According to CoinDesk, the current market sentiment in the crypto world is a topic of debate at Consensus 2024. The question of whether the market is in a bull or bear phase, or on the verge of another bull market or collapse, is a hot topic.
Since the introduction of bitcoin exchange-traded funds earlier this year, bitcoin has not only recovered but also surpassed its all-time high set during the 2021 bull market. However, for several weeks, the largest cryptocurrency seems to be trading sideways at best.
There have been numerous positive developments for crypto in recent months. The European Union, after passing MiCA last year, is starting to see progress in its domestic crypto market. Other global hubs such as Hong Kong, the United Arab Emirates, and countries across the Caribbean are also advancing significant legislation.
Regulatory gridlock in the U.S. appears to be easing. The House recently passed the Financial Innovation and Technology for the 21st Century Act (FIT21), marking the furthest a crypto-specific bill has ever gone legislatively. Meanwhile, the U.S. Securities and Exchange Commission reversed its stance on Ether ETFs.
Despite these conditions, the future of crypto remains uncertain. Adam Roberts of the institutional MPC wallet expressed cautious optimism, stating that the approval of the ETH ETF is a sign of change, but not enough to re-catalyze the market.
Micha Benoliel, co-founder and CEO of Nodle, is more optimistic about the recent regulatory changes. He believes that the SEC's strict approach to crypto oversight has driven many firms abroad and made it difficult to operate a business domestically. If all goes well, this alone could create a new bull market, as the U.S. remains the world's largest crypto market.
Amanda Wick, founder and CEO of the Association for Women in Crypto and a former Department of Justice prosecutor, is also optimistic this year. She noted signs of a maturing industry at the conference. She believes that the industry's best chance at sustaining a bull run is through maturation and increased integrity.
In conclusion, it is still unclear whether the crypto market is on the verge of another bull or bear market. However, with any luck, it has learned to avoid the pitfalls that led to its previous downfall.