As a researcher with extensive experience in the cryptocurrency markets, I’ve witnessed the US make a remarkable comeback in recent months. The approval of record-breaking Bitcoin ETFs, supportive regulators, increasing political donations, and the rising influence of crypto advocate Donald Trump have all contributed to this resurgence.
The United States is regaining its leading position in the cryptocurrency sector, fueled by a surge in Bitcoin ETF approvals, favorable regulatory environment, growing political contributions, and the emerging influence of cryptocurrency proponent Donald Trump.
As a researcher, I’ve noticed an uptick in the US dollar‘s popularity in the cryptocurrency market, surpassing the South Korean won as the most-traded currency against crypto assets around early May, based on data from Kaiko.
Last year, trading volumes in the financial markets saw a major change as Asia became the dominant region, with stricter regulations from US authorities pushing companies like Binance and Coinbase Global Inc. out of the picture. However, in late May of 2023, an unexpected turn of events took place when the Securities and Exchange Commission (SEC) granted approval for exchange-traded funds (ETFs) investing in Ether, catching the market off guard.
According to Morning Consult’s latest polling data, Trump maintains a slight edge over President Biden. In other news, the Financial Innovation and Technology for the 21st Century Act, which proposes setting up a fresh regulatory structure for cryptocurrencies in the United States, is predicted to have a greater likelihood of passing into law during the year 2025, as suggested by Bloomberg Intelligence analysts’ assessments.
Beginning on January 11, there was a significant turn in politics towards cryptocurrencies with the debut of Bitcoin spot ETFs from BlackRock and Fidelity. These ETFs have amassed an impressive $61 billion in assets, making them among the most successful fund launches in history.
Mike Novogratz, the CEO of Galaxy Digital, believes that a positive US political environment could cause Bitcoin’s value to surpass $100,000 by the end of the year. Currently, Bitcoin is priced at $71,130 as of Wednesday afternoon in Singapore.
Based on Galaxy Digital’s report, there are 324 venture capital firms in the United States that specialize in cryptocurrencies, significantly more than the 66 such firms in Singapore. Two prominent American investment companies, Pantera Capital and Paradigm, are currently in the process of raising substantial new funds, underscoring the US’s robust role in the crypto marketplace.
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2024-06-05 16:04