The popularity of cryptocurrencies is soaring, with the number of users globally exceeding 500 million. This number is expected to reach 800 million by the end of 2025. A variety of features and offerings of cryptocurrencies play a significant role in this growth.
Growth of Cryptocurrency Popularity
According to claims, the spike in adoption and popularity is fueled by the variety and features offered by cryptocurrencies. Recently, exchange-traded funds (ETFs) have garnered significant attention, leading to a surge in market inflows.
Regulation and Investment Innovations
Most recently, the Financial Supervisory Commission (FSC) announced that it has enabled professional investors to invest in various ETFs, including Bitcoin, leveraging re-entrustment methods. Financial regulators have eased ways of investing in cryptocurrencies but continue to work on industry regulations.
“Professional investors include professional institutional investors, high-net-worth investment legal persons, high-asset clients, legal persons or funds that are professional investors, and natural persons that are professional investors,” the release notes.
FSC strictly notes that “Unless the client is a professional institutional investor, the client should sign a risk warning letter before the initial purchase before the securities firm can accept its entrustment.”
Other Cryptocurrency Market News
On September 19, 2024, Sumsub announced its partnership with Sygna to expand its presence in Taiwan. This collaboration will enable its crypto and FinTech clients to communicate with Virtual Asset Service Providers (VASPs) in the Sygna ecosystem in Taiwan.
Earlier this year, the District Prosecutors Office in Taiwan's capital indicted over 30 individuals, including a lawyer, in a cryptocurrency fraudulent scheme. The detained individual defrauded the victims, wiping out NT$800 million.
Recently, Matrixport, a crypto service provider, noted that it has acquired Crypto Finance, a licensed crypto service provider in Singapore. The acquisition follows the surging adoption of digital assets worldwide.
According to data from CryptoSlam(dot)io, V1 CryptoPunk wrapped #8857 became the priciest NFT sold in the past 24 hours for $114,105, followed by RuneStone (#e484a1…56i361) for $97,411.
As of writing, the intraday total net inflow of Bitcoin spot ETF was $494.37 million; however, BTC ETFs trading in HK collectively saw a total net outflow of $86.01. ARKB, the BTC ETF by Ark & 21 Shares, leads the inflow list, adding $203.07 million, followed by FBTC by Fidelity, trading at $57.43 with an inflow of $123.06 million.
Until publishing, the total daily net inflow of the US ETH spot ETF was $58.65 million, with a cumulative total net inflow of negative $522 million. The ETH ETF category is led by FETH Ethereum ETF by Fidelity, mirroring a daily net inflow of $42.54 million, followed by ETHA by BlackRock trading at $20.49 with an inflow of $11.46 million.
The surge in cryptocurrency popularity is accompanied by significant developments in investment and regulation. With the advancement of technology and regulatory structures, the crypto market continues to attract increasing attention from investors and professionals worldwide.
