
News Link • Currencies
Crypto industry positioned for 'stronger' 2025
• https://currencyinsider.com, by CURRENCY INSIDERSo says Yande Nomvete, operations manager for Binance Africa, detailing some expectations for crypto-currencies in 2025.
This comes as the local crypto-currency industry experienced a profitable 2024 prompted by the US elections and the granting of licences by the Financial Sector Conduct Authority to various Crypto Asset Service Providers.
The industry also celebrated when Bitcoin, the world's most popular digital currency, in November reached $100 000 (R1.7 million) per single coin.
In an email interview with ITWeb, Nomvete says in November, the crypto-currency market reached unprecedented heights, with total market capitalisation surging to a record $3.47 trillion.
This growth, he highlights, was fuelled by Bitcoin's rally to over $100 000 and significant institutional participation, evidenced by seven consecutive weeks of positive spot exchange-traded fund (ETF) inflows totalling over $6.5 billion for the month.
Bitcoin ETFs have gained approval in markets such as the United States, Brazil, Hong Kong, and Australia, signalling broader acceptance of digital assets, Nomvete explains.
"The industry has emerged stronger, advancing in legitimacy, adoption, and utility. From regulatory breakthroughs to institutional milestones, this year marked the dawn of a new era.
"Looking ahead, the crypto industry is undoubtedly poised for even greater advancements. The momentum we've built over the past year, coupled with favourable tailwinds, positions us for an even stronger 2025. Institutions are increasingly eager to explore crypto's potential, with many taking their first steps into the space."
Binance is the world's biggest blockchain and crypto-currency infrastructure provider. According to the crypto exchange, it started the year at just under 200-million users, and now has more than 240 million.
In 2024, US president-elect Donald Trump made crypto an important element of his campaign strategy, pledging to create a "strategic Bitcoin reserve" and to position the US as the "crypto capital of the planet".
Commenting on expectations on Bitcoin when the US president-elect assumes office in January, Nomvete notes it "certainly helps" that Trump is a pro-crypto elect president, as this is likely to bring new developments in crypto legislation in 2025.
"This may help inform crypto legislation for other countries across the world. It's not all related to Trump's election, in general it is also about crypto cycles that last for about four years. Retail investors come in at the market's peak and then get shaken out.
"There was a lot of regulatory scrutiny at the end of 2022 that contributed to the super negative sentiment then and you only had hardcore believers holding onto their tokens throughout that period. The sentiment started improving earlier this year. The prices started to rally, and the retail market reignited, which coincided with the Trump elections."