Global #cryptocurrency

According to crypto trader Peter Brandt, Bitcoin (BTC) is currently experiencing a downturn, with its price at $68,589. Brandt suggests that based on the trajectory of previous post-halving bull markets, Bitcoin could potentially peak between $130,000 to $150,000 in late August to early September.

Hong Kong, a prominent financial center increasingly interested in cryptocurrency, is witnessing significant regulatory changes. The Securities and Futures Commission (SFC) has taken decisive action, compelling unlicensed crypto enterprises to leave the market and imposing stricter regulations on those applying for licenses.

A recent report reveals a significant surge in the global adoption of digital currencies. The number of individuals who own and actively use digital currencies has risen to 562 million, surpassing the previous year's figure of 420 million in 2023. This indicates that approximately 6.8% of the world's population is now engaged in the utilization of digital currencies.

In a notable move, Tether, the issuer of the popular stablecoin USDT, has invested $100 million in Bitdeer Technologies Group, a US-listed Bitcoin miner owned by Chinese billionaire Jihan Wu. The deal also includes the option for Tether to acquire an extra $50 million worth of shares within the next year, further solidifying its foothold in the Bitcoin mining industry.

The debut of spot Bitcoin ETFs in January 2024 marked a significant turning point for the cryptocurrency market, according to experts like Lynn Martin, president of the New York Stock Exchange Group. These exchange-traded funds are being hailed for their role in boosting liquidity and driving wider acceptance of cryptocurrencies among the general public.

A recent uptick in the number of Ethereum addresses holding 10,000 ETH or more indicates a significant shift from asset distribution to accumulation. This trend reflects growing confidence among large investors in Ethereum's long-term viability.