2024

World

Bitcoin

The global digital asset market looked confused in the early trading hours of Monday. Bitcoin, the first ever crypto, recorded a marginal decline over the past 24 hours. However, BTC price is on a constant decline after the much anticipated approval of the <a href="https://news.todayq.com/bitcoin-sell-off-trend-continues-after-initial-etf-pump-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Exchange-Traded Fund</a> (ETF) by the US Securities and Exchange Commission (SEC). This comes in line with the World Economic Forum (WEF) in Davos 2024. Markets decline ahead of Davos 2024 
The traditional markets depicted kind of similar scenario as global stocks maintained stability with U.S. markets closed for a holiday. Meanwhile, Chinese equities registered a slight decline after the country’s central bank surprised investors by opting not to implement a rate cut.
The global digital asset market recorded a decline of around 0.27% in the last 24 hours to stand at $1.68 trillion. However, its 24 hour trading volume jumped by 16% to stand at $53.33 billion. While Bitcoin price is down by over 5% in the last 7 days. BTC is trading at an average price of $42,666, at the press time.
Both financial trading markets looked so untidy as global economic, political, and social leaders gathered for the annual <a href="https://news.todayq.com/wef-official-says-that-blockchain-will-enhance-diversification-in-the-system/" target="_blank" rel="noopener noreferrer nofollow">World Economic Forum</a> (WEF) meeting in Davos, Switzerland. This event remains crucial for the crypto industry as its advocates have experienced a very uncertain period in the last 12-18 months. However, institutional adoption of blockchain and crypto assets has fueled the optimism of investors. This especially comes in line with the approval of multiple spot bitcoin ETFs for trading in the US. What to expect? 
The crypto industry is still on its way to recovering from a challenging year that damaged its reputation and trust. The past 12-14 months were filled with scams, the horrible collapse of FTX, the guilty verdict for Samuel Bankman-Fried (SBF), and charges pressed against Binance. These developments have raised concerns among investors.
However, the theme of Davos 2024 is “rebuilding trust” and it directly presents a mega opportunity for the crypto industry to show its commitment to transparency and responsible practices. It is important to note that the recent approval of bitcoin ETFs is a positive development. Meanwhile, stakeholders should avoid speculative behaviors and concentrate on improving relationships with regulators. It can be done by building sustainable products and educating the wider investor community.
Clear and transparent reporting remains crucial for crypto firms in order to enhance trust in the market. Experts suggest that it can be done by addressing issues related to financial reporting and audits. It added that education remains a key factor here in overcoming information asymmetry in the crypto space.
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Crypto in focus at WEF Davos 2024: Here’s what to expect

Todayq News

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