Crypto Market Set for Growth, WazirX VP Forecasts Bullish 2024

Rajagopal Menon, Vice President at Indian crypto exchange WazirX, anticipates a bullish year ahead for the crypto market. He told Coingape, “In the upcoming year, a highly favorable environment is anticipated for the cryptocurrency market. With the US signaling two interest rate reductions, the scheduled Bitcoin halving in April, heightened market liquidity, and regulatory dynamics shaping up, market sentiment is notably bullish.”

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The crypto market has already geared up for this optimistic scenario. Several key Bitcoin ETF players are now well-positioned after this week. On Friday, BlackRock, WisdomTree, Fidelity, Bitwise among other major contenders in the Bitcoin Exchange-Traded Fund (ETF) race, submitted their revised S-1 filings to the US Securities and Exchange Commission (SEC). This flurry of activity signifies a readiness to leverage potential regulatory approvals, which will help make the market mature and become somewhat more regulated.

Gold and elections hint at Crypto market rise

Precious metal gold is considered a traditional safe-haven asset, especially when the stock market is not giving the anticipated returns. Gold exhibits stability for investors as a hedge. Reports reveal that the yellow metal is concluding its strongest year since 2020. This performance is underpinned by expectations that the U.S. Federal Reserve might implement interest rate cuts starting early next year.

Menon also highlights the potential global impact of political events on the cryptocurrency sector. “The elections in India and the US are expected to usher in concrete regulatory frameworks domestically, coinciding with an eagerly anticipated bull run,” he added.

Meanwhile, in the United States, notable crypto firms and investors are intensifying their efforts to influence political and regulatory outcomes around the asset class. The Financial Times revealed this week that companies like Coinbase, Circle and a16z are putting money behind pro-crypto legislators. This comes as there is a legislative stalemate in Congress before the 2024 power shift.

Menon also said, “Analysts project a sustained uptick in institutional investment, particularly through Bitcoin and Ethereum ETFs. As the market unfolds in 2024, macroeconomic influences and regulatory shifts will wield considerable impact, marking it as a dynamic and transformative period.”

Price direction for Bitcoin is a complex play of macroeconomic and regulatory developments. But it paints a picture of a crypto market on the cusp of significant transformation. And it appears that 2024 might be the year to watch out for.

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