As the year comes to an end, most industries are currently reflecting on their progress so far and the crypto sector is no exception. In 2024, blockchain technology experienced significant growth marked by a series of developments that have been more positive than negative. In this article, we’ll take a quick look at some of the key highlights from this year and offer insights into what the future holds for blockchain technology.
SEC Approves 11 Spot Bitcoin ETFs
Let’s start with undoubtedly the main highlight for the crypto sector in 2024. In January this year, the Securities and Exchange Commission approved BTC exchange-traded funds in the US. This marked a watershed moment for the most valuable digital coin and the crypto industry at large.
Bitcoin ETF is an investment that allows casual investors to experience price moves. Put simply, you can invest in Bitcoin using an exchange wallet. So, what are the advantages of approved BTC spot ETFs?
- BTC ETFs will significantly lower the entry barriers into the crypto market.
- More investors will, in return, mean higher demand for Bitcoins.
- These ETFs provide clear regulatory oversights over BTC trading.
- Provide crypto investors with tax benefits in some jurisdictions.
Decline in Illegal Crypto Activities
The recent worldwide crackdown on illegal cryptocurrency activities is bearing fruit. Contrary to expectations, illicit activities have significantly reduced this year. ChainAlysis revealed a 19.6% decline in H1 of 2024 compared to H1 of 2023. Also, the illegal activity total fell from $20.9 billion to $16.7 billion.
However, the crypto industry isn’t out of the woods yet. ChainAlysis predicts that the total illegal transactions in the crypto industry will rise over time. However, these numbers prove that more people are embracing the legitimate use of cryptocurrencies. That’s encouraging in an industry with many controversies.
Expect More Crypto Funds Are Being Stolen
A Statista report reveals that the number of crypto users has increased by over 40 million in H1 2024. This proves that many people trust cryptos for transactions. Today, many UK businesses like Microsoft, Burger King, and several online casinos accept dozens of digital coins. This allows users to seamlessly engage in activities like playing popular casino games, such as Megaways slots, or placing bets on table games, all with the added convenience of using their preferred digital coins.
But don’t let your guard down because stolen crypto funds are rising. According to Chain Analysis, there was $1.54 billion worth of stolen cryptos by H1 of 2024. That’s almost a 50% increase from the same time last year. This trend hints that blockchain technology is still susceptible to fraud attacks.
Thankfully, you can secure your cryptos by using the following measures:
- Store your cryptos in a reliable and reputable wallet.
- Withdraw your cryptos from the wallet as soon as possible.
- Use a unique passcode to protect your wallet.
- Use crypto wallets with two-factor authentication (2FA).
- Only transact cryptos on encrypted and regulated sites.
Crypto Trading is on the Rise
In 2019, a Datalight study revealed more than 4 million crypto traders in the UK. Globally, there are over 50 million active crypto traders. This indicates that many digital investors are shifting from traditional currency trading to cryptos. The market’s high liquidity and ease of access are arguably the biggest draws for investors.
Meanwhile, AI technology will make crypto trading even more widespread. Today, AI trading bots are becoming a must-have for crypto traders. These bots can help you navigate the market complexities and provide more consistent trading performance. Let’s not forget that AI-driven trading leaves out human emotions, which can lead to costly errors.
Conclusion
Looking ahead, it’s evident that the crypto market will experience significant shifts and developments. The good news is that the market quickly adapts to new challenges and changes. Improved cooperation and bolstered regulations will go a long way in streamlining this sector. We’re enthusiastic about the future of cryptos.
