News
Advantages, Disadvantages, And Everything In Between
June 25, 2024 by Diana Ambolis
7
Cryptocurrency, the digital asset that took the world by storm a decade ago, continues to be a subject of fascination, intrigue, and debate. In 2024, the landscape has evolved significantly. While some early predictions haven’t materialized, cryptocurrencies remain a force to be reckoned with, offering unique advantages alongside noteworthy disadvantages. This guide delves into both
Cryptocurrency, the digital asset that took the world by storm a decade ago, continues to be a subject of fascination, intrigue, and debate. In 2024, the landscape has evolved significantly. While some early predictions haven’t materialized, cryptocurrencies remain a force to be reckoned with, offering unique advantages alongside noteworthy disadvantages. This guide delves into both sides of the coin, providing you with the information you need to make informed decisions in this ever-changing digital landscape.
Advantages of Cryptocurrency in 2024: A Maturing Market with Real-world Applications
Cryptocurrency, once a fringe technology associated with speculation and dark web markets, has entered a new era in 2024. While the market continues to evolve and grapple with challenges, several key advantages position cryptocurrency to play a significant role in the global financial landscape:
Financial Inclusion and Access:
- Reaching the Unbanked: In regions with limited access to traditional banking systems, cryptocurrency offers a gateway to financial services. Anyone with an internet connection can potentially hold and manage their own digital currency, bypassing the need for a bank account. This is particularly impactful in developing economies where a significant portion of the population remains unbanked.
- Lower Transaction Fees: International money transfers through traditional channels can be slow and expensive. Cryptocurrencies offer a faster and cheaper alternative, with transaction fees significantly lower than those charged by banks or money transfer services. This can be a major advantage for individuals and businesses alike.
- Microtransactions and Remittances: The low transaction fees associated with cryptocurrencies make them ideal for microtransactions and remittances. This opens doors for new business models and allows individuals to send and receive smaller amounts of money more easily.
Decentralization and Transparency:
- Empowering Users: Cryptocurrency operates on a decentralized network, meaning it’s not controlled by any single entity like a government or central bank. This empowers users by giving them greater control over their own money. Transactions are recorded on a public ledger (blockchain), ensuring transparency and immutability.
- Reduced Counterparty Risk: In traditional finance, transactions rely on intermediaries like banks. This introduces counterparty risk, meaning there’s a chance the intermediary could default. With cryptocurrency, transactions happen directly between users, eliminating this risk.
- Censorship Resistance: Since cryptocurrency isn’t controlled by any central authority, it’s resistant to censorship. This can be particularly advantageous in countries with strict capital controls or limited financial freedom.
Innovation and Efficiency:
- Smart Contracts: Cryptocurrency platforms like Ethereum enable the use of smart contracts, self-executing agreements that automate transactions based on predefined conditions. This eliminates the need for intermediaries and can significantly increase efficiency in various industries.
- Programmable Money: Cryptocurrencies can be programmed with specific functionalities, opening doors for innovation in financial products and services. This paves the way for the development of decentralized finance (DeFi) applications offering alternatives to traditional financial instruments.
- Security and Immutability: Blockchain technology, the foundation of cryptocurrency, offers a high degree of security and immutability. Transactions are cryptographically secured, making them very difficult to tamper with. The public ledger ensures a permanent and verifiable record of all transactions.
Investment Potential:
- High-Growth Market: Despite the volatility, the cryptocurrency market has experienced significant growth over the past decade. This makes it a potentially lucrative investment opportunity for individuals with a risk tolerance for this asset class.
- Diversification: Cryptocurrency can be used to diversify investment portfolios and potentially hedge against inflation. The unique characteristics of cryptocurrency offer an alternative to traditional assets like stocks or bonds.
However, it’s crucial to acknowledge the ongoing challenges associated with cryptocurrency:
- Volatility: The cryptocurrency market remains highly volatile, with significant price fluctuations. This can be a deterrent for risk-averse investors.
- Regulation: The regulatory landscape surrounding cryptocurrency is still evolving. This uncertainty can hinder mainstream adoption and create challenges for businesses operating in the space.
- Security Risks: Cryptocurrency exchanges and wallets can be vulnerable to hacking attacks. It’s essential for users to practice good security hygiene to protect their digital assets.
Looking Ahead: A Maturing Market with Lasting Impact
Despite the challenges, the advantages of cryptocurrency are undeniable. As the market matures, increased adoption, clearer regulations, and ongoing technological advancements will likely address some of the existing hurdles. In 2024 and beyond, cryptocurrency has the potential to:
- Revolutionize Financial Services: Cryptocurrency has the potential to transform the way we access and manage our finances, fostering a more inclusive and efficient financial system.
- Empower Individuals: By offering greater control over their money and access to new financial tools, cryptocurrency can empower individuals and promote financial inclusion on a global scale.
- Drive Innovation: The underlying technology behind cryptocurrency, blockchain, holds immense potential for innovation across various industries, from supply chain management to voting systems.
The future of cryptocurrency remains to be written, but its potential to disrupt the status quo and reshape the financial landscape is undeniable. Whether you’re a cautious investor, a tech enthusiast, or simply someone looking for a more efficient way to manage your money, it’s worth keeping an eye on the evolving world of cryptocurrency in 2024 and beyond.
Also, read – An Amazing Guide To Cryptocurrency Investments And Navigating the Resurgence In 2024
Disadvantages of Cryptocurrency in 2024: A Maturing Market Still Facing Challenges
While cryptocurrency offers a compelling set of advantages, it’s important to acknowledge the significant disadvantages that continue to hinder widespread adoption and stability in 2024. Here’s a closer look at the key challenges that cryptocurrency needs to overcome:
Volatility and Speculation:
- Unpredictable Price Swings: The cryptocurrency market remains highly volatile, susceptible to dramatic price swings based on speculation, news events, and social media hype. This volatility makes it a risky investment for many individuals and businesses.
- Limited Use Cases: Despite growing adoption, cryptocurrency is still primarily used for speculation and investment rather than everyday transactions. This limits its overall impact on the global financial system.
- Bubble Concerns: The rapid rise in value of certain cryptocurrencies in the past has fueled concerns of a bubble waiting to burst. A significant price correction could have a devastating impact on the entire market.
Security and Regulatory Issues:
- Hacking and Fraud: Cryptocurrency exchanges and wallets have been targeted by hackers, resulting in significant losses for investors. Strengthening security measures and promoting user education are crucial.
- Lack of Regulation: The regulatory landscape surrounding cryptocurrency remains unclear in many jurisdictions. This uncertainty creates challenges for businesses and hinders mainstream adoption. Governments are still grappling with how to regulate this new asset class effectively.
- Potential for Illicit Activity: The pseudonymous nature of some cryptocurrencies can make them attractive for illegal activities like money laundering and financing terrorism. Regulatory frameworks need to address these concerns without stifling innovation.
Environmental Impact:
- Energy Consumption: Proof-of-work, the consensus mechanism used by some popular cryptocurrencies like Bitcoin, requires significant computing power, leading to high energy consumption. This raises concerns about the environmental impact of cryptocurrency mining.
- E-waste: The specialized hardware used for cryptocurrency mining often has a short lifespan, contributing to electronic waste. Sustainable solutions for mining and hardware disposal are needed.
- Limited Scalability: Some blockchain networks struggle to handle a high volume of transactions, leading to slow transaction times and increased fees. Scalability remains a major challenge for wider adoption.
Other Considerations:
- Technical Complexity: Understanding and using cryptocurrency can be complex for newcomers. User-friendly interfaces and educational resources are essential for broader adoption.
- Limited Merchant Adoption: While growing, the number of merchants accepting cryptocurrency as payment remains relatively low. This limits the everyday usability of cryptocurrency.
- Potential for Social Disruption: The decentralized nature of cryptocurrency can pose challenges to traditional financial institutions and governments. Careful consideration needs to be given to the potential social and economic implications of widespread adoption.
Addressing Challenges for Sustainable Growth
Despite these disadvantages, the cryptocurrency market is constantly evolving. Developers are working on solutions to address scalability, security, and environmental concerns. Additionally, regulatory frameworks are slowly being established to provide more clarity for businesses and investors.
Here’s what the future might hold:
- Regulation with Innovation in Mind: Clear and responsible regulations can foster trust and stability while allowing for continued innovation in the cryptocurrency space.
- Sustainable Solutions for Mining: The shift towards more energy-efficient consensus mechanisms like Proof-of-Stake can significantly reduce the environmental impact of cryptocurrency mining.
- Increased Institutional Adoption: As the market matures and regulations become clearer, we can expect increased investment from institutional players, bringing greater stability and legitimacy to the space.
The Future of Cryptocurrency Beyond 2024: A Glimpse into a Transformative Decade
The year 2024 marks a pivotal point for cryptocurrency. As the technology matures and adoption grows, the next decade holds immense potential for cryptocurrency to reshape the financial landscape and influence various industries. Here’s a glimpse into the exciting possibilities that lie ahead:
Beyond Speculation: Utility and Integration
- Mass Adoption for Payments: Cryptocurrency will transition beyond speculation and investment, becoming a viable option for everyday transactions. Seamless integration with existing payment systems and wider merchant adoption will be crucial.
- Supply Chain Management: Blockchain technology, the backbone of cryptocurrency, will revolutionize supply chain management. Real-time tracking of goods, enhanced transparency, and improved efficiency will be key benefits.
- Decentralized Finance (DeFi) Goes Mainstream: DeFi applications offering lending, borrowing, and other financial services will become more user-friendly and accessible, challenging traditional financial institutions.
Evolving Regulatory Landscape:
- Global Regulatory Standards: Governments will collaborate to establish clear and consistent global regulations for cryptocurrency. This will foster trust and stability, attracting institutional investors and businesses.
- Central Bank Digital Currencies (CBDCs): Central banks will likely launch their own digital currencies, potentially coexisting with private cryptocurrencies. This could create a more regulated and interconnected financial ecosystem.
- Focus on Consumer Protection: Regulations will prioritize consumer protection, addressing concerns about hacking, fraud, and market manipulation.
Technological Advancements:
- Scalability Solutions: Scalability remains a major hurdle. Developers will implement innovative solutions like sharding and layer-2 protocols to enable faster transaction processing and wider adoption.
- Energy-Efficient Consensus Mechanisms: The shift towards sustainable consensus mechanisms like Proof-of-Stake will significantly reduce the environmental impact of cryptocurrency mining.
- Interoperability Between Blockchains: Blockchains will become more interoperable, allowing for seamless communication and transfer of assets between different networks.
The Socioeconomic Impact:
- Financial Inclusion: Cryptocurrency can empower individuals in unbanked regions, offering access to financial services and promoting financial inclusion on a global scale.
- Disruption of Traditional Institutions: The decentralized nature of cryptocurrency could disrupt traditional financial institutions and power structures, leading to a more democratized financial system.
- New Business Models: The rise of DeFi and tokenization will create new business models and opportunities across various industries.
Challenges and Uncertainties:
- Regulation vs. Innovation: Striking a balance between effective regulation and fostering innovation will be crucial. Overly restrictive regulations could stifle growth, while a lack of regulation could lead to instability.
- Cybersecurity Threats: As cryptocurrency adoption increases, so will cyber threats. Robust security measures and user education will be essential to protect users and their assets.
- Social and Economic Disruption: The widespread adoption of cryptocurrency could have unforeseen social and economic consequences. Careful consideration needs to be given to the potential impact on existing systems and institutions.
The Future is Decentralized (But Not Without Collaboration):
The future of cryptocurrency hinges on collaboration between developers, governments, financial institutions, and the broader community. By addressing the challenges and harnessing the transformative potential, cryptocurrency has the power to:
- Create a More Inclusive and Efficient Financial System: Cryptocurrency can empower individuals and businesses, offering greater control over finances and fostering a more efficient global financial ecosystem.
- Drive Innovation Across Industries: Blockchain technology, the foundation of cryptocurrency, holds immense potential for innovation beyond finance, impacting sectors like supply chain management, voting systems, and identity management.
- Reshape the Global Power Landscape: The decentralized nature of cryptocurrency could challenge traditional power structures and lead to a more democratized global financial system.
The journey beyond 2024 for cryptocurrency promises to be exciting, transformative, and full of uncertainties. One thing is certain: cryptocurrency has the potential to redefine the way we interact with money, value, and trust in the digital age.
Conclusion
Cryptocurrency presents a unique blend of advantages and disadvantages. It offers innovation, decentralization, and the potential for high returns, but also carries risks associated with volatility, security, and regulation. In 2024, it’s more important than ever to approach cryptocurrency with a balanced perspective. Understanding both the potential and the pitfalls is crucial before making any investment decisions.
Remember, cryptocurrency is a rapidly evolving space. Stay informed, conduct thorough research, and never invest more than you can afford to lose. With careful consideration, cryptocurrency can be a valuable addition to a diversified investment portfolio.
News
Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News
Block, a payments technology company led by Jack Dorsey square could become a formidable player in the cryptocurrency mining industry, but Wall Street will need details on profit margins to gauge the positive impact of the business on earnings, analysts said.
Block signed its first large-scale cryptocurrency mining hardware pact on Wednesday, agreeing to supply its chips to bitcoin miner Core Scientific 
CORZbut no financial details were disclosed.
JP Morgan estimates the deal could net Block between $225 million and $300 million, but said more information will be needed to assess the hardware business’s long-term earnings potential.
“We still have a lot to learn in terms of the margins of this business, so we are hesitant to underwrite this transaction until we know more about the cadence and economics,” J.P. Morgan said.
The deal marks a major step for the payments company, which started out as “Square” in 2009 before rebranding in 2021 in a nod to its focus on crypto and blockchain technologies.
Dorsey, who co-founded and ran Twitter (now known as “X”), has long been bullish on Bitcoin. Block began investing 10% of its monthly gross profit from Bitcoin products into Bitcoin in April.
In the first quarter, nearly 9% of the company’s cash, cash equivalents, and marketable securities consisted of bitcoin.
“This development (the deal with Core Scientific) is further evidence of Block’s role as an emerging leader in the crypto hardware ecosystem,” Macquarie analysts Paul Golding and Emma Liang wrote in a note.
Analysts say similar deals to follow could further validate Block’s reputation in the industry.
But J.P. Morgan said the stock’s performance will be determined by Block’s other segments, such as Square and Cash App.
Block shares have lost nearly 17% this year.
3:30 PM ▪ 4 minute read ▪ by Luc Jose A.
This Thursday, attention will be focused on the United States with the anticipated release of the Consumer Price Index (CPI). This economic indicator could trigger significant movements in the markets, especially for the U.S. dollar and cryptocurrencies. While investors remain vigilant, speculation is rife about the potential impact of these key figures.
The Consumer Price Index: The Cornerstone of the American Economy
The Consumer Price Index (CPI) is a key measure of inflation which reflects changes in the price of goods and services purchased by American households. This index is calculated monthly by the Bureau of Labor Statistics (BLS) and serves as a barometer for the cost of living. The consumer price index covers a wide range of products, including food, clothing, housing, health care, and entertainment. Economists and policy makers closely monitor this data to anticipate economic trends and adjust monetary policies accordingly.
The June CPI data is due to be released this Thursday at 2:30 p.m., and is highly anticipated by investors. The current consensus is for headline annual inflation to decline to 3.1%, from 3.3% the previous month, while core inflation is expected to remain stable at 3.4%.
THE BIGGEST EVENT THIS WEEK 🚨
The U.S. Consumer Price Index is expected to
PUBLICATION TODAY AT 8:30 AM ET.EXPECTATIONS ARE 3.1% WHILE
LAST MONTH THE CONSUMER PRICE INDEX (CPI) WAS 3.3%HERE ARE SOME SCENARIOS 👇
1) CPI above 3.1%
THIS WILL BE A DAMAGE TO THE MARKET
GIVEN THAT THE LAST TIME THE CPI DATA… photo.twitter.com/yudjPLPl8g— Ash Crypto (@Ashcryptoreal) July 11, 2024
Consumer Price Index Release: What Does It Mean for the Dollar and Bitcoin?
Inflation as measured by the consumer price index is a key determinant of the value of the US dollar. If the consumer price index declines more than expected, it could reinforce expectations of a rate cut by the Federal Reserve in September, thus weakening the dollar. A weaker dollar could benefit GBP/USD, which recently broke a major resistance level, and Bitcoin, which could see its price rise due to increased demand from institutional investors.
Current forecasts suggest that headline inflation will decline to 3.1%, with core inflation holding steady at 3.4%. However, a surprise increase in the consumer price index could upset these expectations. Fed Governor Lisa Cook has mentioned the possibility of a soft landing for the economy, with inflation falling without a significant increase in unemployment, which could lead the Fed to consider rate cuts. This outlook is particularly favorable for stock markets and cryptocurrencies, including Bitcoin, which could benefit from a more accommodative monetary policy.
According to experts at 10x Research, especially their CEO Markus Thielen, Bitcoin could see a significant increase if the CPI data confirms a decline in inflation. Thielen indicated that Bitcoin could reach almost $60,000, a prediction that has already been reflected with a rise to $59,350 before the data was released.
Therefore, Thursday’s CPI data could determine the future direction of financial and cryptocurrency markets. High inflation could strengthen the US Dollarwhile a drop in inflation could pave the way for rate cuts by the Fed, thus giving a boost to Bitcoin and other digital assets.
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Luke Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I am committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, convey the latest technological innovations and put into perspective the economic and social issues of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.
Bitcoin is seeing a rebound after its recent price crash to $53,000. Other altcoins are subsequently recovering, with many cryptocurrency investors increasingly making new entries. However, Santiment warned against this hopium, suggesting that Bitcoin could extend its price losses.
As the broader market anticipates Bitcoin’s next price action, RCO Finance (RCOF) demonstrates resilience, attracting thousands of people in influxes. Read on for more details!
RCO Finance challenges the market crisis
RCO Finance (RCOF) is approaching $1 million in funding raised, amid growing interest from institutional traders seeking stability from Bitcoin’s wild price swings. While much of the broader market has seen significant price losses, RCO Finance has remained resilient, experiencing a surge in its pre-sale orders.
As a result, the project seems oblivious to the current market conditions, leading top market experts to take a deep dive into its ecosystem. They identified why RCO Finance was able to withstand the bearish pressure and its potential to hold up even stronger during the impending broader market crash.
The main reason was related to the innovative use of RCO Finance AI Trading Tools as a Robo Advisor. This tool has been integrated into RCO Finance’s cryptocurrency trading platform, offering full automation and highly accurate market forecasts to help investors make informed decisions.
Read on to learn more about this tool and other exciting features of RCO Finance!
Bitcoin Bounces Amid Impending Crash
Bitcoin is bouncing back, rallying 8% after plunging to its lowest point since February on July 5. While this rebound has triggered a bullish wave in the broader market, many cryptocurrency analysts predict it could be short-lived as Bitcoin is poised for an imminent crash toward the $50,000 zone.
On a Post X (formerly Twitter)Santiment revealed that while the crowd is anticipating a Bitcoin rally, this potential crash could trigger FUD and panic, causing average traders to wither and give up on Bitcoin. The platform noted that Bitcoin rally has historically occurred after these weak hands sold their holdings.
In particular, these cryptocurrency analysts speculate that the previous and upcoming Bitcoin crash is largely the result of bearish market psychology, as opposed to large BTC sell-offs by the German government and Mt. Gox. In particular, Ki Young Ju, founder and CEO of CryptoQuant, noticed that “the sales were rather negligible, given the overall liquidity of Bitcoin.”
Enjoy seamless investing on RCO Finance
RCO Finance is making investing easier and easier, democratizing access to high-level tools and cryptocurrency earnings that were once reserved for professional and institutional investors. It has also prioritized accessibility, allowing investors of all levels to easily navigate its features through its intuitive interface.
Additionally, they can also maintain anonymity and privacy as the platform has no KYC requirements. To build trust, the platform has instead emphasized regular smart contract audits by respected security firm SolidProof.
Performance data shows massive adoption, indicating that it is doing its job effectively. Investors can also capitalize on RCO Finance’s fast transaction speeds and incredibly low transaction fees, with leverage options up to 1000x to further optimize their portfolios and maximize returns.
Leverage RCO Finance’s pre-sale earnings
An in-depth analysis of the RCO Finance ecosystem revealed that it has strong potential to rival and surpass major cryptocurrencies in the cryptocurrency industry. With a very limited total token supply and excellent tokenomics, RCO Finance is poised to reach its target of $1 billion in market cap upon its official launch.
RCO Finance has adopted a deflationary model, strategic burn mechanisms, and a vesting schedule. However, the project encourages long-term holding by focusing on sustained growth through incredibly high staking rewards.
RCOF tokens are currently available at an altcoin price of $0.01275 in progress Pre-sale Phase 1. This is likely the lowest price these coins will ever trade at, as they are expected to increase exponentially with each new presale phase.
With RCOF expected to be $0.4 at launch, investors jumping in now can expect a Return 30x on their investment!
For more information on RCO Finance (RCOF) presale:
Join the RCO Financial Community
Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the reliability, quality and accuracy of any material in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your own research and invest at your own risk.
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming more and more intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
Although Bitget is not the largest cryptocurrency exchange in terms of total volumes, it closed a favorable quarter. From April to June, the platform ranked third in net capital inflows and showed the strongest growth in market share compared to its competitors.
In the second quarter, investors moved $700 million into Bitget, and activity on the platform increased by nearly 50%.
The exchange has seen a surge in user funds, with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) rising 73%, 80%, and 153%, respectively, in the first six months of the year. This growth coincided with adding 2.9 million new users to the platform.
This has positioned Bitget among the top exchanges with the highest positive net inflows in the last quarter. Only Binance, which remains the market leader, and Bitfinex have performed better in this category.
According to CCData’s latest H2 Outlook Report, the exchange also recorded the highest market share growth among centralized exchanges, increasing 38.4% from H2 2023 to H1 2024.
Bitget’s spot trading volume has also seen a visible increase, going from $28 billion in Q1 to $32 billion in Q2, marking an increase of over 10%. The platform’s monthly visitors have reached 10 million. Although its volumes are increasing, Bitget still does not rank among the top 10 cryptocurrency exchanges in terms of spot trading.
The changes taking place in the centralized cryptocurrency exchange market show that competition is becoming increasingly intenseAn example of this is the recent surge in popularity of Bybit, which has become the second largest exchange in terms of spot trading volumes.
Sports Sponsorships and New Products
Gracy Chen, Source: LinkedIn
Gracy Chen, CEO of Bitget, commented on the quarterly performance, saying, “Q2 2024 was a pivotal period for Bitget. Our collaboration with Turkish athletes, along with significant growth in users and website traffic, is part of our global expansion.”
In an effort to expand its global presence, Bitget has partnered with three Turkish national athletes as part of its #MakeItCount campaign, starring Lionel Messi. The deal with the famous footballer It was signed in Februaryto build brand presence in Latin America.
The exchange also launched a $20 million TON Ecosystem Fund in partnership with Foresight Ventures to support early-stage projects on The Open Network.
The exchange introduced two new initial token listing products, PoolX and Pre-market, which collectively launched over 100 projects. Additionally, Bitget’s native token, BGB, was recognized as the best-performing centralized exchange token in June and was ranked among the top 10 cryptocurrencies by Forbes.
In its latest move, the cryptocurrency exchange aimed to become a regulated player in IndiaThe announcement comes as the world’s most populous democracy grapples with the complexities of integrating cryptocurrencies into its financial ecosystem.
Even recently,
Bitget Wallet Announced a joint investment with cryptocurrency investment firm Foresight X in Tomarket, a decentralized trading platform. This initiative targets emerging asset classes and aims to expand the portfolio’s services beyond traditional decentralized exchanges (DEXs).
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DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
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Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
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