2024 remains a year in which the cryptocurrency industry and the global financial world are about to witness a monumental transformation across the blockchain space. The growing interest worldwide and many institutions paying attention to the cryptocurrency market promise to be revolutionary and could reshape how we perceive and interact with the financial world.
Key contributors to the wide growth currently experienced across the financial market have been attributed to significant advancements in blockchain technology, Artificial intelligence (AI), the rise of digital currencies such as stablecoins and central bank digital currencies (CBC), regulatory transformation, and approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs), as well as economic changes over the years.
The COVID-19 period saw a massive shift from paper currency to digital currency, with interest growing every year due to its demand for efficiency, security, and accessibility due to its ease of financial transactions.
These, coupled with the fact that many centralized financial systems are faced with drawbacks that come with paper-based transactions, such as high transaction costs, delayed transactions, and susceptibility to fraud, has heightened the need for the use of digital assets and robust technologies.
As a result of digitalization, we are on the brink of evolution. Money has transitioned due to the consumer habits of a digital world, wanting to use digital assets. It could be way bigger than anticipated as bigger institutions develop much interest in digital currency.
This shift from paper cash to digital assets across the digital world is not just an immediate trend but a total shift. It could have lasting implications on the use of money and how transactions are conducted.
Let us discuss some key factors that could make 2024 a historic year for the blockchain mainstream and wider adoption.
Regulatory Policy And Its Effect On the Cryptocurrency Space
A spree of bankruptcy in cryptocurrency was the signal needed for financial bodies such as the United States (U.S.) Security and Exchange Commission (SEC) and the European Union (EU) to impose regulations on cryptocurrency assets and exchanges.
The EU voted for its approval of MiCA (the Markets in Crypto-Assets) regulation for European Union countries, a regulatory framework that focuses on maintaining stability, protecting investors and promoting the growth of cryptocurrency assets in these countries.
MiCA's regulatory framework for cryptocurrency assets has a deadline of June 30. Different phases of MiCA are expected to be implemented, with a key phase primarily focused on cryptocurrency asset service providers and entities operating in the cryptocurrency space to comply with set regulations on KYC/AML.
Some of this compliance could affect service providers' issuance of stablecoins and operations within the European Union. While many exchanges have started aligning their operations to follow the MiCA regulations, other exchanges outside the EU have started adjusting their services to remain in compliance with them.
With MiCA regulation on stablecoin, we could see more adoption for Euro stablecoin in the coming months and years compared to the traditional stable coin of USDT, which has garnered much adoption over the years.
While Euro stablecoins continue to lag behind the USDT due to low cryptocurrency trading activities, the euro-backed stablecoins have witnessed much volume over the past few months, suggesting much adoption of digital assets in European countries.
The USD-backed stablecoin USDT continues to average over 70% of trading volume, and data from Kaiko suggest that MiCA regulation in EU countries could be a major boost for Euro-backed stablecoins.
Spot Bitcoin ETFs and Institutional Adoption
The cryptocurrency market has seen considerable growth, capturing the attention of financial institutions looking to enter the space. One of such big achievements is the spot Bitcoin ETF approval.
This approval marked a turning point in the cryptocurrency market, the integration of digital assets in the broader financial market, and institutions' adoption of other cryptocurrencies.
The approval of spot Bitcoin ETF allows investors to gain exposure to Bitcoin without directly owning the digital assets. The SEC's approval opens the door for Bitcoin mass adoption on the mainstream and regulatory recognition of Bitcoin as a viable investment asset.
Although Bitcoin's price is above $65,000, many traders and investors are looking to capitalize on trending altcoins with use cases such as AI tokens and real-world applications. Many users are adopting strategies that would enable high returns on investments. Such strategies include using social trading options such as copy trading to automate trades.
Margex Copy Trading As A Social Trading Strategy
Trading is increasingly becoming popular due to its affordability, ease of execution, and attractive profitability. Several methods and strategies are employed in this digital age, with many processes and strategies focused on automation.
One such strategy is copy trading, a form of social trading that involves copying the trades of experienced traders. Modern social trading, such as copy trading, allows users to easily and quickly mirror the trades and strategies of other traders with better profitability returns.
Users make decisions based on strategies, profit returns, and risk-to-reward ratios to make informed decisions about the experienced trader they wish to follow. If a trader meets their clear criteria, then a user can follow an experienced trader.
Margex copy trading has become a go-to strategy for many users as it offers a user-friendly platform and access to all information regarding the trade history of an experienced trader before copying the trades or following the trader.
Margex remains a top copy trading platform that provides a conducive environment for beginner traders to start their copy trading journey. It provides all the facilities for a better trading experience.
With its zero-fee converter, users can easily and conveniently swap different tokens on its platform and diversify their portfolios for better profitability. With Kaspa, USDT, and USDC, users can deposit and withdraw with different options with low transaction fees and high-speed priority.
Accessing Margex copy trading is easy with as low as $10;
1 Decide On A Trader
Creating an account on the Margex copy trading platform allows users to select a trader and strategies they wish to copy trade. All data on a trader's trading history are available to the user, allowing them to make an informed decision.
2 Click Follow
Click follow to automate their copy trading experience. Uerse can follow multiple traders and diversify their portfolio.
3 Allocate the amount for trading
Allocate the amount for your copy trading strategy.
4 Confirm copy trading
Review and confirm to initiate your trading journey.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
