A look at three exciting months of the cryptocurrency market in Iran and the world
According to Iran digital economy annotation, The winter of 1402 was full of exciting news and of course fluctuations in the digital currency market; From accepting Bitcoin ETFs to breaking the price ceiling. After a stagnant and bearish year in the cryptocurrency market, now it seems that the expectations were over and with the beginning of winter, the green spring of digital currencies blossomed.
Accrued transactions in Iran
On the first day of winter, the Central Bank of Nigeria canceled the ban on interaction with digital currencies for banks, in these days when the price of Bitcoin was in the range of $44,000, the Iranian exchange Nobitex announced that the ability to purchase accruals and multipliers in accrual transactions for all users This platform is provided. Accrual transactions are the legal and Islamic model of margin transactions in global markets. This news can be considered the most important event in the winter of 1402 for the cryptocurrency market in Iran; Because Iranian users have no need for foreign platforms to do margin transactions through leading domestic platforms.
In the same days, while the number of users of Binance as the world’s largest cryptocurrency exchange platform exceeded 170 million people, the European Banking Organization emphasized the deepening of ties between banks and digital currency companies, and this news promises a path for more communication between banks and the emerging phenomenon of digital currencies. Was. Another important news that was published at the beginning of 2024 was that in 2023, about 2.2 billion dollars of capital has entered funds based on digital currencies.
In Iran, in the middle of Dey, the event was held on January 9; An event that brought together blockchain and cryptocurrency activists and researchers for the third time to analyze and examine the blockchain-based future in Iran and the world in different panels and the opportunities that blockchain, DeFi and cryptocurrency present to countries for economic development. Review.
Confirmation of Bitcoin ETF
As the final days of the dey approach, following major approvals granted to bitcoin ETFs, US exchange-traded bitcoin spot funds have officially begun trading. Eleven approved investment firms launched after the US Securities and Exchange Commission (SEC) approved a Bitcoin ETF. This news increased the price of Bitcoin up to 49 thousand dollars. The trading value of spot bitcoin ETFs reached 4.5 billion dollars on the first day. This event can be considered the most important news for the cryptocurrency market in the world, not only in the winter of 1402, but in the last few years; Because with increasing confidence in the cryptocurrency market, it sends a large amount of capital to this market.
According to the CoinShares report, following the launch of Bitcoin cash ETFs in the United States, during the last week of January, the record volume of transactions of all financial products related to digital currencies was broken by reaching 17.5 billion dollars.
The unveiling of the digital Rial
It was on the 26th of Dey that Ayandeh Bank unveiled the innovative operational user product “Digital Rial” on the Abank application at the Iran Transaction Exhibition. The issue of Central Bank’s digital currency and digital rial was an issue that has always been discussed by cryptocurrency experts in Iran and the world and has serious opponents.
The self-regulation of cryptocurrency exchange was recognized
At the beginning of Bahman, self-regulation for the field of cryptocurrency exchange began with the approval of decision-making bodies on Iranian platforms. This method, which is based on the requirements and supervision of the private sector on the activities of businesses in this field, will be implemented and followed up by the three institutions of Blockchain Association, Fintech Association and Nasr Organization.
In this way, Iran, as the fifth country, will use the self-regulation method to regulate the exchange of cryptocurrencies. According to what was announced at the Blockchain Association press conference, platforms that are not included in self-regulation will have their payment portal blocked.
Interest rate stability and impact on Bitcoin price
The US central bank kept interest rates unchanged. Considering that in the past periods, the announcement of an increase in the interest rate in the United States caused an increase in capital inflows to banks and a decrease in the price of Bitcoin, the announcement of the non-increase in the interest rate and the hope that this rate will decrease in the next periods caused an increase in the price of Bitcoin. became Kevin It was during these days that the Volkbank of Germany, with a history of 130 years, announced its plans to provide new services based on Bitcoin.
The approval of the Bitcoin ETF and optimistic analysis of the market’s upward trend was accompanied by another news: Microstrategy’s purchase of 850 Bitcoins in January. According to Michael Silver, the founder of MicroStrategy, the company bought another 850 bitcoins in January for $37.2 million, which brings the average price paid for each bitcoin to about $43,765. He also added that MicroStrategy now has a total of 190,000 bitcoins worth more than $8.15 billion.
Although Bitcoin tradable funds in the US stock exchange were approved and implemented after years of challenges, Ethereum ETFs are still delayed and until the end of 1402, the review and approval of these funds was delayed several times. Perhaps the early months of 1403 will be associated with the approval of the Ethereum ETF.
Iran’s view of the UAE
Although developed and developing countries are competing with each other in using cryptocurrency and blockchain opportunities, in Iran, the situation is facing obstacles, at the same time, serious efforts are being made by cryptocurrency ecosystem activists to develop this industry and not fall behind the countries. The region takes place. At the end of Bahman 1402, a meeting of the National Development Fund was held under the title of Investigating Investments in Emerging Technologies. A meeting in which opinions were discussed and exchanged about Dubai’s roadmap for the digital economy and branding and the ecosystem approach of this city. Licensing cryptocurrency businesses and publishing the progressive “Vara” document in the field of Web 3 and digital assets have been part of Dubai’s activities in the field of cryptocurrency and blockchain. This document was so powerful that Binance immediately brought its headquarters to Dubai and is among the unicorns that Dubai shows its innovation.
Trump’s positive approach to Bitcoin
On the first of Esfand, Donald Trump, the former president and Republican candidate for the upcoming presidential election, announced that Bitcoin has found its place and may need to be legislated. He said: Many people have accepted Bitcoin. I see more and more people who want to buy bitcoin. I can live with that either way.
There is always more good news in Bitcoin bullish days. It was during these rising days that the Ministry of Economy and Trade of Japan announced that it seeks to facilitate the possibility of direct investment by companies in digital currency projects.
The evolution that the acceptance of bitcoin funds tradable on the American stock exchange created in the world capital market is still news. Two major US banks have announced that they are offering their clients spot bitcoin ETFs.
Publication of the cryptocurrency year report
In the middle of Esfand, Nobitex exchange, as the biggest actor of this industry in Iran, published its 2023 report. This report showed that Iranians have entered the cryptocurrency market more than the global average. According to this report, in 2023, the number of Nobitex users increased by one million and 392 thousand people and reached nearly 6 million users. Also, 68 million successful cryptocurrency transactions have been registered in Nobitex this year.
German stock exchange and setting up a cryptocurrency exchange
In most countries of the world, the Stock Exchange Organization and the Ministry of Economy are the regulatory bodies of cryptocurrencies. In mid-Esfand, the German stock exchange launched its digital currency exchange in order to have a stronger presence in this industry in Germany.
45% growth of capital locked in DeFi protocols
According to data provided by the DappRadar platform, the amount of total locked capital (TVL) in DeFi, or decentralized finance, increased in February. In its new monthly analysis, the platform says that the total locked-in capital of the DeFi sector increased to $159 billion in February (mid-Bahman to mid-Esfand), which represents a 45% growth compared to the previous month. The increase in investments in decentralized finance indicates a change in how organizations and institutions look at the blockchain and DeFi industry and shows that some analyzes of a 30% growth in decentralized finance by 2030 are not far from reality.
Bitcoin record breaking
In the last days of the winter of 1402, which was actually the green spring of cryptocurrency in the world, the price record of Bitcoin was set and the value of this digital asset exceeded 73 thousand dollars. The rial price of this cryptocurrency also exceeded four billion three hundred million tomans. The price of other digital currencies also experienced a significant increase in these days and brought a lot of profits to the investors of this market.
Now we will reach Bitcoin halving in about a month, and the news is still indicating the increase of investments in the cryptocurrency market and industry in the world; Some consider the coming year as a year of good news for this industry, and some believe that despite the increasing trend of prices, we may have to wait for a decline and then an increase in prices until the end of 2024.
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