The last six months have been a pivotal period for the crypto market, with many major events shaping its evolution. Since the start of 2024, Bitcoin has seen its ups and downs, reflecting the sector’s persistent volatility. Here’s a brief recap of the major milestones of the past six months, and a look ahead to what might await the crypto market between now and the end of the year.
Bitcoin takes hold on Wall Street
One of the highlights of the last six months has been the arrival of Bitcoin on Wall Street. In May 2024, Robinhood announced its intention to launch futures contracts on Bitcoin and Ether in the coming months, using Bitstamp’s licenses to also offer perpetual contracts in Europe. This move underlines the growing interest of traditional players in crypto-currencies.
The volatility of the crypto
The cryptocurrency market has seen a great deal of volatility in recent months. Bitcoin notably dropped below $55,000 in early July, triggering over $580 million in liquidations. This drop was attributed in part to Mt Gox’s preparations to repay its creditors, with the transfer of almost 47,229 BTC to new wallets.
Outlook for the end of the year
Despite this turbulence, analysts remain generally optimistic for the rest of 2024. In particular, some are predicting that Bitcoin could hit a new all-time high in August, before reaching $100,000 by the time of the US presidential elections in November. However, these forecasts remain conditional on political and macroeconomic factors that will continue to influence the dynamics of the crypto market.
