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Cryptocurrency statistics 2024: Investing in crypto
Over the last decade, cryptocurrency has gone from an obscure asset to a wildly popular investment before falling significantly amid increasing interest rates. Cryptocurrencies are a form of digital currency secured through cryptography and computer networks. These currencies are not overseen by traditional central institutions, like a government or bank, and transactions are performed while maintaining the semi-anonymity of buyers and sellers.
How cryptocurrencies work can sometimes be complex. Below is an easy-to-follow guide on the most important things to know about digital currencies and new developments in the crypto market.
Learn about cryptocurrency
Dollar Coin
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Cryptocurrency was born out of the Great Recession, as the concern over central bank powers grew, and users found a way to decentralize money.
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The first cryptocurrency, Bitcoin, was launched in 2009. Its first transaction was used for two Papa John’s pizzas.
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Cryptocurrencies are made possible by a technology called blockchain, which acts as an electronic ledger for anonymous digital transactions.
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Bitcoin began with a value of less than a penny, and at its historical high hit more than $73,000.
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Since its inception, more than 21,000 different cryptocurrencies have evolved and followed in Bitcoin’s footsteps. Ethereum and Tether sit behind Bitcoin in value to round out the top three.
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26 percent of millennials owned Bitcoin, according to a July 2023 Morning Consult survey, compared to 14 percent of all U.S. adults.
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Global mining for the largest cryptocurrencies is estimated to create between 110 – 170 million metric tons of carbon dioxide emissions per year, according to a White House report.
Types of cryptocurrency
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Equity tokens |
Represent equity in the underlying asset, usually the stock of an actual company or equity in a property. Terms are recorded on the blockchain. Very similar to owning traditional stocks, with the main difference being registration on a blockchain versus a database or paper certificate as is the case with traditional stock. Voting rights are also issued with these tokens through the blockchain. |
Tesla and PayPal are just two examples of companies that can be bought as regular shares and as tokenized stocks through the blockchain. |
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Utility tokens |
Utility tokens are used to raise funds for new cryptocurrency projects. Utility tokens usually serve a specific purpose for their developer, often to raise capital but can also provide access to products or services. Not considered ownership of an asset like an equity token. |
Basic Attention Token (BAT) is used for payments in publishing systems.Golem (GNT) offers a way for users to rent computing power systems. |
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Intrinsic tokens |
Also called “native” or “built-in” tokens, these tokens are digital forms of currency and have intrinsic value only insofar as the market values them. They do not represent anything, but simply exist as currency. |
Bitcoin (BTC) and Ethereum (ETH) are two of the most well-known intrinsic tokens. |
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Asset-backed tokens |
Asset-backed tokens are the digital equivalent of IOUs. These tokens are backed by an underlying asset, something physical like gold, paper money, art or gemstones. Users can claim the underlying asset from a specific issuer by sending the token to the issuer. |
Any real, physical asset can be tokenized into an asset-backed token. Often, commodities like gold, crude oil and soybeans are used. |
Crypto market rise and fall
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Following the 2008 recession, an individual or group by the name of Satoshi Nakamoto created a white paper to address central bank control of money and the control governments had over citizens’ money.
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In 2009, Bitcoin was created, launching cryptocurrency from academic concept to real-world currency contender.
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Bitcoin was intended to eliminate the control, oversight and fees associated with cash transactions. The legitimacy provided by third-party institutions like banks was supposed to be replaced by cryptographic networks online.
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On Jan. 3, 2009, the first blockchain was launched with the first “block” called the genesis block.
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The first actual transaction with Bitcoin took place on May 22, 2010 when a Florida man negotiated to have two Papa John’s pizzas worth $25 delivered in exchange for 10,000 bitcoins. This established the first actual value of Bitcoin, at 4 bitcoins per penny. Fans have since dubbed this day “Bitcoin Pizza Day.”
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In February 2011, Bitcoin’s price passed the $1 threshold. Roughly 13 years later, Bitcoin hit an all-time high of $73,750 in March 2024.
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Since Bitcoin’s inception, more than 21,000 different cryptocurrencies have been created.
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Bitcoin is the most valuable coin in circulation, with Ethereum and Tether in second and third place, respectively.
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The value of all existing cryptocurrency is around $2.33 trillion, with around $1.2 trillion of that being attributed to Bitcoin (as of May 6, 2024), according to CoinMarketCap.com.
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The global payments revenue is expected to top $3 trillion by 2026, according to a McKinsey report.
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As of May 5, 2024, the size of the Bitcoin blockchain is approximately 570 gigabytes, about 19 percent higher than where it was one year ago.
Story continues
Cryptocurrency statistics: Investors and demographics
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About 21 percent of American adults have owned cryptocurrency as of 2022, according to NBC News.
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India is ranked at the top of Chainalysis’s global crypto adoption index, as of Sept. 2023, followed by Nigeria and Vietnam, to round out the top three.
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Many high adopters are developing markets, such as Ukraine, Indonesia and the Philippines, according to Chainalysis.
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In the United States, high-income earners are disproportionately represented among crypto investors, with those making $100,000 or more annually comprising 25 percent of crypto owners but only 15 percent of the general public.
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About 70 percent of cryptocurrency owners are men, but they represent only 48 percent of the general population, according to a report by Morning Consult. Women comprise 30 percent of crypto owners but 52 percent of the general population.
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U.S. crypto ownership by ethnicity, in 2021, according to Morning Consult:
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White |
62% |
69% |
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Hispanic |
24% |
16% |
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Black or African American |
8% |
10% |
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Asian |
6% |
5% |
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Gen Z (born 1997-2012) |
13% |
11% |
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Millennials (born 1981-1996) |
57% |
30% |
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Gen X (born 1965-1980) |
20% |
27% |
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Baby Boomers (born 1946-1964) |
10% |
32% |
Cryptocurrency’s environmental impact
Although cryptocurrencies have created a new, alternative method of payment, the production of cryptocurrency has been mired in controversy because of the energy required to produce it.
Bitcoin and other cryptocurrencies are “mined” on decentralized computer networks that act much like a large ledger. This ledger tracks each transaction of cryptocurrency, and computers throughout the network verify and process each transaction through a blockchain database.
Think of it like a long receipt that records every transaction in a cryptocurrency. As transactions are processed and verified, new bitcoins are created, or mined. Mining is the process of adding another entry onto the receipt, or another block to the chain.
This process requires high-powered and sophisticated computers – and a lot of electricity. Bitcoin alone used an estimated 158 terawatt-hours of electricity annualized as of May 2024 – more than Ukraine and Pakistan – according to the Cambridge Bitcoin Electricity Consumption Index.
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Bankrate insights
Bitcoin mining consumes so much electricity that it accounts for 0.62 percent of the entire world’s electricity consumption as of May 2024, according to the Cambridge index. Mining for Bitcoin alone is estimated to create 80.1 million metric tons of carbon dioxide emissions per year, comparable to those created by Greece, according to the Cambridge index.
Other key facts show the environmental impact of cryptocurrency:
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If Bitcoin were a country, it would be in the top 40 energy users worldwide, according to Digiconomist.
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One Bitcoin transaction’s carbon footprint is equivalent to more than 762,000 Visa transactions, according to Digiconomist.
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Bitcoin emissions alone could increase average global temperature above 2°C, according to research in the journal Nature Climate Change.
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It is even estimated that Bitcoin mining consumes the same amount of electricity as all the data centers in the world, according to research in the journal Joule.
Crypto taxes and economic statistics
When cryptocurrencies were first created, it was nearly impossible for government tax agencies to track them. The hallmark of blockchain transactions is anonymity, meaning one could not prove the identity of the buyer or the seller.
In 2014, the IRS stated that cryptocurrency was to be treated as property for federal income tax purposes. Although the agency itself has not released official estimates yet, an analysis from Barclays Bank figures that the IRS loses an estimated $50 billion per year from taxes that should be paid on cryptocurrency assets.
Buying and holding cryptocurrency is not considered a taxable event. You can buy and hold the crypto for as long as you want, though you do have to disclose that on your tax return, but once you decide to sell (or realize the gain or loss) you will need to report the amount of profit or loss from the sale.
Is crypto the future of money?
The popularity of cryptocurrency has grown in recent years as access to crypto has become easier. The asset is still incredibly volatile, and in 2022 rising interest rates caused selloffs in Bitcoin, as skittish investors offloaded speculative assets. Bitcoin recovered somewhat in 2023, and reached a new high in March 2024.
The volatility of major cryptocurrencies such as Bitcoin makes them difficult, if not impossible, to use as currencies. Major currencies need to be mostly stable in order to act as a medium of exchange. So the ideas that cryptocurrencies can be both trading vehicles for profit and functional currencies to transact are at odds with each other.
Governments around the world, including the United States, have also started to analyze how to regulate cryptocurrency. On March 9, 2022, U.S. President Joe Biden signed an executive order calling for a broad review of digital assets, including cryptocurrencies. Federal agencies are reviewing digital currencies and assessing the risk they pose to overall financial stability, among other considerations.
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Bankrate insights
The difficulties of tax reporting and the controversy surrounding crypto have resulted in the digital asset being entirely banned in more than a dozen countries including Qatar, Saudi Arabia and China. China, which used to account for the majority of the world’s Bitcoin mining, has now outlawed cryptocurrencies altogether as well.
So far, El Salvador and the Central African Republic accept crypto as legal tender, although both countries have had significant problems with its implementation.
Cryptocurrency, although available as a method of payment for some companies scattered throughout the world, has not made the official leap as a widely available currency. Several major companies already accept cryptocurrency as a form of currency or payment, but the list is relatively limited:
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AT&T offers customers a payment option through BitPay.
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Microsoft allows Bitcoin to pay for Xbox store credits.
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Game streaming platform Twitch accepts Bitcoin and Bitcoin Cash as payment.
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AMC theaters allow moviegoers to purchase tickets with Bitcoin and other cryptos.
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The Dallas Mavericks allow the use of Bitcoin for purchasing game tickets and merchandise through the team’s website.
However, many other companies have introduced the ability to pay with cryptocurrency but then rescinded it when customers failed to actually use it.
Cryptocurrency FAQ
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What happens if you dont report cryptocurrency on taxes?
You can get into serious trouble with the IRS if you don’t declare all your income and pay taxes on it, including stiff financial penalties and potential criminal penalties such as prison time. You may need to respond to a couple items on your annual tax return, depending on your activities.
For all taxpayers, the IRS asks you whether you’ve transacted in cryptocurrency each year on your Form 1040 tax form. So if you’ve bought or sold cryptocurrency during the tax year, you’ll need to declare that on your taxes – or risk lying on your return.
In addition, if you’ve turned a profit on your crypto trades, you’ll need to report that capital gain and pay taxes on it. Alternatively, if you’ve lost money on your trades, you can claim a loss as well as a tax break.
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How do beginners invest in cryptocurrency?
Cryptocurrency’s volatile nature, the fact that it is not based on a hard asset or cash flow of an underlying entity and the controversy surrounding its climate impact make it a very speculative investment. Even a more established coin like Bitcoin is risky. All cryptocurrencies are fairly new, and it is difficult to compare asset-backed investments like stocks to digital currencies that are backed purely by investor sentiment.
Beginners should only make crypto a small part (less than 5 percent) of a diversified portfolio that includes stocks and other established wealth-building assets. Investors need to understand exactly how cryptocurrency works – and here’s what else you need to know.
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What is cryptocurrency mining?
Crypto mining is the process of creating new coins on a given blockchain such as Bitcoin’s. Computers operating these decentralized blockchain networks solve complex mathematical problems to try to earn bitcoins. These high-powered computers compete with one another to solve the problems in the hope that they are rewarded with the bitcoins up for grabs.
Mining is extremely energy-intensive and creates significant carbon emissions, among other negatives. Here are further details into how it all works.
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Where to buy cryptocurrency?
Traders can buy cryptocurrency at many places nowadays, including traditional payment apps such as PayPal and Venmo, investing apps such as Robinhood and Webull, crypto exchanges such as Coinbase as well as a few traditional brokerages such as Interactive Brokers.
If you’re looking to buy crypto, here are some of the top exchanges and apps to consider.
— Georgina Tzanetos wrote a previous version of this story.
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).
Raoul Pal – “You should listen to my warning about what is next for BTC and Crypto in 2025”
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Matt Hugan – The great trigger is here! This will immediately restore the BTC and Crypto Bull market
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Chamath Palihapitiya – “This is exactly how everything went wrong and how to solve it”
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Block Investors Need More to Assess Crypto Unit’s Earnings Potential, Analysts Say — TradingView News
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Raoul Pal – “You should listen to my warning about what is next for BTC and Crypto in 2025”
“The pump is coming! Many are incredibly wrong on the Toro race” – Catie Wood
Matt Hugan – The great trigger is here! This will immediately restore the BTC and Crypto Bull market
“A huge global collapse is coming! It will be 100x bullish for bitcoin” – Tom Lee
Chamath Palihapitiya – “This is exactly how everything went wrong and how to solve it”
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