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Peter Davis

An writer at FOMOdrive

  • Jul 21, 2023
  • 3 min read

Bitcoin (BTC) to hit recession in 2024 - BBC World

Brown bear biting BTC Bitcoin metal coin

It is estimated that the introduction of spot bitcoin exchange-traded funds (ETFs) will create approximately $30 billion in demand for cryptocurrencies.

It has been more than a year since Tesla last sold any Bitcoin.

Cryptocurrency transactions, including investment and mining, have been prohibited in Kuwait.

The Securities and Exchange Commission (SEC) has asked for an appropriation of $109 million to bolster investor protection.

For the past six months, Binance has been monitoring the movements of the cryptocurrency market.

NYDIG predicts that if spot bitcoin ETFs are introduced, demand for BTC could be boosted by up to $30 billion. To make this happen, investments in bitcoin funds must reach the same level of volatility as gold ETFs.

Glen Goodman, a cryptocurrency analyst for BBC World, expressed his doubts about Standard Chartered's $120,000 bitcoin forecast, claiming that it appears to be more of a guess than a realistic prediction. He further suggested that a prolonged recession in 2021 could have a negative impact on financial markets, including the digital asset market.

A report released by Binance, the world's largest cryptocurrency exchange, has revealed that the crypto industry has seen much more vitality in the first half of 2023 than expected. According to the report, the total market capitalization of the crypto market has increased by 30% year-on-year, reaching a total of $1.17 trillion.

Tesla's quarterly report revealed that the company has not sold any of the bitcoins stored in its accounts for over a year, since the second quarter of 2022. The BTC holdings of Tesla remain at $184 million for the second consecutive quarter.

At a congressional hearing, Gary Gensler, the head of the US Securities and Exchange Commission (SEC), stated that the SEC requires an additional $109 million to address new issues, such as safeguarding cryptocurrency investors. He likened the crypto asset market to the "Wild West", which is full of speculative assets and a lack of adherence to regulations.

The US Federal Reserve declared the commencement of its own payment system, FedNow Service, for instantaneous money transfers to bank customers. The regulator previously highlighted that FedNow Service has no connection to the Central Bank's digital currency. As of yet, the Fed has not taken a decision to introduce a CBDC.

In Kuwait, cryptocurrency transactions, such as investment and mining, have been prohibited. According to a statement from the country's regulator, cryptocurrencies "do not have any legal standing, are not issued or backed by any government, and their prices are always determined by speculation."

In May, the UK government proposed that cryptocurrencies be regulated as gambling tools, but this idea has been rejected by the country's Ministry of Finance. They argued that retailing digital assets is more akin to sports betting than investment.

Robbers in Canada are targeting large cryptocurrency investors, according to the police of a Vancouver district. The best way to protect oneself from such attacks is to not let any suspicious individuals into one's home.

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