The crypto market never sleeps, and the end of 2024 is no exception. Key developments across the globe are shaping the future of cryptocurrencies, with major players like Bitcoin and Floki making headlines. From Russia adopting Bitcoin for international trade to Turkey introducing new crypto regulations, let’s dive into the biggest crypto stories before January 2025.
Russia Leverages Bitcoin for International Trade
Russia’s Finance Minister has confirmed the use of Bitcoin in international trade transactions. This move marks a significant step in Russia's adoption of cryptocurrency within its economic framework. By leveraging Bitcoin, Russia signals its intent to sidestep traditional financial systems, demonstrating how cryptocurrencies can reshape global trade.
Bitcoin Market Volatility Hits Record Lows
According to Glassnode, Bitcoin's market volatility during this bull run has reached historic lows. While previous bull markets experienced sharp price swings, this cycle has been relatively stable. The most significant drop occurred on August 5, 2024, with a 32% decline. However, most pullbacks only saw a 25% drop from local highs.
The introduction of spot ETFs and growing institutional interest are driving a new wave of demand, stabilizing the market. Interestingly, many short-term holders are operating at a loss relative to their cost basis but are avoiding extreme unrealized losses.
Floki Plans ETP Launch for European Investors
Floki, originally known as a meme token, is stepping into the institutional market with an exchange-traded product (ETP) for European investors. Set to launch in early 2025, this ETP will track the FLOKI token, offering a new avenue for investment. If approved, Floki will join Dogecoin as one of the few meme tokens with institutional backing in Europe.
USDC Treasury Issues 50 Million USDC on Ethereum
In a significant move, the USDC Treasury has minted 50 million USDC on Ethereum. According to Whale Alert, this action showcases the continued growth of stablecoins within the crypto ecosystem.
Turkey Introduces New Cryptocurrency Regulations
In the final days of 2024, Turkey has implemented stringent cryptocurrency regulations inspired by Europe’s proactive measures. Under the new rules, any transaction exceeding 15,000 Turkish Lira (about $425) will require users to provide identity verification. This AML-focused initiative aims to combat money laundering and terrorist financing.
