Noteworthy Developments in the Crypto Industry: Bitcoin, Altcoin Season, and New Partnerships
Recently, there have been significant developments in the cryptocurrency market. The decline of Bitcoin below $100,000 has increased volatility among altcoins, while El Salvador and Argentina are collaborating on crypto regulations. Japan's leading cryptocurrency exchange, Coincheck, is preparing to go public on Nasdaq, and Donald Trump's victory holds potential for improving relations between cryptocurrencies and banks. Additionally, a new partnership between Deutsche Bank and Crypto.com stands out as a precursor to new collaborations in the crypto sector.
Experienced investors are indicating an altcoin season After Bitcoin fell below $100,000, investors started to shift towards altcoins. Experienced crypto investor Michael van de Poppe predicts that altcoins will shine again following Bitcoin's correction. Van de Poppe noted that the current price movements of Bitcoin resemble a situation similar to December 2023, when the global crypto market cap rose from $1.7 trillion to $2.9 trillion within three months.
Crypto analyst Milky Bull forecasts that the altcoin season will outperform Bitcoin over the next three months. Data from Blockchain Center also indicates that altcoins are currently attracting more interest compared to Bitcoin. According to the data, 64% of the top 50 cryptocurrencies, excluding stablecoins and asset-backed altcoins, have outperformed Bitcoin in the last 90 days.
El Salvador and Argentina aim to lead the crypto market in Latin America El Salvador and Argentina have taken steps to cooperate in expanding the regulatory framework for crypto assets in Latin America. The heads of the financial regulatory bodies of both countries, Juan Carlos Reyes and Roberto Silva, signed a partnership agreement to develop the crypto industry. This collaboration aims to enhance the global reach of their regulated digital asset industries.
El Salvador, under President Nayib Bukele's leadership, became a pioneer by recognizing Bitcoin as legal tender in 2021 and integrating digital currencies into national economies. Similarly, Argentina has shown increasing interest in adopting digital assets. President Javier Milei's openness towards digital assets, especially Bitcoin, has turned Argentina into an attractive destination for crypto developers.
Coincheck is preparing to be listed on Nasdaq Japanese cryptocurrency exchange Coincheck will begin trading on the Nasdaq following a $1.3 billion merger. Coincheck has prepared for its IPO through a collaboration with Thunder Bridge Capital. This merger means that the company will trade under the symbols CNCK and CNCKW.
Since its establishment in 2012, Coincheck has operated as one of Japan's largest cryptocurrency exchanges. Gaining international attention due to a major hacking incident in January 2018, Coincheck aimed to be listed on Nasdaq in July 2023. However, it needed to extend the merger date by another year to achieve this goal.
Trump's election victory could improve the relationship between crypto and banks Donald Trump's recent election victory has heightened hopes of improving the relationships between the cryptocurrency sector and banks. The Wall Street Journal reported that Trump's promise to establish a national Bitcoin reserve has been positively received in the crypto world, as has the idea of forming a joint regulatory body.
The appointment of David Sacks, a Trump ally, as a cryptocurrency advisor to the White House has further solidified these hopes. However, issues with relationships between many crypto firms and banks continue. Banks remain cautious, wary of the volatility and fraud risks associated with the crypto sector.
Deutsche Bank collaborates with Crypto.com Deutsche Bank (DBKGn) announced a collaboration with Singapore-based cryptocurrency exchange Crypto.com. The bank will provide corporate banking services to Crypto.com in Singapore, Australia, and Hong Kong. This partnership aims to support Crypto.com’s strategic operations in the Asia-Pacific region and provide the company with a robust banking infrastructure.
Previously, Crypto.com announced its partnerships with Mastercard, initially revealing plans to issue cards on the Mastercard network in Bahrain. This step includes plans to expand Crypto.com’s Mastercard (MA) supported cards to the GCC region.