Globally, cryptocurrency transactions are set to exceed $108 trillion by the end of this year, marking an almost 90% increase from 2022. This surge highlights the rapid adoption and integration of digital currencies in various sectors. Australia has become a significant player in the global cryptocurrency market, demonstrating a strong interest in digital assets and investment products.

The crypto scene in Australia

Since 2022, Australian investors have had access to physically-backed Bitcoin ETFs, notably through the 21Shares Bitcoin ETF listed on Cboe Australia. This milestone provided a regulated and secure investment option, allowing investors to gain exposure to Bitcoin without directly purchasing the cryptocurrency. Leading up to the ETF approval deadline, there was considerable speculation that such approval would drive up demand for Bitcoin, subsequently increasing its price.

This speculation was validated when BlackRock initiated its Bitcoin ETF application in 2023. The market reacted positively, with Bitcoin’s price surging nearly 90% to a two-year high of $49,000. This price jump reflected the market’s confidence in the eventual approval of the ETF and its anticipated impact on Bitcoin demand and valuation. As the cryptocurrency market continues to evolve, Australia’s proactive approach and investment opportunities highlight its significant role on the global stage.

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The Australian Securities Exchange (ASX) has approved its second spot Bitcoin exchange-traded fund (ETF), launched by DigitalX under the ticker BTXX. This marks another significant milestone in the integration of cryptocurrency into traditional financial markets. BTXX joins the VanEck Bitcoin ETF (VBTC), which started trading on June 20 and functions as a feeder fund for the VanEck Bitcoin Trust in the U.S. The debut of BTXX on July 12 at 10 am local time highlights the growing momentum and investor interest in Bitcoin within Australia.

JPMorgan analysts are forecasting a rebound in the cryptocurrency market by August, anticipating that ongoing liquidations will be completed by the end of July. This optimistic outlook comes despite the bank lowering its year-to-date net flow estimate for the crypto market to $8 billion, a reduction driven by recent declines in Bitcoin prices. The launch of the BTXX ETF alongside the existing VBTC signals a robust demand for diverse crypto investment products.

Meanwhile, MakerDAO’s ambitious plan to invest $1 billion in tokenized treasury assets has garnered attention from major financial players, including BlackRock, BUIDL, Ondo Finance, and Superstate. Ondo Finance and Superstate are exploring new blockchain-based investment products through this initiative, reflecting a significant intersection of traditional and decentralized finance.

Partior, a blockchain-based payment network backed by JPMorgan and DBS Bank, recently raised $60 million in a Series B funding round led by Peak XV Partners, with additional investments from Valor Capital Group, Jump Trading Group, Standard Chartered, and Temasek. This funding will likely accelerate Partior’s growth and innovation in blockchain payment solutions.

Also, Morgan Creek Digital is preparing to raise $500 million for a venture capital fund focused on Web3 investments, targeting startups and projects within the decentralized technology and blockchain innovation sectors. Hypersphere has also launched a $130 million market fund named Atlas, designed to use traditional Wall Street trading strategies to generate returns from crypto investments. These developments underscore the rapid evolution and institutional interest in blockchain and cryptocurrency, heralding a transformative era for digital finance.

Cryptocurrencies to Watch in 2024

Several cryptocurrencies are predicted to experience significant growth in 2024, further driving the market’s expansion. Among these, Optimism (OP), Polygon, Immutable X (IMX), and EigenLayer are particularly noteworthy. These digital assets already account for 80% of the crypto market, indicating their substantial influence and potential for growth.

• Known for its scalability solutions, Optimism (OP) is gaining traction as a key player in the cryptocurrency market. Its technological advancements make it a promising asset to watch in 2024.
• Polygon has established itself as a leading platform for Ethereum scaling and infrastructure development. Its growing ecosystem and strong community support position it for continued success.
• Immutable X (IMX) offers a scalable and efficient solution for trading NFTs on the Ethereum blockchain. Its focus on zero gas fees and instant transactions makes it an attractive option for NFT enthusiasts.
• EigenLayer is recognized for its innovative approach to decentralized finance (DeFi) and staking. Its potential to revolutionize the DeFi space makes it a cryptocurrency to watch in the coming year.

The Future of Crypto Transactions

The anticipated increase in cryptocurrency transactions to over $108 trillion by the end of this year highlights the growing acceptance and integration of digital currencies in the global economy. This growth is driven not only by retail investors but also by institutional investors who recognize the potential of cryptocurrencies as a viable asset class.