Bitcoin has soared to a new high of $65,646 in 2024, surpassing the anticipated resistance level at $65,000. The rapid climb surprised many, outpacing expectations and suggesting the previous peak was a conservative target. Cryptocurrency markets continue to show strong activity beyond the rising value of Bitcoin.
Cryptocurrency Market Sees Significant Inflows
The recent weeks have seen a surge in cryptocurrency investments with the second-highest inflow this year, signaling a trend toward mainstream acceptance. Additionally, the market witnessed USDT‘s market cap hitting beyond the $100 billion mark, with Tether unveiling a new system to enhance the security of USDT holdings across various blockchains.
Global Bitcoin Valuation Milestones
Bitcoin’s value has not only reached new highs in dollars but also set records in euro parity, aiming next for dominance in the Mexican peso market. Despite fluctuations since 2021, Bitcoin’s value in Turkish Lira continues to hit all-time highs, recently crossing the 2 million TL mark.
Coinbase Innovates for Web3 Developers
Coinbase is branching out with new software development kits and products to support the Web3 ecosystem. They’ve announced tools that simplify the development process, including embedded wallets to aid Web3 developers in integrating user crypto balances with various applications in a user-friendly manner.
Binance Responds to Nigerian Government Pressure
Binance, leading the cryptosphere in trading volume, has had to adapt to challenges in specific markets. In response to the Nigerian government’s concerns over the devaluation of the local currency due to Binance’s P2P services, the exchange has withdrawn the Nigerian naira from its peer-to-peer platform.