed High Net Worth Individuals alike have discovered the delights of downloading a crypto wallet and sending money with low fees and no questions.
According to one recent study, the global DeFi market should be worth almost $440 Billion in 2030, up from just over $20 billion in 2023.
We can now tokenize any asset, from real estate and fine art to cars and stocks, to create more liquidity without the help of a traditional bank. This is opening up new methods of borrowing, saving, lending, and earning interest that put the power in the hands of the people.
Unbanked individuals around the world can have access to basic financial services, including sending and receiving money from friends or families, without huge fees. We are also seeing an ecosystem of liquidity pools and borrowing facilities open up that can change the world of finance.
Retail Market Integration
In the background, the Web3 technology that underpins the crypto market has found a home with DeFi platforms, as well as retail and e-commerce. Blockchain technology is now the foundation of supply chain management, healthcare providers, and numerous company processes. If the blockchain continues to take over corporate and public life, then the tokenized crypto ecosystem has to go with it.
Retailers are increasingly relying on the blockchain, with Starbucks using it to trace their coffee from the farm to the cup and Nike tokenizing each pair of sneakers on its Swoosh platform for authenticity and traceability.
In October 2023, Ferrari started accepting crypto payments for its high-end sportscars, joining the likes of Tesla, PayPal, Shopify, and Microsoft. This is a slow process, but crypto has slowly acquired the social proof it requires to break through with mainstream retailers. The blockchain that forms its foundations and is becoming such a mainstream hit was an unexpected bonus.
Regulatory Frameworks: Chaos to Clarity
Fragmented regulations that change from country to country are terrible for the crypto industry, and 2024 was the year it finally got its house in order. The Financial Stability Board, International Monetary Fund, and World Economic Forum helped guide disparate countries towards one set of standard practices for crypto taxation, Anti Money Laundering compliance, and consumer protection. A simple foundation of regulations that works across borders could work wonders for the industry. We’re not there yet, but we are getting closer.
Technological Advancements Driving Maturity
It isn’t just the political landscape that had to change to give the crypto market a shot at mass adoption. Real technical issues with the early blockchain systems kept them as a niche interest rather than an everyday occurrence.
Blockchain congestion, slow transactions, high energy consumption, and scalability were all real issues. Ethereum 2.0 and Layer 2 solutions mean that Ethereum, the most ubiquitous blockchain by far when it comes to dApps and Web3 technology, is now much more scalable, with lower fees and less blockchain congestion. Solana and alternative blockchains like BNB Smart Chain also offer alternative solutions, with blockchain bridges seamlessly connecting the networks.
AI integration has already changed the world of trading, analytics, risk management, and supply chain management. Artificial Intelligence has unlocked another level of performance from Web3 technology and automated complex processes that can streamline almost any company.
Conclusion
These factors have all combined to create a market that is ready, willing, and waiting for mass adoption. Institutional adoption, regulatory clarity, cultural acceptance, and technical improvements have all helped the cryptocurrency industry go from a sideshow to a central player in 2024. We have not seen anything yet, and next year could be the biggest yet.
A new report claims that President Trump and his immediate family receive most of WLFI’s revenues. The Trumps are entitled to 75% of token sale revenues, about $400 million, and 60% of other incomes.
If these numbers are even partially accurate, they raise significant concerns about potential conflicts of interest. They also raise questions about the broader implications for transparency and accountability regarding Trump’s crypto policies.
Does the Trump Family Receive WLFI Proceeds?
World Liberty Financial (WLFI), a project affiliated with President Trump, has made a lot of waves in the crypto space since the end of last year. After persistent rumors of a Binance partnership, WLFI officially launched a new stablecoin, USD1. There is no clear evidence of Binance’s involvement in this launch. However, a new report from Reuters has disclosed some disturbing details.
Essentially, it claims that it has found evidence of how much of WLFI’s revenues go directly to Trump’s family. Trump will get 75% of revenues from token sales and 60% from subsequent operations. WLFI completed its major token sale, which would, therefore, entitle the Trumps to about $400 million.
Reuters calculates that 5% of proceeds from this token sale would actually fund WLFI’s platform, with the rest going to other co-founders. Further, its buyers are not able to actually resell their tokens, and it’s unclear what governance actions they could influence. There’s not an apparent reason for the average retail trader to actually buy these assets.
If these numbers are true, they could represent a serious conflict of interest and a dire threat to the US economy. First, community leaders like Vitalik Buterin warned of corruption from political meme coins like TRUMP. If Trump gets a cut of WLFI’s token sales, that’s already a huge avenue for misuse.
Additionally, since Trump is making huge changes to US financial regulators, there may not be anyone to investigate WLFI corruption allegations. For example, TRON founder Justin Sun invested $30 million into WLFI, and the SEC settled a fraud case against him months later. The SEC has been settling all its crypto enforcement actions, but this investment still looks relevant.
“You’ve got the guy in charge who is responsible for his own regulation. WLFI tokens would be the perfect vehicle for governments or oligarchs overseas to funnel money to the president,” former regulator Ross Delston claimed.
The biggest danger might not even come from political corruption or fears of centralization in crypto. Trump recently outlined a plan to use stablecoins to promote dollar dominance, and WLFI now has its own stablecoin. It also has around $111 million in unrealized losses due to its crypto investments and claims it will use “other cash equivalents” in USD1’s reserves.
It’s hard to overstate the potential risks involved. Given Trump’s financial stake in WLFI, there’s a clear incentive to promote the firm’s stablecoin as part of his “dollar dominance” agenda. If this leads to widespread investment in USD1 and the peg doesn’t hold, the consequences could ripple across the entire crypto market.
Simply put, this sort of business arrangement is totally unprecedented for a sitting US President. A few Senators are already investigating Trump’s connections with WLFI. However, their lack of political power and defanged federal regulators may hamper their ability to change anything.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
The crypto market just got a shock as BNB plunged below the crucial $605 support level, sending ripples of concern across trading circles. This sudden breakdown comes after weeks of bullish dominance, leaving investors scrambling to answer one critical question: Is this a temporary dip or the start of a major trend reversal?
With weakening momentum and key technical indicators flashing red, BNB charts are telling a worrisome story. The once-steady uptrend now faces its toughest test as the token struggles to maintain its footing in a suddenly bearish market.
Bearish Pressure Builds: Are BNB Sellers Gaining Control?
BNB’s price is facing growing bearish pressure after slipping below the crucial $605 level, signaling a potential shift in market momentum. The failed attempt to hold this key support has allowed sellers to take control, pushing BNB lower and raising concerns about a prolonged decline.
Technical indicators further confirm the increasing strength of sellers. The MACD has turned negative, indicating a loss of upward momentum, while the RSI is trending downward, suggesting that buying pressure is weakening. Additionally, trading volume remains low on attempted rebounds, highlighting a lack of conviction from bulls.
If sellers maintain their grip, BNB could extend its decline toward the next major support zone around $531, which previously served as a short-term bounce level during past corrections. A break below this zone would solidify bearish dominance and cause a deeper decline to $500.
Below $500, the next key level to watch is $454, representing a technical support area. Pushing below this level may trigger an extended sell-off, driving BNB toward other key support levels where traders may look for signs of reversal.
What Needs To Happen For A Rebound
For BNB to stage a meaningful recovery after breaking below $605, the bulls must reclaim key levels and generate strong buying momentum. Its first crucial step is stabilizing above $530, a short-term support zone that could provide the foundation for a reversal. Holding this level would signal that buyers are stepping in, preventing more declines.
A sustained move back above $605 would be the next major confirmation of a recovery. Reclaiming this level as support might shift market sentiment in favor of the bulls and trigger renewed buying interest. Additionally, the Relative Strength Index (RSI) needs to rebound from oversold conditions, while the MACD crossover into bullish territory would reinforce an upside move.
For a stronger bullish outlook, BNB would need to push past $680, a level that previously acted as resistance. Breaking above this zone with increasing volume could confirm a trend reversal toward $724 and $795, marking a full recovery from recent losses.
Pi Network continues to struggle in the market as its price remains on a downward trajectory. Despite earlier optimism, investors have been increasingly skeptical of the coin, contributing to a prolonged downtrend.
The uncertainty around its value suggests Pi Network may be headed for a new all-time low (ATL).
Pi Network Witnesses Outflows
The ADX (Average Directional Index) has recently crossed the 25.0 threshold, indicating that the current bearish trend is gaining momentum. This is a concerning signal for Pi Network’s price, as the rising bearishness suggests that it will be increasingly difficult for the cryptocurrency to recover in the short term. With the ADX pointing towards sustained negative market forces, the pressure on Pi Network’s price will likely intensify as the token nears its previous ATL.
The growing strength of the bearish trend is compounded by investor uncertainty, with many questioning the token’s long-term viability. This uncertainty can lead to further selling and a lack of fresh buying support, making it even harder for Pi Network to find a solid foundation for recovery.
Pi Network’s macro momentum also paints a grim picture for the altcoin. The Chaikin Money Flow (CMF) indicator, which measures the volume of money flowing into and out of a coin, has been deeply negative. Although there has been a slight uptick, the indicator remains in the negative zone, signaling that investors are still reluctant to buy into the token.
The slight increase in CMF reflects minor capital inflows, but this could be short-lived if the skepticism persists. With investors hesitating and outflows continuing, Pi Network’s price faces significant challenges. The current trend suggests that more outflows could occur if the coin reaches a new ATL.
PI Price Nears New Low
Pi Network is currently trading at $0.70, just above its ATL of $0.62. The altcoin saw a 12.8% decline over the past 24 hours after failing to reclaim $0.87 as support. This failure to regain previous support levels shows the continued lack of investor confidence.
If the bearish trend persists, Pi Network is likely to fall through the $0.62 support level, potentially dropping to $0.50. A new ATL could be set as the market sentiment continues to weigh heavily on the price, leading to further losses for existing investors.
The only way to reverse the bearish outlook is for investors to change their approach and capitalize on low prices. Increased inflows could potentially drive Pi Network’s price back above $0.87, and if it surpasses the $1.00 level, it would reclaim critical support and signal a possible recovery for the altcoin.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum’s Price Dips, But Investors Seize The Opportunity To Stack Up More ETH
Trump Family Gets Most WLFI Revenue, Causing Corruption Fears
BNB Breaks Below $605 As Bullish Momentum Fades – What’s Next?
Strategy Adds 22,048 BTC for Nearly $2 Billion
Ethereum Price Confirms Breakout From Ascending Triangle, Target Set At $7,800
Pi Network Struggles, On Track for New All-Time Low
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
